Fermi Signs Credit Support Agreement with AMD and Announces Partnership

DALLAS, TX / ACCESS Newswire / October 13, 2026 / Fermi Inc. (Nasdaq:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that it has signed a credit support agreement with AMD, the high performance and adaptive computing leader, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout in Carson County, Texas, with 222 megawatts (MW) of gross power capacity in line with Fermi's first customer lease as announced on August 10, 2026. The agreement represents a key milestone toward securing project financing. The companies have also signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity.

Lee McIntire, Fermi Chief Executive Officer said, "We are thrilled to partner with AMD as we advance development at Project Matador. Our strategic partnership establishes a framework for phases two and three. We have the land, the permits, the water, the power equipment, and the fiber network that give us distinct performance advantages. Our focus remains on building out our planned campus with top-tier partners like AMD."

"The pace of AI innovation is driving unprecedented demand for compute and the large-scale data center infrastructure needed to support it," said Mathew Hein, Senior Vice President and Chief Strategy Officer of Corporate Development at AMD. "Our collaboration with Fermi is an important step in expanding the infrastructure capacity needed to bring next-generation AI solutions to market. Together, we are enabling customers to deploy AMD-powered AI infrastructure at scale and supporting our continued data center momentum."

About Fermi's Project Matador

Fermi America 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: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 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 | IR@fermiamerica.com

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

Forward-Looking Statements

This press release contains "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. These risks include, among others, satisfaction of the conditions to AMD's obligations under the agreement and to the closing of the TensorWave lease; the Company's ability to obtain project financing on acceptable terms or at all; construction, equipment, supply chain and permitting risks; and the other risks described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements except as required by law.

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SOURCE: Fermi Inc.