Fermi reports "uptick" in interest at Project Matador energy campus

(Alliance News) - Fermi Inc on Thursday said tenant engagement has improved and active discussions are ongoing regarding its energy and data centre campus, Project Matador.

The real estate investment trust focused on data centres and a power grid development in Texas said its net loss ballooned to USD188.7 million in the three months to March from USD78,000 a year ago.

The prior year period covered January 10, the date of inception, to March 31.

Expenses surged to USD166.2 million from just US78,000.

Fermi said tenant engagement has improved in recent weeks, and active discussions are ongoing with hyperscalers, neo-cloud providers, and enterprise compute operators.

"The uptick in interest from prospective tenants confirms our business plan," said Anna Bofa, co-president, office of the chief executive.

"In recent weeks, we've hosted multiple prospective tenants and strategic partners who continue to view Project Matador as one of the most advanced and customer-ready, large-scale power campuses. They are looking for credible near-term power, real infrastructure, secured equipment, permitting progress, land control, and a team that can execute," Bofa added.

Project Matador is Fermi's US hypergrid campus near Amarillo, Texas, aiming to power high-density AI data centers using a mix of natural gas, solar, and nuclear energy.

Construction at the project is progressing on schedule, Fermi said. At full build-out, the project is designed to deliver up to 17 gigawatt of power, it added.

Chair Marius Haas said Fermi is at a "meaningful" inflection point in its development.

"Over the next 90 days, we're executing a disciplined plan that includes securing a binding tenant agreement, diligently managing working capital and liquidity, hiring our next CEO, exploring strategic partnerships for power/data center deployment acceleration, and delivering power at our project site," he said.

Last week, Fermi said it had terminated the contract of co-founder and former CEO Toby Neugebauer due to conduct which violated its terms.

Fermi noted two separate SEC filings made by Neugebauer, amounted to an attempt to take control of the board and company.

The company said it was "disappointed" in the ex-CEO's attempts to take control, stating that his actions reflect that of a "disgruntled former CEO who was terminated for cause".

Shares in Fermi were up 3.2% at USD5.82 on Thursday in London.

By Jeremy Cutler, Alliance News reporter

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