Fermi targets 4.8 GW behind-the-meter power capacity within 30 months via Hillcore alliance

• Fermi outlined a buildout plan to scale Project Matador to 4.8 GW of behind-the-meter power within about 30 months.
• A strategic alliance with Hillcore targets about 2.6 GW of incremental capacity with no capital outlay from Fermi.
• Fermi plans to continue its own 2.2 GW build in parallel, aiming to shorten delivery timelines versus a standalone build.
• The structure keeps base rent from customer leases for Fermi, adds Hillcore campus rent, and ties each megawatt to a contracted customer.
• Fermi retains control of the site’s power architecture, with an option to buy the Hillcore facility at fair market value after year 10.

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