Phoenix Group Secures 80MW Power Deal in Ethiopia
Funding | Jan 23, 2025 | Zawya
Abu Dhabi-listed Phoenix Group, a cryptomining and blockchain conglomerate, has signed an 80MW power purchase agreement (PPA) in Ethiopia, marking its entry into the African market. The deal was struck with Ethiopian Electric Power (EEP) to supply the energy required for Phoenix's bitcoin mining expansion, scheduled to begin in the second quarter. Phoenix's strategy involves a global diversification as it plans for a potential dual-listing on Nasdaq. The firm operates across various countries, including the UAE, U.S., and Canada, with Abu Dhabi's largest firm IHC as one of its key shareholders. Phoenix continues to explore opportunities in Africa and is also considering expansion into South America, particularly Brazil.
Sectors
- Cryptocurrency Mining
- Blockchain Technology
- Energy
Geography
- Ethiopia – The location of the new power purchase agreement, marking Phoenix Group's entry into the African market.
- United Arab Emirates – Phoenix Group's headquarters are in Abu Dhabi, and it is publicly listed there.
- United States – One of the countries where Phoenix operates its mining facilities.
- Canada – Another location where Phoenix conducts its mining operations.
Industry
- Cryptocurrency Mining – Focuses on the mining of digital currencies like Bitcoin, which Phoenix Group is engaged in.
- Blockchain Technology – Pertains to the decentralized technology used by Phoenix Group, relevant to its operations and impact on global strategies.
- Energy – Concerns the power purchase agreement with Ethiopian Electric Power to support Phoenix's operations, highlighting the role of energy supply in expanding cryptomining facilities.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Phoenix Group | Cryptomining Firm, Target | Companies | An Abu Dhabi-listed blockchain and cryptomining conglomerate expanding its operations into Africa and exploring further global opportunities. |
| Ethiopian Electric Power (EEP) | Energy Supplier | Companies | The provider of the 80MW power under the purchase agreement with Phoenix Group. |
| International Holding Company (IHC) | Shareholder | Companies | Abu Dhabi's largest listed company, a significant shareholder in Phoenix Group. |
| Data7 | Partner | Companies | An Abu Dhabi cybersecurity firm that partnered with Phoenix Group in the power purchase agreement. |
| Munaf Ali | CEO | People | Chief Executive Officer of Phoenix Group. |