Fermi Names Lee McIntire as Chief Executive Officer

Engineering executive with more than 40 years of experience building and operating complex global industrial and governmental projects at Bechtel, CH2M Hill, and TerraPower

DALLAS, TX / ACCESS Newswire / August 12, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today named Lee McIntire Chief Executive Officer, effective Tuesday, August 11, 2026. McIntire has served as an independent director on Fermi's Board since September 2025.

"Fermi's next chapter is a construction and power delivery story, and we believe Lee is the ideal executive to lead Fermi through that process," said Marius Haas, Chairman of the Board of Fermi Inc. "The job now is to build on schedule, on budget, and safely. Lee has spent 40 years delivering exactly this kind of large, complex project. He also knows Fermi from the inside, having served on our board through our latest period of growth, and he brings a reputation for integrity that Fermi's customers, employees, regulators, and neighbors can rely on."

"Fermi is grateful for the community support and for our Texas Tech partnership," said McIntire. "We have the land, fuel, water, people, permits, power equipment, and fiber. Our talented engineering and construction crews have made good progress building the infrastructure to support this world class operation. Our executive leadership team and our board of directors are fully aligned on our mission to create shareholder value. We are all excited to execute our strategy as Fermi moves from development to construction and first power."

About Lee McIntire

McIntire has more than 40 years of executive leadership and governance experience in engineering, construction, and global infrastructure. He began his career in the field before moving into project and executive leadership on major energy and infrastructure programs across Europe, Asia, the Middle East, and the Americas.

He spent 15 years at Bechtel Corporation as a Partner, Executive Vice President and member of the Board of Directors, serving as president of several of the firm's multi-billion-dollar businesses, including its global civil infrastructure business. He joined CH2M Hill as Chief Operating Officer in 2006 and served as Chairman, Chief Executive Officer, and President. Its work under his leadership included the Channel Tunnel Rail Link, the venues for the 2012 London Olympics, the expansion of the Panama Canal, multiple combined cycle gas-power projects in Texas, and the Abu Dhabi Nuclear Program in the United Arab Emirates. From 2015 to 2018, he served as Chief Executive Officer of TerraPower, where he was brought in to carry the company's advanced reactor program from research and development toward commercial execution.

McIntire has served on the board of McDermott International since 2020, including a period as Interim President and Chief Executive Officer, and is currently its Lead Independent Director. He also serves on the boards of Spur Petroleum Ltd., and previously served on the boards of BAE Systems plc and Ovintiv, Inc. He has advised the National Academies of Sciences, Engineering and Medicine through its Presidents' Circle. He has served on the Business Roundtable, the National Petroleum Council, the Council on Competitiveness, and as a Governor for Infrastructure and Urban Development at the World Economic Forum and was a presidential appointee to the U.S.-Brazil CEO Forum. He is a recipient of the Woodrow Wilson Award and the Korbel Award for International Business. During his tenure, CH2M Hill was named to Ethisphere Institute's World's Most Ethical Companies list and to Fortune's 100 Best Companies to Work For.

McIntire holds a B.S. in civil engineering from the University of Nebraska and an M.B.A. from the Thunderbird School of Global Management. He completed the executive management program at Dartmouth's Tuck School of Business and served as Executive-in-Residence at the University of California, Davis Graduate School of Management.

Investor Contact

Barry Sievert | IR@fermiamerica.com

Media Contact
Fermi Inc. Communications | media@fermiamerica.com

About Fermi America™

Fermi America™ (Nasdaq:FRMI)(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 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.

About the Texas Tech University System

Established in 1996, the Texas Tech University System is one of the top public university systems in the nation, consisting of five universities - Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and Midwestern State University.

Headquartered in Lubbock, Texas, the TTU System is a more than $3 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees and 64,000 students, more than 400,000 alums, a statewide economic impact of $19.2 billion and an endowment valued at $3 billion. In its short history, the TTU System has grown tremendously and is nationally acclaimed, operating at 20 academic locations in 16 cities (15 in Texas, 1 international).

In addition, the TTU System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education among other academic areas.

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, market demand, 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.