Dubai, Jan 22 (Reuters) - Phoenix Group, a cryptomining and blockchain conglomerate listed in Abu Dhabi, announced on Wednesday that it has secured an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. This move aligns with the company's strategy to expand globally by entering the African market.
As part of the agreement, Ethiopian Electric Power (EEP) will supply the required energy to support Phoenix's bitcoin mining expansion, with deliveries scheduled to commence in the second quarter. Details regarding the location of the facility or the scale of the deal were not disclosed. The partnership was formed with Abu Dhabi's cybersecurity firm, Data7.
CEO Munaf Ali stated, "We are actively expanding our mining operations," expressing that the increased capacity will drive growth as the company gears up for a dual-listing on Nasdaq.
Phoenix informed Reuters that it is actively in talks with financial institutions and NASDAQ to determine the optimal path forward, without specifying a timeline for the listing.
Beyond operating mining facilities in countries like the UAE, the U.S., and Canada, Phoenix, supported by prominent shareholders such as IHC, the largest listed firm in Abu Dhabi, continues to explore opportunities in Ethiopia and other regions with promising energy prospects in Africa. Additionally, the company is evaluating ventures in the South American market, specifically looking into opportunities in Brazil.