Fermi Names Lee McIntire as Chief Executive Officer
Rhea-AI Summary
Fermi (NASDAQ:FRMI)(LSE:FRMI) appointed Lee McIntire as Chief Executive Officer, effective August 11, 2026. McIntire has been an independent director on Fermi’s board since September 2025 and is tasked with leading the company as it moves from development to construction and first power at its Project Matador campus.
According to Fermi, McIntire brings over 40 years of global engineering, construction, and infrastructure leadership, including senior roles at Bechtel, CH2M Hill, TerraPower, and McDermott International. Fermi develops next‑generation private electric grids, targeting a 17 GW behind‑the‑meter campus integrating natural gas, nuclear, solar, battery storage, and utility grid power to support hyperscale AI and advanced computing.
Positive
- Lee McIntire named CEO effective August 11, 2026, after serving as independent director since September 2025
- 40+ years of engineering, construction, and infrastructure leadership experience across Bechtel, CH2M Hill, TerraPower, and McDermott International
- Fermi targets a 17 GW next‑generation private grid at Project Matador for hyperscale AI and advanced computing
Negative
- None.
Market Reaction – FRMI
Following this news, FRMI has gained 0.49%, reflecting a mild positive market reaction. Our momentum scanner has triggered 22 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $7.64. Trading volume is elevated at 2.1x the average, suggesting notable buying interest.
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Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 10 | Binding lease | Positive | +21.1% | Signed first binding customer lease covering 222 MW and approximately $6.5 billion contracted revenue. |
| Jul 23 | Share admission | Negative | -4.0% | Admission of 12,127,558 new shares related to advisory fees and restricted stock units. |
| Jul 21 | Turbine arrival | Positive | -1.1% | Three Siemens turbines totaling up to 780 MW arrived at the Port of Houston. |
| Jul 20 | Earnings scheduling | Neutral | +8.7% | Scheduled release of second-quarter 2026 financial results and conference call. |
| Jul 15 | Convertible notes | Negative | -7.3% | Upsized $431.25 million convertible-notes offering introduced financing and potential dilution considerations. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent reactions aligned with the lease, share-admission, and convertible-notes announcements, while turbine-arrival and earnings-scheduling news diverged from their apparent direction.
Key Terms
behind-the-meter technical
combined-cycle technical
advanced reactor technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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.
View the original press release on ACCESS Newswire