On August 12, Fermi Inc. rose 8.01% in pre-market trading to $7.6996/share, with turnover of $3.734 million. The company announced a framework agreement with Hillcore Energy Capital for an approximately 2.6GW power complex at its Project Matador campus in Texas.

Under the agreement, the Hillcore Power Center will include about 2.5GW of natural gas-fired generation, along with roughly 100MW of solar generation and battery energy storage. Construction of an initial 350MW power block is expected to begin after definitive agreements are signed, with first power targeted within 24 months. Hillcore will finance, build, own and operate the complex, bearing construction, operating and performance risks, while Fermi will purchase power as customer leases are signed.

This follows the company's August 11 announcement of its first binding 15-year customer lease with a TensorWave subsidiary at Project Matador, expected to generate approximately $6.5 billion in revenue for the first phase. Fermi is scheduled to report quarterly earnings on August 13.

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