AYER KEROH 16 Sept. – Singapore’s Hatten Land Ltd said it plans to explore into “green” cryptocurrency mining and solar energy initiatives in Melaka as it strenghtens its foothold in the historic state.
Hatten Land described the deals as “significant milestones” for the group, saying it is line with its digital transformation plan to increase its shareholder value in a sustainable manner.
Hatten Land said its wholly-owned subsidiary Hatten Technology and its partner Singapore Myanmar Investco (SMI) will install cryptocurrency mining machines within the group’s properties in Melaka.
It currently operates six shopping malls with a built-up area of over six million sq ft in Melaka. It also owns four hotels in the state.
Hatten Land said in a statement issued today it intends to install up to 2,000 cryptomining machines at its green cryptomining centre. It said it expects to install and operate the rigs from December.
Both Hatten Land and SMI have signed a memorandum of undertstanding (MOU) to jointly explore the cryptomining business.
The MOU will tap on Hatten Technology’s know-how in terms of managing ‘green’ cryptomining facilities. It will also leverage on the group’s assets and lower energy costs to embark on energy-efficient ‘green’ cryptomining activities.
Hatten Land also announced today that it has signed a strategic partnership to power its malls and land reserves with solar energy.
Its subsidiary, Hatten Commercial Management Sdn Bhd, has forged a strategic partnership agreement with Neston Sustainable Solutions Sdn Bhd to explore opportunities related to solar energy. Nestcon Sustainable is wholly owned by Malaysa’s Nestcon Bhd.
Under the pact, both sides will seek to enter into a definitive pact within one year, where it will work together to form a joint venture (JV) and, or consortium with other partners. The JV or consortium will install and manage solar panels at Hatten Land’s malls in Melaka.
Hatten Land said an estimated 6,373 solar panels will first be installed at Dataran Pahlawan Melaka Megamall, Melaka’s largest mall. The panels will generate up to 3.19 MWp of solar energy.
Hatten Land and Nestcon will also jointly tap other potential partners to supply, construct and manage solar photovoltaic plants and facilities in Malaysia.
Hatten Land said the partnership is expected to lower its energy costs, speed up its sustainability efforts and support the ‘green’ cryptomining initiative.
Datuk Colin Tan, Hatten Land executive chairman and managing director, said ‘green’ crypto mining activities would allow Hatten Land to leverage on existing assets in Melaka, harness its own renewable energy initiative and create new revenue stream with the cryptocurrency proceeds.
“We are also equally excited to embark on the solar energy collaboration with Nestcon, at a time when sustainability is becoming increasingly important,” he said.
“Combining our efforts and resources, we are confident that the partnership will allow us to harness new business opportunities and further our sustainability efforts,” he said.