🔔 What This Document Is 📢

This press release, dated April 20, 2026, is an 8-K filing, which is a formal report submitted to the SEC to announce material events that shareholders need to know about immediately. You should expect this document to provide a comprehensive overview of major changes happening at Fermi Inc., covering everything from new board members and executives to changes in the company's physical offices and its strategic direction.

👉 This announcement signals a major organizational pivot, marking the company's shift from an initial "start-up" phase to a larger, more mature, publicly operated enterprise.

🏭 What Fermi America Does 💡

Fermi America is the company dedicated to pioneering advanced power solutions needed for next-generation computing. In simple terms, they are building an enormous, highly redundant power grid—a "HyperGrid"—specifically designed to support the massive energy demands of advanced artificial intelligence (AI) development.

👉 The goal is to create the world's largest, 17 GW next-generation private HyperGrid campus, combining multiple energy sources to deliver reliable power at a gigawatt scale.

⚛️ Project Matador Buildout ⚡

Project Matador is the centerpiece of Fermi’s physical operations and their mission. It is an ambitious, multi-source power complex designed to provide immense power capacity in West Texas. The project is designed to integrate several distinct sources into one cohesive system.

• Integrated Sources: Matador will combine the nation's largest 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.
• Impact: This diverse mix of energy sources is crucial because it ensures that the massive power demanded by hyperscalers (like AI data centers) is delivered reliably and sustainably.
• Partnerships: The project has deep roots with the Texas Tech University System (TTUS), which remains committed to the long-term opportunity the project represents for the region and the nation.

✨ The Fermi 2.0 Strategy 📈

"Fermi 2.0" is the comprehensive strategic plan guiding the company's next chapter. It is less about building new infrastructure and more about scaling the business model, professionalizing the governance, and strengthening relationships.

👉 The transition signifies a move from the innovative, sometimes chaotic energy of a start-up to the structured, reliable operations of a major, scaled public-company enterprise.

Under the Fermi 2.0 model, Fermi plans to:

• Strengthen its governance and leadership structure with an independent, high-caliber Board.
• Cultivate strategic investors, including client-tenants and sovereign funds, whose participation is expected to be immediately profitable for shareholders.
• Focus on deepening relationships with academic partners and clients to improve overall outcomes.
• Invest strategically in talent, technology, and infrastructure through their new headquarters.

👑 New Governance and Leadership Structure 🤝

This section details significant changes in who is running the company and how the board is structured. The most notable change is the appointment of a new Chairman, leading to a more independent oversight model.

• New Chairman: Lead Independent Board Director Marius Haas has stepped into the role of Chairman of the Board. Haas, a veteran of major tech firms like Dell Technologies, brings expertise in digital transformation and B2B models.
• Departure: Co-founder Toby Neugebauer has departed from his role as Chief Executive Officer (CEO), though he remains a member of the Board.
• Board Growth: Jeffrey S. Stein has joined the Board of Directors, bringing extensive energy and corporate leadership expertise.
• New Board Oversight: The Board has formed a dedicated Leadership Search Committee (including Haas and independent directors Lee McIntire and Cordel Robbin-Coker) to oversee the critical search for the company’s next permanent CEO.

🧑‍💼 Interim Operational Leadership 🚀

To ensure that the company's daily operations remain stable during the CEO transition, Fermi established a specialized operational team. The Board created an Office of the CEO to provide interim leadership.

• Co-Presidents Appointed: Jacobo Ortiz Blanes (previously COO) and Anna Bofa (previously a Board Advisor) were appointed as Co-Presidents.
• Role: They report directly to Board Chair Haas and are collectively responsible for overseeing day-to-day operations and the execution of the ambitious Fermi 2.0 plan.
• The Office’s Function: The Office of the CEO is specifically designed to provide stable, experienced leadership that can maintain operational momentum while the formal CEO search is underway.

🗺️ Expanding Footprint to Texas 🏘️

As part of its maturation plan, Fermi is physically expanding its presence, anchoring its operations to key strategic hubs in Texas. This expansion reinforces their long-term commitment to the region.

• Dallas Headquarters: The company will establish a new corporate headquarters in Dallas, Texas. This signals the company’s professional evolution and its ability to attract world-class talent in a dynamic business environment.
• Amarillo Presence: Fermi will also be building out a corporate office presence at its Project Matador site in Amarillo, Texas. This ensures an on-site presence close to the actual buildout and their partners at TTUS.

📝 Management Biographies and Expertise 👨‍🔬

The filing provides detailed backgrounds on the key individuals driving the change. These bios highlight the deep, diverse professional experience of the leadership team, ranging from global tech scaling to complex real estate management.

• Marius Haas: His extensive background includes senior executive roles at giants like Dell Technologies and Hewlett-Packard, specializing in strategic technology infrastructure and mergers & acquisitions.
• Jacobo Ortiz Blanes: He has managed significant real estate transactions valued at more than $280 million and was previously the Chief Operating Officer of the Company.
• Anna Bofa: Her career includes roles at top technology firms like Google, Dropbox, and Meta, bringing deep expertise in scaling businesses and driving global partnerships.

📞 Contact and Investor Relations Details 📧

This section provides essential logistical and communication information for investors, the media, and the public.

👉 Investor Relations: For financial inquiries, the contact is Rodrigo Acuna at [email protected]. 👉 Media Contact: For press inquiries, the contact is [email protected].

---

🧠 The Analogy 🧩

If a company were a student completing a major school project, the early, informal stage is like drafting notes in a dorm room (the start-up phase). The "Fermi 2.0" plan is like moving into a dedicated, state-of-the-art university facility with a professional team of administrators, a clear departmental structure, and a defined graduation plan (the scaled enterprise). The company hasn't stopped working, but it's upgrading its entire operating system to handle massive, sustained growth.

🧩 Final Takeaway 💡

Fermi Inc. is executing a major strategic pivot (Fermi 2.0) designed to professionalize its governance and operations as it builds the massive Project Matador power grid. The key signal is that the company is trading the flexibility of an early start-up for the stability and global scale required of a mature, highly regulated utility-scale energy provider.