Fermi America™ and the State of Texas Announce Preliminary Approval for First 6 GW of One of the World's Largest Clean Natural Gas Facilities on Project Matador's 11 GW Private HyperGrid™ Campus

Rhea-AI Summary

Fermi America (Nasdaq: FRMI) announced that the Texas Commission on Environmental Quality granted preliminary approval for 6 GW of clean natural gas power on Project Matador's planned 11 GW HyperGrid campus in the Texas Panhandle.

The approval, subject to a formal meeting and public input, enables Fermi to site one of the world’s largest clean natural gas facilities, remove 6 GW of AI-driven demand from the public grid, and begin installing generators that are en route with initial online targets in 2026. Fermi says the campus will integrate solar, hybrid cooling, and meet federal and state air quality standards.

Positive

• Preliminary approval for 6 GW of power
• Project Matador planned as an 11 GW private HyperGrid campus
• Initial gas generators expected online in 2026
• Removal of 6 GW peak demand from the public grid

Negative

• TCEQ approval is preliminary and subject to formal meeting
• Approval requires ongoing public input before final permits

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On the day this news was published, FRMI declined 4.76%, reflecting a moderate negative market reaction. Argus tracked a peak move of +8.6% during that session. Argus tracked a trough of -6.7% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $864M from the company's valuation, bringing the market cap to $17.28B at that time.

Data tracked by StockTitan Argus on the day of publication.

• Texas Leading the Way as the Texas Commission on Environmental Quality (TCEQ) Grants Preliminary Approval of Fermi America's Clean Air Permit, Relieving Consumers Nationwide from Shouldering Voracious Power Needs of Artificial Intelligence (AI)
• Permitting the First 6 GW of an 11 GW Campus will Clear the Path for Fermi America to Build One of the Largest Clean Natural Gas Projects in the World
• 6 GW of Clean Energy, Enough to Power New York City, to Be Removed from Public Grid Demand, Empowering National Security While Protecting American Pocketbooks
• Fermi Site is the Go-To for Companies Seeking to Protect Consumers from Rising Utility Costs, While Ensuring Low Emissions

AMARILLO, Texas, Nov. 4, 2025 /PRNewswire/ -- Fermi America™ (Nasdaq: FRMI) in partnership with the Texas Tech University System, announced the Texas Commission on Environmental Quality (TCEQ)'s preliminary approval of 6 GW of clean natural gas-based power generation, of the projected 11 GW campus, which will make Project Matador one of the largest clean natural gas power generation facilities in the world.

The approval — subject to a formal meeting and ongoing process for public input — places Texas at the forefront of a historic shift in how America powers the future of AI, answering President Donald Trump's call for energy and AI dominance, and Texas Governor Greg Abbott's charge to ensure national security, while not burdening consumers with higher utility prices. 

Understanding that the United States faces an energy arms race for the computing power that defines global leadership in defense, data, and AI, Fermi America is building its Panhandle private grid campus in real time.  

Fermi's, the federal government's, and Texas's collaborative sense of urgency is not about powering apps on smartphones, e-commerce websites, and robotics, but because America's entire infrastructure, including law enforcement, military operations, banking and finance networks, communication, transportation, education, healthcare, and energy grids, all rely on cloud computing power. 

"The era of burdensome permitting processes stalling critical infrastructure is over," stated Texas Tech University System Board of Regents Chairman Cody Campbell. "Project Matador aligns directly with President Donald J. Trump's Executive Orders on energy security and AI leadership. This creates an unprecedented opportunity for public and private sectors to work together to strengthen the grid, protect taxpayers, and secure America's AI future—without delay. With Governor Abbott's leadership and TCEQ's accelerated work on next-generation power and responsible, timely regulation, while ensuring low-emission projects, Texas is once again leading the way."

Co-Founder of Fermi America and former U.S. Secretary of Energy Rick Perry, emphasized, "Energy independence is not just an economic issue — it's a matter of national security. President Trump and Governor Abbott are men of action, and they expect the private sector to provide answers, not power points. At Fermi, we are proud to be building this campus in real time to meet the needs of the country."   

As Fermi America's clean natural gas project comes online, 6 GW of power demand will not have to be drawn from the U.S. grid — enough energy, on average, to power New York City. Instead, Fermi will utilize minimal grid power as it ramps up in the coming months, until the initial gas generators, which are already en route to the campus, are installed and online in 2026. The entire premise behind the 11 GW private HyperGrid campus being built on clean natural gas, nuclear, solar, and battery power is that the nation's grid cannot grow fast enough to keep pace with the AI race, nor should consumers be expected to foot the bill through rising utility rates to support the most successful companies in the world.  

"Hardworking Americans are tired of watching electricity costs rise while the grid ages," added Toby Neugebauer, CEO and Co-Founder of Fermi America. "At Fermi, our private grid model ensures that the growing demand for AI is met privately — freeing up power on the public utilities to serve homes, schools, hospitals, and small businesses as intended. Together with our partners, we're building one of the cleanest, most efficient power fleets in the world, driven by American innovation — without asking taxpayers to foot the energy bill for the world's largest, highest-margin companies."   

Fermi America plans to integrate zero emissions solar into its power supply plan and utilize the latest technology and hybrid cooling systems, ensuring protection of air quality and water conservation. Additionally, Fermi's air quality analysis shows that the project meets all federal and state air quality, odor and health effect standards, ensuring that air quality is protective of all Carson County residents. 

For media inquiries, please contact:    
Lexi Swearingen    
Media@FermiAmerica.com    

About Fermi America     

Fermi America ™ (Nasdaq: FRMI) (https://fermiamerica.com/) is pioneering the development of next-generation electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence. Co-founded by former U.S. Energy Secretary Rick Perry, and Co-founder and former Co-Managing Partner of Quantum Energy, Toby Neugebauer, Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders to create the world's largest, next-gen private grid. The behind-the-meter campus is expected to integrate one of the largest nuclear power complexes in America, the nation's biggest combined-cycle natural gas project, utility grid power, solar power, and battery energy storage, to deliver hyperscaler artificial intelligence.    

About the Texas Tech University System     
Established in 1996, the Texas Tech University System is one of the top public university systems in the nation, consisting of five universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University, Texas Tech University Health Sciences Center El Paso and Midwestern State University.  

Headquartered in Lubbock, Texas, the TTU System is a more than $3 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 21,000 employees and 64,000 students, more than 400,000 alums, a statewide economic impact of $19.2 billion and an endowment valued at $3 billion. In its short history, the TTU System has grown tremendously and is nationally acclaimed, operating at 20 academic locations in 16 cities (15 in Texas, 1 international).     

In addition, the TTU System is one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education among other academic areas.     

Forward-looking Statements   
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "will be," "will likely result," "should," "expects," "plans," "anticipates," "could," "would," "foresees," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," or "continue" or the negative of these words or other similar terms or expressions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions, and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks.   

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SOURCE Fermi America

FAQ

What did Fermi America (FRMI) announce on November 4, 2025?

Fermi America announced TCEQ preliminary approval for 6 GW of clean natural gas capacity on its 11 GW Project Matador campus.

How much power will the approved 6 GW from FRMI supply and why does it matter?

The 6 GW approved capacity is cited as enough energy, on average, to power New York City and frees public-grid power for homes and services.

When does Fermi America expect the initial generators for FRMI to be online?

Fermi America states the initial gas generators are en route and targeted to be installed and online in 2026.

Is the TCEQ permit for FRMI final and usable immediately?

No. The TCEQ action is a preliminary approval that remains subject to a formal meeting and public input before final permits.

Where is Project Matador and what power sources will FRMI use?

Project Matador is in the Texas Panhandle and Fermi plans to use clean natural gas plus solar, batteries, and hybrid cooling technologies.