Fermi Inc. Appoints Lee McIntire as CEO for Project Matador

Fermi Inc. appointed Lee McIntire as its chief executive officer effective August 11, 2026. McIntire, an independent director since September 2025, succeeds co-founder Toby Neugebauer, who was ousted in April after the company struggled to secure an anchor tenant for its power facilities.

McIntire brings over 40 years of experience in global infrastructure and engineering, including leadership roles at Bechtel Corporation, CH2M Hill, and TerraPower. Chairman of the Board Marius Haas stated that McIntire is the ideal executive to lead the company as it transitions from development to construction and power delivery.

The appointment comes as Fermi advances Project Matador, a private power complex in the Texas Panhandle designed to support AI data centers with a target capacity of 17 gigawatts. The project integrates nuclear, natural gas, solar, and battery storage. The company recently secured its first binding lease with TensorWave, signaling a shift toward the active construction of the site's infrastructure.