TerraVolt Signs Firm Gas Deal for 200-240 MW Behind-the-Meter Data

CalEthos, Inc. (OTCQB: GEDC) and its subsidiary TerraVolt Infrastructure, Inc. announced on May 11, 2026 a firm natural-gas supply agreement that locks in 55,000 MMBtu per day for a planned behind-the-meter, onsite-powered data center campus in Southeast Idaho, sized for 200 MW to 240 MW of power for data-center customers. The disclosure, filed with the U.S. Securities and Exchange Commission (SEC) as a Form 8-K exhibit, ties the deal to TerraVolt’s “Physical Infrastructure-as-a-Service” model that pairs onsite gas generation with pre-permitted, construction-ready sites. S1

What the agreement covers

The contract is for firm — not interruptible — supply of 55,000 MMBtu per day from a natural-gas marketing company, fed via the Northwest Natural Gas Pipeline. CalEthos said the agreement also bundles fuel-management services from the supplier so TerraVolt can match deliveries to power-plant fluctuations and customer demand as buildings come online. The “firm” designation matters: it gives the onsite plant contractual priority to fuel, the supply-side analog to the grid-interconnection certainty a behind-the-meter project is designed to avoid needing. S1

The behind-the-meter pitch

Chairman and CEO Joel Stone framed the campus as grid-neutral: the gas plant “will provide fuel for the initial phase of our campus development, which is currently planned for 200MW to 240MW of power for data center customers, without impacting the local grid or increasing the cost of power to the local rate payers.” Stone tied the approach to the federal Ratepayer Protection Pledge announced March 4, 2026, which presses technology companies to fund the power infrastructure their data centers require rather than socializing it onto utility customers. TerraVolt targets hyperscalers, neoclouds, and data-center developers seeking faster timelines than grid interconnection allows. S1

Critical Perspective

This is an announced land-and-fuel agreement, not a built plant. CalEthos is a small-cap company trading on the OTCQB tier, and its own SEC filing flags that emerging federal and state ratepayer-protection rules introduced in early 2026 “could significantly increase the cost” of data-center development — the same political moment the company cites as a tailwind. The release names neither the data-center customers nor the gas supplier, and a behind-the-meter gas campus of 200-240 MW still faces air-permitting, turbine procurement, and emissions scrutiny that the announcement does not address. The 55,000 MMBtu/day figure is contracted; the campus that would burn it is planned. S1

Why It Matters

The deal is a clean illustration of where AI-data-center power procurement is heading: when grid interconnection queues stretch for years, developers are securing primary fuel directly and building generation behind the meter to bypass the utility entirely. For utilities and regulators, that is double-edged — it relieves transmission pressure and protects ratepayers from cost-shifting, but it also moves hundreds of megawatts of new gas combustion outside the integrated-resource-planning process. Watch whether TerraVolt converts a firm-gas contract into a financed, permitted plant; that conversion is the real test of the behind-the-meter model now spreading across the data-center sector. S1

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