Fermi Energy names Lee McIntire CEO and secures TensorWave as first customer

@MSBIntel

JUST IN: Fermi Energy names Lee McIntire CEO, secures TensorWave as first customer for Texas AI power campus.

@WSJ

Fermi, the troubled data-center and power startup co-founded by former Energy Secretary Rick Perry, is hoping to turn a corner after landing its first customer and naming a new CEO. https://t.co/TIgKcm4dkW

@iminfornow

Well Fermi is saying they'll deploy gas/solar/nuclear, implying anything cost competitive atm. But what if the gas prices rise, costs rise due to regulatory changes (gas production/operating nuclear) or their generators underperform over longer periods?

@Thisispaartaaa

FRMI - Those 3 gas turbines they just received for power generation from siemens (I believe) have a 5 year.....read that again....5 YEAR WAIT TIME.....FRMI is 5 years ahead of the next guy that orders today.....Power Generation, and Grid integration is the next bottle neck. THEY ARE USING OLD AIRCRAFT ENGINES FOR POWER.....It won't be a shortage of chips.....we will reach the worlds power generation capacity sooner than we think.

@Bluebird-9641

FERMI (FRMI) : Ambitious Solution to the AI Power Bottleneck — Fermi is building one of the most ambitious private power infrastructures in the United States. The company aims to deliver gigawatt scale, behind the meter energy specifically for hyperscale artificial intelligence workloads. Their flagship effort, Project Matador in the Texas Panhandle, is designed to reach 17 gigawatts of private generation, which is far beyond typical data center power projects. Fermi’s strategy is to build dedicated private power campuses that combine natural gas, solar, and battery storage into a single integrated model. Fermi is also pursuing nuclear development. The company filed a combined operating license application for 4 Westinghouse AP1000 reactors. The application was accepted by the Nuclear Regulatory Commission, marking the first such acceptance in 15 years. Nuclear generation is a central part of Fermi’s long term plan for clean and firm artificial intelligence power. Fermi's HyperGrid campus is planned to support up to 11 gigawatts of power and 18 million square feet of artificial intelligence research and development space. It is located near Pantex and major gas fields, providing strong energy redundancy. Fermi has begun commercial progress. The company signed its first anchor tenant, TensorWave, in a 6.5 billion dollar, 15 year lease for 222 megawatts with expansion rights up to more than 650 megawatts. Q2 Financial Highlights: $91.7 million of total cash and restricted cash on hand. $185.0 million of capital invested in Property, Plant, and Equipment, bringing the gross balance to approximately $1.55 billion. Fermi remains focused on disciplined capital deployment matched to commercial progress. $520.1 million of outstanding debt reflecting new borrowings, reflecting a $98.8 million net increase in borrowings under equipment financing facilities. $25.8 million net loss, or $0.04 per basic and diluted share. General and administrative expenses of $26.8 million drove most of that result. Fermi remains pre-revenue and in its development phase, so spending tracks buildout rather than operations. This is a new company founded early 2025 and is still pre-revenue but that should change in the near future. I am excited about the opportunity to own a player in the AI Power trade that is attacking the bottleneck problem from all angles. Bought today and have an order in for $6. Big Risk/Reward here IMO, what do you guys think?