Fermi Selects CBRE to Operate and Maintain Its First Data Center

Fermi can add later buildings to the same CBRE operating framework as they come online.

Rhea-AI Summary

Fermi (FRMI) announced on September 24, 2026, that Fermi Services signed an agreement with CBRE to operate its first data center.

CBRE will be the exclusive operations and maintenance provider for building one at Project Matador in the Texas Panhandle. The agreement runs for five years from the day the building is first ready for service, and Fermi can renew it in five-year terms. CBRE will manage maintenance, cooling, fire protection and building systems. Its transition work begins when Fermi issues a notice to proceed.

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Key Figures

Initial agreement term: 5 years Renewal terms: 5-year terms Site-leader deployment: Up to 120 days

Initial agreement term

5 years

From when building one is first ready for service

Renewal terms

5-year terms

Fermi may renew the management agreement

Site-leader deployment

Up to 120 days

Before CBRE receives Fermi's notice to proceed

Key Terms

notice to proceed, epc, behind the meter, operations and maintenance

4 terms

notice to proceed technical

"CBRE begins its transition work on Fermi's notice to proceed."

A notice to proceed is a formal, written authorization in a contract that tells a contractor to start work and often triggers the project clock, budgets, and key obligations. For investors it matters because it signals that planned spending, revenue recognition, milestone payments and schedule risks are beginning—similar to a green light at a construction site that converts plans into real cash flows and measurable progress.

epc technical

"Fermi signed Primoris Services Corporation and TSK as its EPC partners."

An EPC (engineering, procurement and construction) contract is a single agreement where a contractor designs a project, buys the materials and builds it, then hands over a finished, ready-to-use facility—much like hiring a general contractor to deliver a completed house. For investors, EPCs matter because they concentrate responsibility for cost, schedule and delivery with the contractor, affecting a company’s revenue visibility, cash needs and exposure to construction or performance risks.

behind the meter technical

"delivered behind the meter and on a private grid built and operated on site."

Energy generation or equipment located on a customer’s side of the utility meter, such as rooftop solar panels, battery storage, electric vehicle chargers or energy-saving controls. It matters to investors because it reduces the amount of electricity bought from utilities, can lower operating costs for businesses, change utility revenue patterns, and shift demand in energy markets—like a homeowner installing a rain barrel that cuts water bought from the city and alters suppliers’ sales.

operations and maintenance technical

"Operations and maintenance is critical in protecting an AI data center's uptime."

Operations and maintenance are the day-to-day activities and routine upkeep that keep a company's facilities, equipment, or infrastructure running safely and reliably—think of it like regular servicing and repairs for a car to prevent breakdowns. Investors care because these activities drive predictable ongoing costs, affect productive uptime, extend asset life, and reduce the risk of expensive failures or regulatory penalties, all of which influence cash flow and valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, TX / ACCESS Newswire / September 24, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America^™ ("Fermi" or the "Company"), announced today that its subsidiary, Fermi Services LLC, has signed a management agreement with CBRE, the world's largest commercial real estate services firm and provider of critical infrastructure services. CBRE will be the exclusive operations and maintenance provider for building one, Fermi's first data center in the Texas Panhandle. It runs five years from the day building one is first ready for service, and Fermi can renew it in five-year terms.

"We're locking in proven partners early to make our operations and construction activities as safe and efficient as possible," said Lee McIntire, Fermi Chief Executive Officer. "CBRE runs some of the most demanding data center environments in the world. Bringing them in now means that when building one is ready for service, the people, the programs, and the procedures to run it are already in place."

Keeping Critical Infrastructure Running

Fermi is building one of the nation's most ambitious private power and compute campuses near Amarillo, Texas. Signing the operator now puts the team that will run building one in place and trained before the building goes live. CBRE begins its transition work on Fermi's notice to proceed. Site leaders will be on the ground up to 120 days before that. They will build the maintenance programs, check the equipment, and write the operating procedures.

Operations and maintenance is critical in protecting an AI data center's uptime. CBRE takes on that work at building one, using skilled technicians to monitor the center's performance and act quickly to maintain the highest level of reliability. CBRE will run and care for the maintenance, cooling, fire protection, and building systems behind the compute. As new buildings come online, Fermi can add them under the same framework. That keeps one operating standard across the campus. It also ensures continuity with one partner as Fermi's capacity expands.

"Project Matador is one of the most significant data center campuses being built in the country," said Scott Howard, President for the Americas for CBRE's Data Center Solutions business. "Mobilizing large-scale data center campuses is core to what our DCS business does, and getting our team on the ground early means building one will be ready to perform from day one."

The CBRE agreement follows a run of milestones at Project Matador. This month, the first Siemens Energy SGT6-5000F turbines arrived on site. In August, Fermi signed a binding lease with TensorWave, its first customer, and formed an alliance with Hillcore Energy Capital Corporation for roughly 2.6 gigawatts of added power. Before that, Fermi signed Primoris Services Corporation and TSK as its EPC partners.

About Fermi's Project Matador

Fermi America is where AI gets power. The Company 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 & 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 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, 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. The Company undertakes no obligation to update any forward-looking statements except as required by law.

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SOURCE: Fermi Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How long is Fermi's agreement with CBRE for its first data center?

The agreement runs for five years from the day building one is first ready for service. Fermi can renew it in five-year terms.

How will CBRE prepare to operate Fermi's first data center?

CBRE will begin transition work when Fermi issues a notice to proceed. Site leaders will develop maintenance programs, check equipment and write operating procedures before building one goes live.