PETALING JAYA: Singapore-listed Hatten Land Limited today announced a partnership to operate Hatten Land’s energy-efficient “green” cryptocurrency mining in Malacca that will soon be enabled by solar panels installed on rooftops of retail malls it owns or manages, as it pivots towards an environmental-friendly digital economy.
SGX-Catalist Hatten Land wholly owned subsidiary Hatten Technology (S) Pte Ltd (Hatten Tech) has signed a MoU with SGX Mainboard-listed Singapore Myanmar Investco Limited (SMI) to jointly explore business opportunities in cryptocurrency mining activities. SMI recently partnered Nasdaq-listed The9 Limited to procure up to 4,000 sets of crypto mining rigs.
Both parties will leverage on Hatten Land’s space, infrastructure, and comparatively lower energy costs to carry out “green” cryptomining activities as Hatten Land steps up efforts to introduce solar energy. The renewable energy initiative will allow both parties to conduct “green” crypto mining across Hatten Land assets, with increases in capacities helping to power more rigs to be added later.
Hatten Land and its parent the Hatten Group conglomerate are one of the leading developers in Malacca, operating six malls with built-up area of more than six million square feet. It also owns four hotels in Malacca.
Hatten Tech will share technological know-how on “green” crypto mining facility management, and will also share the net proceeds of the cryptocurrencies to be mined.
Under the MoU, SMI has the intention to install up to 2,000 rigs in Hatten Land’s properties in Malacca. Hatten Land and SMI are working to conclude definitive agreement within 90 days from Sept 30. Hatten Land expects to install and operate the rigs from December 2021.
Hatten Land also announced that its subsidiary Hatten Commercial Management Sdn Bhd (HCM), which focuses on green and sustainable energy innovations and developments, has signed an agreement with Nestcon Bhd’s wholly owned subsidiary Nestcon Sustainable Solutions Sdn Bhd (NSS) to install solar panels on the roofs of some of its properties in Malacca.
HCM and NSS will set up a joint-venture or form a consortium with other partners to install solar panels and facilities at Hatten Land-owned malls. An estimated 6,373 solar panels will first be installed at Dataran Pahlawan Melaka Megamall – the largest mall in Malacca and managed by Hatten Group conglomerate – can generate up to 3.19 MWp of solar energy.
The initiative will allow Hatten Land to lower energy costs, accelerate its sustainability efforts and contribute to the “green” crypto mining.
In addition, NSS and HCM will jointly collaborate with other potential partners to discuss opportunities to utilise and/or secure Hatten Land’s current and future land reserve in Malaysia to build large-scale solar photovoltaic facilities by phases, capable of generating up to 100 MWp.
Aligned with Hatten Land’s environmentally-friendly digital initiatives, this partnership will allow the group to lower energy costs, enhance synergies in its “green” crypto mining activities and harness new business opportunities in the renewable energy market.
Hatten Land executive chairman and managing director Datuk Colin Tan said as Covid-19 becomes endemic, it sees strong opportunities taking shape and both partnerships accelerate its pivot towards the digital economy.
“’Green’ crypto mining activities will allow Hatten Land to leverage on existing fixed assets in Malacca, harness our own renewable energy initiative and create new revenue stream with the cryptocurrency proceeds. We are also confident that the partnership with Nestcon will allow us to harness new business opportunities and further our sustainability efforts.”