t
On September 24, 2026, Fermi Services LLC, a subsidiary of Fermi Inc., signed a five-year management agreement with CBRE. This agreement appoints CBRE as the exclusive operations and maintenance provider for building one, Fermi's first data center at Project Matador in the Texas Panhandle, with renewable five-year terms.
Fermi Selects CBRE to Operate and Maintain its First Data Center
Five-year agreement brings a proven data-center operator to Project Matador
Adds trained crews and maintenance programs ahead of first compute
DALLAS, TX / ACCESS Newswire / September 24, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), announced today 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 be the exclusive operations and maintenance provider for building one, Fermi's first data center in the Texas Panhandle. It runs five years from the day building one is first ready for service, and Fermi can renew it in five-year terms.
"We're locking in proven partners early to make our operations and construction activities as safe and efficient as possible," said Lee McIntire, Fermi Chief Executive Officer. "CBRE runs some of the most demanding data center environments in the world. Bringing them 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."
Keeping Critical Infrastructure Running
Fermi is building one of the nation's most ambitious private power and compute campuses near Amarillo, Texas. Signing the operator now puts the team that will run building one in place and trained before the building goes live. CBRE begins its transition work on Fermi's notice to proceed. Site leaders will be on the ground up to 120 days before that. They will build the maintenance programs, check the equipment, and write the operating procedures.
Operations and maintenance is critical in protecting an AI data center's uptime. 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. 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. That keeps one operating standard across the campus. It also ensures continuity with one partner as Fermi's capacity expands.
"Project Matador is one of the most significant data center campuses being built in the country," said Scott Howard, President for the Americas for CBRE's Data Center Solutions business. "Mobilizing large-scale data center campuses is core to what our DCS business does, and getting our team on the ground early means building one will be ready to perform from day one."
The CBRE agreement follows a run 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 Fermi's Project Matador
Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems in the Texas Panhandle. The site, called Project Matador, is secured or under long-term lease with more than $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.
About Fermi America™
Fermi America™ (Nasdaq & LSE:FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create one of the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. 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. For additional information visit www.fermiamerica.com.
Investor Contact
Barry Sievert | [email protected]
Media Contact
Fermi Inc. Communications | [email protected]
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.
# # #
SOURCE: Fermi Inc.