· Context
Deadline for Texas Tech's notice to proceed and Fermi's $9 million lease escrow
Pending Scheduled; has not yet occurred.
Under the ground lease as described in Fermi's filings, Fermi must receive a notice to proceed from the Texas Tech University System by December 31, 2026 before vertical data-center construction, or the System may terminate the lease. The notice is conditioned on, among other things, a Phase 1 tenant lease of at least 200 MW and Phase 1 financing. The $9 million escrow under the collaboration agreement is also due by that date.[1][2]
Texas Tech University SystemFermi America (Fermi, Inc.)
What the sources say
- Pending
Fermi Inc. (SEC filing): Fermi's 10-Q says the lease requires a notice to proceed from the Texas Tech University System by December 31, 2026 before vertical data-center construction, that the System may terminate the lease if it is not received by then, and that issuance is conditioned on, among other things, a Phase 1 tenant lease of at least 200 MW. It also says the lease's conditions to tenant construction, including Phase 1 financing and a first-tenant sublease of at least 200 MW, must occur before the end of 2026.[1]
- Min phase1 tenant mw
- 200
- ✓ Verified
Fermi Inc. (press release): Fermi's August 10, 2026 release announcing the 222 MW TensorWave lease said the Texas Tech University System had advised Fermi that it supports the transaction and intends to work closely with Fermi toward a successful closing. No System statement on issuing the notice to proceed was located.[3]
- ✓ Verified
Fermi Inc. (SEC filing): Fermi's 10-Q also says its turbine warehouse equipment financing allows the lender to market the collateral if Fermi has not entered a 400 MW lease agreement by November 10, 2026.[1]
- Lease mw required
- 400