Phoenix Group Launches 30MW Hydropower Mining Operation in Ethiopia; H.C. Wainwright Reaffirms Buy Rating and AED 3.00 Price Target

Phoenix Group PLC (PHX: ADX), an IHC portfolio company and a global leader in digital asset infrastructure, in partnership with Ethiopian Electric Power, Ethiopia’s state-owned electric power producer, today 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 price target; this report validates our team's strategic execution and the confidence in our global expansion.”

Phoenix’s presence in Ethiopia supports the country’s wider digital and industrial objectives, including investment attraction, energy export monetization, and technology infrastructure development.

Analyst Confidence Underscores Growth Strategy

Following Phoenix’s Q3 2025 earnings release and continued expansion across multiple markets, H.C. Wainwright & Co. has reaffirmed its Buy rating and AED 3.00 price target for PHX.

The firm cited Phoenix’s strong self-mining margins and praised the company's expanding geographic footprint as a "material step in derisking geographic concentration while building long-term energy access."

Strengthening Global Infrastructure Presence

With the Ethiopian site now online, Phoenix continues to advance toward its target milestone of 1GW aggregate capacity. The company is transitioning from a pure-play mining model to a diversified digital infrastructure platform with future AI hosting, compute leasing, and HPC capabilities.

The partnership between Phoenix and EEP sets a new benchmark for integrating renewable energy and digital infrastructure in Africa, aligning local development goals with global sustainability standards.

About Phoenix Group

Phoenix Group PLC, an IHC portfolio company, is a global digital infrastructure operator headquartered in Abu Dhabi and ranked among the world’s top 10 Bitcoin miners. The company develops and operates renewable-powered, high-efficiency mining facilities across 5 countries, with over 500MW deployed.

About Ethiopian Electric Power (EEP)

EEP is a state-owned enterprise responsible for the generation, transmission, and wholesale of electric power in Ethiopia. EEP is dedicated to harnessing the nation’s rich renewable resources to deliver reliable, affordable, and sustainable electricity for industrial and national development.