Fermi on Tuesday rejected former CEO Toby Neugebauer’s call for an immediate sale of the U.S. power startup, saying such a move was “not in the best interest” of the company.
Neugebauer, who co-founded Fermi in 2025 and remains on the company board after his exit as CEO last week, had urged the company to begin a sale process to “maximize shareholder value”.
Here are some details:
- “Given recent changes in leadership… the company firmly believes a sale is not in the best interest of its continued momentum on Project Matador, ability to serve potential tenants and long-term value creation for shareholders,” Fermi said in a statement.
- Project Matador is an 11-gigawatt artificial intelligence data center and private energy campus near Amarillo, Texas.
- Neugebauer was removed as CEO on Friday “without cause”, he said earlier this week. The company said on Tuesday he was removed after careful consideration by its board “in accordance with its fiduciary duties”.
- Chief Financial Officer Miles Everson has also resigned in the company’s leadership overhaul.
- The startup said on Tuesday its board will review all avenues to “maximize shareholder value”, including investments from third parties, joint ventures or other transactions.
- The company has created an interim office of the CEO to be run by two executives while it searches for a replacement.
