Fermi Appoints Larry Kellerman to Board of Directors

DALLAS, May 5, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (NASDAQ: FRMI) (LSE: FRMI), a pioneering developer of next-generation private electric grids for artificial intelligence, today announced that Larry Kellerman has been appointed to the Board of Directors as an independent director.

Marius Haas, Chairman of the Board of Fermi, said: "The Board looks forward to welcoming Larry as a new director as we continue to oversee execution of Fermi's strategic priorities. Larry adds a wealth of industry knowledge to the Board, and his four decades of leadership in the electric power sector provide the deep technical and strategic insights that will be invaluable as Fermi advances its efficient, reliable, utility-scale private grid to drive long-term value creation."

"I have been fortunate throughout my career, in the industry that I love, to work at the intersection of regulated electric utility operations and technology-driven commercial innovation. Fermi is positioned at the nexus of this dynamic intersection, as the firm continues to leverage an optimal combination of utility-sourced power and reliability services alongside its own private utility-scale power generation platform," said Larry Kellerman. "I am excited to join the Board and leverage my experience to help guide Fermi in its next phase of execution and value realization."

Mr. Kellerman was nominated to his Board position pursuant to designation rights held by an affiliate of Toby Neugebauer and elected to that position by the Board on May 4, 2026. While nominated by Mr. Neugebauer, Mr. Kellerman has expressed his intent to represent the best interest of all shareholders in matters brought to the Board for consideration and did not review or comment on Mr. Neugebauer's press release of May 2, 2026.

About Larry Kellerman

Larry Kellerman brings over 40 years of transformative leadership in the electric power and utility sectors. He is the co-founder and Managing Partner of Twenty First Century Utilities ("TFC"), a private investment and advisory firm operating in the electric power sector, focused on structured financial transactions, the development and enhancement of power generation assets, and economic partnerships with electric utilities. Larry and TFC have advised Fermi on its power generation strategy and development since the company's inception, and Larry has served Fermi as Head of Power since that time. Previously, Larry served as CEO of Atlantic Power & Utilities, CEO of Quantum Utility Generation, and a Partner at Goldman Sachs, where he built a highly successful on balance sheet power generation business from scratch and acquired Cogentrix Energy. Earlier in his career, Larry created and ran the North American power business for El Paso Corporation and was the founding President of Citizens Power. He started his career in the utility sector, serving as General Manager of Power Supply and Power Marketing for Portland General Electric after an initial tenure at Southern California Edison. Larry received a B.A. in Management from the University of California, Davis and an MBA in Finance from West Coast University, Los Angeles.

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 the world's largest, 11 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.

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SOURCE Fermi Inc.