Exaion, a subsidiary created by
French state-owned energy giant EDF in 2020 to extend the life of its powerful
supercomputers, had quietly become a national champion in the blockchain space. Now, in a move that has sparked debate about
France's technological future, it's being sold.
At a time when France and the EU are
championing the need to create European digital champions, American group Mara Holdings is set to take control of Exaion, EDF's digital and
crypto subsidiary. According to a statement released by both groups on Monday,
August 11, the French utility will sell a 64% stake for $168 million, while remaining a minority shareholder and a key
client.
The Rise of a Discreet French Champion 🚀
Exaion was born from a brilliantly simple idea:
to extend the life of the supercomputers that EDF replaces every three years to manage its
nuclear power plants and forecast hydroelectric production. Once reconfigured,
these powerful machines were put to work on 3D rendering for the film and video
game industries, artificial intelligence, and securing blockchain transactions.
This "made in France" computing power
quickly attracted top-tier clients like the banking giant Société Générale. The startup discreetly established itself as a
leader in high-performance computing (HPC) and blockchain services.
Last year, Exaion was officially registered by
the French Financial Markets Authority (AMF) as a Digital Asset Service Provider (DASP), a coveted license that allowed it to offer a
secure, institutional-grade vault for crypto assets to banks and other
financial institutions.
A Sale to a Bitcoin Mining Giant and Questions of
Sovereignty 🤔
But its story as a French gem ends here. Exaion
is now passing into the hands of Mara Holdings, an American group specializing in energy and
digital infrastructure, with projects in multiple data centers and, most
notably, a giant in the Bitcoin mining industry.
This expertise could undoubtedly propel Exaion
onto the international stage. But if the deal is finalized, its governance will
shift under an American flag by the end of the year. This change has reignited
intense questions about France's digital sovereignty—the strategic imperative to control its own
technological infrastructure without dependency on foreign powers.
EDF's Financial Dilemma: Cash vs. Control
For EDF, this sale comes just three months after the
arrival of its new CEO, Bernard Fontana. He is facing a daunting financial equation: making
massive investments to overhaul France's aging nuclear fleet while simultaneously facing immense pressure to
keep electricity prices competitive for French businesses.
With this lucrative sale, the state-owned
utility refocuses on its core energy business in France and secures a welcome
influx of cash. It's a pragmatic decision born of financial necessity, but one
that comes at a strategic cost for the nation's tech ambitions.
Is this a smart business move by a cash-strapped
EDF, or a major blow to France's goal of achieving digital sovereignty? Let us
know your thoughts!
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