Published: April 21, 2026 |

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Fermi has made a series of strategic and leadership initiatives under a new phase of the company’s evolution as it continues to progress along its path to becoming a mature, established entity, well positioned for long-term, sustainable growth.

Following notable achievements for Project Matador across construction, buildout, and regulatory milestones, these developments will position Fermi for its next chapter of innovation, operational excellence, and client-focused service.

A New Chapter: Fermi 2.0

Fermi 2.0 represents a comprehensive progression of the company’s strategic direction, governance structure, and operating platform. Building on its existing strengths, the company intends to:
• Deepen its relationships with academic and community partners, including the Texas Tech University System
  (TTUS)
• Enhance the experience and outcomes for its clients and tenants
• Invest in talent, technology, and infrastructure from its new Dallas headquarters and Amarillo office
• Strengthen governance and leadership succession under an independent, high-caliber board
• Memorialize binding commitments for the first set of client-tenants
• Cultivate strategic investors including client-tenants, sovereign funds, and third parties whose participation will
  prove immediately accretive to shareholders
• Continue to move forward at FermiSpeed with its nuclear buildout

“Project Matador has the potential to deliver generational impact — not just for TTUS, but for national security, American energy independence, and the future of advanced research and industry in West Texas,” said Chancellor Brandon Creighton.

“TTUS remains firmly committed to our partnership with Fermi America and to the long-term opportunity this project represents for our region, our state, and the nation. Building on that progress, we are actively engaged in good-faith discussions to extend certain milestones in the lease agreement as we advance Project Matador into its next phase,” added Creighton.

Under Fermi 2.0, the company will implement the following key changes:

NEW LEADERSHIP

Fermi said lead independent board director Marius Haas has stepped into the role of chairman of the board. Fermi co-founder Toby Neugebauer has departed from his role as chief executive officer, but he remains a member of the board.

“I’m incredibly proud of what our team has built and am honored to step into the position of Chairman,” said Chairman Marius Haas.

“In addition to my role as a director on Fermi’s board since founding, I have served on a number of public company boards and leadership teams in the technology sector. I look forward to lending my expertise to chairing Fermi’s board at an exciting time in the company’s evolution as we continue to execute on the success of Project Matador and identify new leadership for our next chapter,” added Haas.

Jeffrey S. Stein has been elected to the board of directors, bringing extensive public and private company leadership and energy expertise.

CREATION OF OFFICE OF THE CEO

To ensure continuity and operational momentum during the CEO transition, Fermi’s board has established a new office of the CEO that will act as the company’s interim operational leadership team. This office will be composed of Jacobo Ortiz Blanes, previously chief operating officer, and Anna Bofa, previously a board advisor, each of whom has been appointed as a co-president of the company and share in the responsibilities previously held by Toby Neugebauer.

Anna Bofa has been an instrumental advisor to Fermi’s board and leadership team, with a track record of building trusted relationships with key partners including TTUS, the company’s shareholders, and — most importantly — its clients and tenants, especially in the tech industry.

Jacobo Ortiz Blanes has led Fermi since its inception and has been pivotal to guiding the company’s operational initiatives and driving its growth trajectory through partnerships, shareholder relationships, and the unprecedented buildout of Project Matador.

“The office of the CEO is designed to provide stable, experienced leadership during this important transition. Jacobo and Anna each bring critical strengths that will help us maintain operational excellence, deepen our partnerships, and keep our clients and tenants at the center of everything we do,” said Haas.

LEADERSHIP SEARCH COMMITTEE

Fermi’s board of directors has initiated a formal search process for the company’s next CEO and has engaged leading executive search firm Heidrick & Struggles. A committee composed of Haas and independent directors Lee McIntire and Cordel Robbin-Coker will work in conjunction with Heidrick to identify and recommend CEO candidates who can drive Fermi 2.0 forward and build on the legacy established by its founders.

“Our mandate is clear. We are seeking a leader with strong operational expertise, a deep commitment to Fermi’s mission, strong public company experience, and a demonstrated ability to work in close partnership with our stakeholders, including our clients, tenants, university and community partners, and shareholders,” said Independent Director Lee McIntire.

NEW CORPORATE OFFICES

As part of Fermi 2.0, the company will establish a new corporate headquarters in Dallas, Texas and will be building out a corporate office presence at its Project Matador site in Amarillo, Texas. These new offices underscore Fermi’s commitment to Texas as a strategic hub for its operations, partnerships, and growth, and reflect the company’s maturation from a start-up to a scaled enterprise.

“Dallas offers world-class talent, a dynamic business environment, and proximity to many of our key stakeholders, and Amarillo provides us with on-site presence to Project Matador’s buildout and close proximity to our partners at TTUS,” said Co-president Anna Bofa.

“Fermi is evolving from an entrepreneurial start-up culture into a public-company-caliber professional enterprise. Establishing an official presence in Dallas (within a premier office park location to be announced) and Amarillo represents an important step in that evolution. Our new offices will serve as a platform for deeper collaboration with partners and will enhance our ability to serve our clients and tenants,” said Co-president Jacobo Ortiz Blanes.

Fermi America™ is pioneering the development of next-generation private electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence. Co-founded by former U.S. Energy Secretary Rick Perry and co-founder and former co-managing partner of Quantum Energy Toby Neugebauer, Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders to create the world’s largest, 17 GW next-generation private HyperGrid campus. Project Matador 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 deliver hyperscaler artificial intelligence.

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