Fermi Business Summary

Fermi Inc. (FRMI), operating as Fermi America™, is a development-stage energy and hyperscaler infrastructure company that constructs next-generation private electric grids to support large-scale artificial intelligence compute. The company’s business model centers on leasing hyperscale data center capacity bundled with dedicated, behind-the-meter power generation, primarily through its flagship 11-gigawatt "Project Matador" campus in Amarillo, Texas. Revenue is projected to be generated through long-term infrastructure leases and energy delivery fees, utilizing a diversified power mix that includes combined-cycle natural gas, small modular reactors (SMRs), solar, and battery storage. Fermi competes with established data center REITs and infrastructure providers such as Digital Realty Trust (DLR), Equinix (EQIX), and Applied Digital (APLD), positioning itself as a vertically integrated alternative that bypasses public grid constraints to offer high-redundancy power at a scale previously unavailable to the commercial market. The company was co-founded by CEO Toby Neugebauer, a veteran energy investor who previously co-founded Quantum Energy and Windrock Energy, and former U.S. Secretary of Energy Rick Perry. The executive leadership team includes CFO Miles Everson, formerly a senior partner at PwC and CEO of MBO Partners, Chief Development Officer Charlie Hamilton, and COO Jacobo Ortiz. Fermi’s board of directors features prominent industry figures such as Marius Haas, former President of Dell Technologies, and Lee McIntire, the former CEO of CH2M HILL and TerraPower. The firm has secured substantial institutional backing, including a $200 million equipment financing facility from Keystone National Group and Cape Commercial Finance to accelerate the delivery of its first 2.3 gigawatts of power capacity by late 2026.