Exclusive Operations Deal Signed

Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America, announced that its subsidiary, Fermi Services LLC, has signed a management agreement with CBRE, the world's largest commercial real estate services firm and provider of critical infrastructure services.

CBRE will serve as the exclusive operations and maintenance provider for Building One, Fermi's first data center in the Texas Panhandle. The agreement runs five years from the day Building One is first ready for service, and Fermi can renew it in five-year terms.

The announcement came out of Dallas, where Fermi is headquartered, and centers on Project Matador, the company's large-scale power and compute campus near Amarillo, Texas.

Getting the Team in Place Before First Compute

Fermi chief executive officer Lee McIntire said the company is locking in proven partners early to make its operations and construction activities as safe and efficient as possible.

According to McIntire, CBRE runs some of the most demanding data center environments in the world, and bringing the firm in now means that when building one is ready for service, the people, the programs, and the procedures to run it are already in place.

The agreement adds trained crews and maintenance programs ahead of first compute. CBRE begins its transition work on Fermi's notice to proceed. Site leaders will be on the ground up to 120 days before that notice, during which they will build the maintenance programs, check the equipment, and write the operating procedures. Signing the operator now puts the team that will run building one in place and trained before the building goes live.

Protecting Uptime Through Critical O&M Work

Operations and maintenance is critical in protecting an AI data center's uptime, and CBRE takes on that work at building one using skilled technicians to monitor the center's performance and act quickly to maintain the highest level of reliability. Under the agreement, CBRE will run and care for the maintenance, cooling, fire protection, and building systems behind the compute.

As new buildings come online, Fermi can add them under the same framework, which keeps one operating standard across the campus and ensures continuity with one partner as Fermi's capacity expands.

Scott Howard, President for the Americas for CBRE's Data Center Solutions business, described Project Matador as one of the most significant data center campuses being built in the country.

Howard said mobilizing large-scale data center campuses is core to what the firm's DCS business does, and that getting the team on the ground early means the campus will be ready to perform from day one.

A Run of Recent Milestones at Project Matador

The CBRE agreement follows a series of milestones at Project Matador. This month, the first Siemens Energy SGT6-5000F turbines arrived on site. In August, Fermi signed a binding lease with TensorWave, its first customer, and formed an alliance with Hillcore Energy Capital Corporation for roughly 2.6 gigawatts of added power. Before that, Fermi signed Primoris Services Corporation and TSK as its EPC partners.

About Project Matador and Fermi America

Fermi is building one of the nation's most ambitious private power and compute campuses near Amarillo, Texas. The company describes Fermi America as where AI gets power, developing one of the world's largest advanced energy and AI ecosystems in the Texas Panhandle. The site is secured or under long-term lease, with more than USD 1.5 billion invested in buildout to date.

Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand, delivered behind the meter and on a private grid built and operated on site.

Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial commitments.

Fermi America develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. The company says its leadership bench has a combined 25 GW of experience.

The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage to support hyperscale AI and advanced computing.

The company notes that the press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, covering matters including commercial strategy, tenant agreements, expected capacity, delivery schedules, financing arrangements, and future operations, and that actual results could differ materially from those expressed or implied.

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