Fermi said that Lee McIntire, who had served as an independent director on Fermi's Board since Sept. 2025, would take over as CEO effective Aug. 11.

  • The company said in a statement that McIntire brings more than 40 years of leadership experience across engineering, construction, energy and global infrastructure. 
  • Earlier on Wednesday, Fermi announced that it had partnered with Hillcore Energy Capital to develop a roughly 2.6-GW power complex at its Project Matador campus in Texas under a Build-Own-Operate-Transfer structure. 
  • The slew of new developments comes shortly ahead of Fermi’s second-quarter results expected on Thursday, which is likely to be a key test for the company’s future growth trajectory.

Shares of Fermi LLC (FRMI) jumped nearly 7% higher at close on Wednesday and continued to climb up in the overnight session after the company named a new Chief Executive Officer. 

The company said that Lee McIntire, who had served as an independent director on Fermi's Board since Sept. 2025, would take over as CEO effective Aug. 11.

The announcement effectively ends a long search to replace former CEO Toby Neugebauer, who was fired in April partly due to “threatening, abusive and bullying behavior.”

Fermi’s New CEO Credentials

The company said in a statement that McIntire brings more than 40 years of leadership experience across engineering, construction, energy and global infrastructure. 

He has spent 15 years at Bechtel, including as Executive Vice President and board member, before becoming COO, Chairman, CEO and President of CH2M Hill. He later led TerraPower as CEO from 2015 to 2018, helping advance its advanced reactor program toward commercial execution. 

McIntire has also served on the boards of McDermott International, BAE Systems and Ovintiv, and currently serves as McDermott’s Lead Independent Director, and his international experience spans major infrastructure and energy projects, including the Panama Canal expansion, London Olympics and Abu Dhabi Nuclear Program.

"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 safety. 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 Expands Project Matador Power Capacity

Earlier on Wednesday, Fermi announced that it had partnered with Hillcore Energy Capital to develop a roughly 2.6-GW power complex at its Project Matador campus in Texas under a Build-Own-Operate-Transfer structure. 

The facility will include about 2.5 GW of natural gas generation, plus 100 MW of solar and battery storage. Construction of the first 350-MW block is expected to begin after definitive agreements, with first power targeted within 24 months. 

The company said that the partnership could increase Fermi’s power available to customers to approximately 4.8 GW within 30 months, while Hillcore finances, builds and operates the facility, allowing Fermi to add capacity without upfront capital expenditure.

The announcement came shortly after the energy infrastructure company revealed its first customer by signing a 15-year turnkey data-center lease with AI cloud provider TensorWave for a facility backed by 222 megawatts of power earlier in the week. 

Fermi’s Q2 Test

The slew of new developments come shortly ahead of Fermi’s second-quarter results expected on Thursday, which is likely to be a key test for the company’s future growth trajectory. 

For the upcoming quarter, investors are likely to focus on Fermi’s liquidity, capital expenditure, financing capacity and progress at the Matador campus, given that the company remains pre-revenue. The TensorWave deal will also be closely watched. 

Wall Street currently expects a loss of $0.06 per share, slightly wider than the $0.05 loss reported in the previous quarter.

FRMI Stock: What Does Retail Think?

On Stocktwits, retail sentiment around FRMI stock was ‘extremely bullish’ at the time of writing amid ‘extremely high’ message volumes. 

One user said, “$FRMI McIntire is a stud…FRMI 2.0 off to a great start. Hopefully more goodies in tomorrow’s report.”

Another user said, “$FRMI the stock went public last october and hit a high of around 36 dollars.And it's been downhill ever since, until the most recent news of the huge data center contract.. Well, definitely be watching The earnings release tomorrow morning to see if investors are more interested in future earnings.”

A third user said, “$FRMI these folks are bring by the A game, deals press releases, new CEO, Wallstreet about to play catch up.”

FRMI stock is down about 14% so far in 2026. 

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