THE AFRICA TIMES | ETHIOPIA — Phoenix Group has signed a power agreement in Ethiopia. The Abu Dhabi-based firm will use the power for bitcoin mining. Power Purchase Agreement in Ethiopia Phoenix Group secured an 80-megawatt power purchase agreement (PPA). The agreement is with Ethiopian Electric Power (EEP). This deal will support Phoenix’s bitcoin mining operations. Supplies should commence in the second quarter of 2025. Details of the Agreement The mining facility’s location and the agreement’s value remain undisclosed. Data7, a cybersecurity firm, partners in the project. Both firms are based in Abu Dhabi. Expansion and Global Strategy Phoenix aims to increase its mining capabilities rapidly. This power deal will fuel further growth. Phoenix also plans a dual-listing on Nasdaq as part of diversification. Nasdaq Listing and Global Presence The company is in talks with financial institutions and Nasdaq. They are determining the best path forward for the listing. Currently, no timeline for the listing has been specified. Phoenix operates mining facilities in the UAE, U.S., and Canada. Exploring New Opportunities in Africa Phoenix Group is examining opportunities in Africa. They are focusing on regions with strong energy potential. Expansion into South America, including Brazil, is also under consideration.
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