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Transaction will add a 505 MW nameplate power plant and more than 1,600 contiguous acres supporting a premier digital infrastructure campus
MARA Holdings, Inc. (NASDAQ: MARA) ("MARA"), a global, energy-backed digital infrastructure enterprise, today announced that the Federal Energy Regulatory Commission ("FERC") has approved MARA's previously announced acquisition of Long Ridge Energy & Power LLC ("Long Ridge Energy") from FTAI Infrastructure Inc.
In its order, FERC determined that the transaction is consistent with the public interest. The authorization satisfies a key regulatory condition for closing the transaction, which is expected to occur in the coming weeks.
"FERC authorization represents an important milestone toward completing our acquisition of Long Ridge Energy," said Fred Thiel, MARA's chairman and CEO. "FERC's finding that the transaction is consistent with the public interest aligns with our commitment to continue serving the PJM grid while responsibly developing the site's significant potential. We look forward to completing the transaction and beginning the next phase of Long Ridge's development as part of our strategy to expand into AI and high-performance computing infrastructure."
As previously announced, the acquisition will add a highly efficient 505-megawatt1 combined-cycle natural gas power generation facility and more than 1,600 contiguous acres with access to power, land, water, fiber and rail infrastructure. Upon closing, the transaction is expected to increase MARA's owned power generation capacity by over 300% and immediately strengthen MARA's financial profile through contracted cash flows from power generation.
Together, Long Ridge Energy and MARA's existing operations at the site represent more than 1 GW of total potential capacity, providing a platform for future digital infrastructure opportunities. MARA does not expect to reduce Long Ridge Energy's current supply of capacity to the PJM grid or adversely impact consumers. Future compute demand created at the site, including potential future behind-the-meter compute, is expected to be supported by incremental generation developed over time.
¹ Long Ridge Energy is currently authorized to sell 485 MW, which is expected to increase to the full 505 MW nameplate capacity in the first half of 2027.
About MARA
MARA Holdings, Inc. (NASDAQ: MARA) is a global, energy-backed digital infrastructure enterprise. We acquire, develop, and operate scarce powered assets at scale, with 1.9 GW of energized capacity today across nearly 20 sites on 4 continents, and a clear path to approximately 4.8 GW. Our vertically integrated model spans power, land, and compute, designed to deliver the speed, certainty, and reliability that AI, HPC, cloud, and enterprise customers need. Backed by almost a decade of operating power-intensive compute at industrial scale, Bitcoin mining is our operating foundation, providing a source of flexibility and keeping sites operating and generating revenue while we develop higher-value infrastructure paths.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing of the closing of the transaction and the parties' ability to consummate the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to MARA's ability to finance the transaction on acceptable terms, or at all; the anticipated benefits of the proposed transaction to MARA, including the expected expansion of MARA's owned and operated power capacity, the expected earnings and contracted cash flows from Long Ridge Energy's power generation facility and the expected impact of the transaction on MARA's financial profile; MARA's planned development of the Long Ridge site, including the next phase of its development, the total potential capacity of the site and its potential to support AI infrastructure, high-performance computing and Bitcoin mining opportunities; MARA's plans and ability to develop incremental generation over time to support future compute demand at the site; MARA's ability to advance and execute its digital energy infrastructure strategy, including its expansion into AI and high-performance computing infrastructure; and MARA's expected path to approximately 4.8 GW of capacity. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause MARA's actual results to differ materially from those expressed or implied in these forward-looking statements. Subsequent events and developments, including actual results or changes in MARA's assumptions, may cause MARA's views to change. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions, the risk that the transaction disrupts MARA's current plans and operations or diverts management's attention from its ongoing business, the effect of the announcement of the transaction on the ability of MARA to retain and hire key personnel and maintain relationships with others with whom it does business, the effect of the announcement of the transaction on MARA's operating results and business generally and the other factors discussed in the "Risk Factors" section of MARA's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: mara-jf@joelefrank.com
