Phoenix Group, an IHC portfolio company and a leader in digital asset infrastructure, in partnership with Ethiopian Electric Power, Ethiopia’s state-owned electric power producer, announced the 30MW hydropower-backed mining facility at Bole Lemi Industrial Park in Addis Ababa, Ethiopia.
The activation represents a key expansion milestone in its
growth into Africa’s energy-rich markets and its long-term strategy to scale to
1GW of compute capacity.
The project marks a significant milestone and underscores
the UAE’s commitment to innovation, and reflects Phoenix’s strategy to expand
its geographical footprint, leveraging Ethiopia’s vast renewable energy
potential.
Under the patronage of the Abu Dhabi leadership, Phoenix
Group and Ethiopian Electric Power (EEP) have developed the site as part of a
strategic collaboration designed to combine Ethiopia’s renewable energy
strength with Phoenix’s operational expertise in high-efficiency compute
deployments.
The 6,250-square-meter site has been purpose-built to
support advanced mining and future compute workloads while leveraging stable,
low-cost, and carbon-neutral hydropower from Ethiopia’s national grid, which
will add 1.9 EH/S to Phoenix’s existing hashrate.
“This deployment represents a major advancement in Phoenix’s
global growth strategy and marks our entry into one of the world’s most
energy-rich emerging markets. Ethiopia offers a compelling combination of
renewable power, long-term energy visibility, and government partnership, all
critical factors as we scale toward 1GW and reinforce our commitment to
renewable energy and responsible growth,” said Munaf Ali, Co-Founder and Group CEO of Phoenix Group.
He further added: “We are also delighted that H.C. Wainwright has reaffirmed their Buy rating and AED 3.00 ($0.82) price target; this report validates our team's strategic execution and the confidence in our global expansion.” - OGN/TradeArabia News Service
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