Fermi America™ Chief Nuclear Construction Officer Mesut Uzman Addresses NRC Regulatory Information Conference 2026, Showcasing Project Matador's Position as America's Most Advanced Nuclear Build

Fermi America (NASDAQ: FRMI) showcased Project Matador at NRC RIC 2026, positioning it as the nation's most advanced nuclear build.

Rhea-AI Summary

Fermi America (NASDAQ: FRMI) showcased Project Matador at NRC RIC 2026, positioning it as the nation's most advanced nuclear build.

Key facts: the project's combined operating license application is the only large LWR COLA accepted by the NRC in more than 15 years; partners include Westinghouse, Hyundai E&C, and Doosan Enerbility; Project Matador targets 4.4 GW of AP1000 nuclear and an 11 GW behind-the-meter campus with a proposed groundbreak on July 4, 2026.

Positive

• Only active large LWR COLA accepted in 15+ years
• Planned 4.4 GW AP1000 nuclear at Project Matador
• 11 GW behind-the-meter campus combining gas, solar, storage
• Formal partnerships with Westinghouse, Hyundai E&C, Doosan
• 99-year lease from Texas Tech University System secured
• Final Clean Air Permit covers 6 GW of gas bridge generation

Negative

• Groundbreaking contingent on Korean investment approval by U.S. government
• Heavy reliance on international partners may face geopolitical or regulatory delays
• Targeted July 4, 2026 groundbreak is conditional and may slip

Argus Mar 11 session

+7.76% close to close Open Argus

Details

News Market Reaction – FRMI

On Mar 11, the day this news came out, FRMI closed 7.76% above the previous close.

Data tracked by StockTitan Argus for the Mar 11 session.

Market Context

On Mar 11, the day this news came out, the stock closed 7.8% above the previous close. A strong posi...

Analysis

On Mar 11, the day this news came out, the stock closed 7.8% above the previous close. A strong positive reaction aligns with the article’s emphasis on Project Matador holding the only active large nuclear COL application in more than 15 years and plans for 4.4 GW of new nuclear capacity within an 11 GW private grid. Historically, FRMI’s constructive project and financing news has produced mixed next-day moves, so any outsized gain could face mean-reversion risk as investors reassess execution timelines, regulatory milestones, and capital structure developments.

Key Figures

NRC COLA gap: more than 15 years Planned nuclear capacity: 4.4 GW Global reactor buildout: 30+ reactors +5 more

NRC COLA gap

more than 15 years

Only active large nuclear COL application accepted by NRC in that period

Planned nuclear capacity

4.4 GW

Target nuclear build at Project Matador

Global reactor buildout

30+ reactors

Reactors currently being built in China, per CEO comment

Site lease term

99-year lease

Land from Texas Tech University System near Pantex facility

Pantex stewardship period

70 years

Duration Pantex has stewarded U.S. nuclear arsenal

Team track record

16 reactors

Reactors built on time and on budget by Fermi’s construction team

Campus permit capacity

6 GW

Clean Air Permit for natural gas at 11 GW campus

Private grid size

11 GW

Behind-the-meter private power grid combining multiple generation sources

Historical Context

5 past events · Latest: Feb 25

5 events

1. Feb 25

   Permit approval

   24h Move

   -8.0%

   Final 6 GW Clean Air Permit enabling construction at 11 GW campus.

2. Feb 24

   Earnings call notice

   24h Move

   +17.3%

   Scheduled Q4 2025 results call and 10-K filing date announcement.

3. Feb 19

   Equipment financing

   24h Move

   -4.6%

   Initial draw on $200M equipment facility to fund 2.3 GW build-out.

4. Feb 11

   Strategic partnership

   24h Move

   -2.7%

   Deepened Hyundai E&C partnership to advance 11 GW Project Matador.

5. Feb 10

   Major loan facility

   24h Move

   +1.3%

   Non-recourse $500M MUFG equipment loan for first 2.3 GW campus build.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

combined operating license, cola, feed study, ap1000, +3 more

7 terms

combined operating license regulatory

"Project Matador Holds the Only Active Combined Operating License Application Accepted by the NRC"

A combined operating license is a single government permit that authorizes both the construction and the operation of a nuclear power plant, replacing the older two-step process of separate construction and operating approvals. For investors it matters because it reduces regulatory uncertainty and timing risk—like getting a building permit and a business license at once—making project costs, financing plans and future revenue projections easier to assess; safety conditions and inspections must still be met before full commercial operation.

cola regulatory

"Fermi America filed the first Combined Operating License (COLA) in more than 15 years"

Cola, or COLA (cost-of-living adjustment), is a routine increase to wages, pensions or benefits that rises with inflation—typically linked to a consumer price index—so payments keep pace with higher prices. Investors care because COLAs change a company’s future payroll and benefit costs, affect consumer spending power and revenues, and shape inflation expectations that influence interest rates and asset values; think of it as an automatic thermostat for incomes.

feed study technical

"Fermi has launched its FEED study, with a proposal to break ground on 4.4 GW"

A feed study is a controlled test that measures how animals respond to a specific feed, additive or dietary change, tracking effects on growth, health, safety and product quality. For investors, results indicate whether a feed product can make verifiable performance or safety claims, meet regulatory standards, and gain adoption by farmers—similar to a product trial that proves a new appliance actually saves energy before it hits the market.

ap1000 technical

"Hyundai E&C has committed to providing Fermi America favorable contract terms for AP1000 reactor construction"

AP1000 is a standardized design for a large commercial nuclear power reactor that uses water under pressure to produce electricity and relies on passive safety systems that work without power or human action. For investors, it matters because a common, approved design can speed regulatory clearances, affect construction costs and timelines, and concentrate operational and liability risks — similar to choosing a single model of car for an entire delivery fleet.

clean air permit regulatory

"The Texas Commission on Environmental Quality has granted final approval of the nation's second largest Clean Air Permit"

A clean air permit is a government-issued license that allows a factory, power plant or other facility to release specific amounts of air pollutants while meeting legal limits and monitoring requirements. It matters to investors because the permit sets operational limits, ongoing compliance costs and potential liability — like a driver’s license for emissions — and losing, violating, or needing to modify the permit can force costly upgrades, fines or production limits that affect revenue and valuation.

behind-the-meter technical

"Project Matador's 11 GW behind-the-meter private power grid — combining natural gas, AP1000 nuclear, solar"

Equipment or systems located on a customer’s side of the electricity meter—such as rooftop solar panels, battery storage, electric vehicle chargers, or energy controls—that generate, store, or manage power for use on-site rather than being supplied through the utility’s grid. Investors care because behind-the-meter assets change how much power a customer buys, can create new revenue or savings streams, affect demand patterns, and shift regulatory or business models in the energy market, much like a homeowner installing their own water tank reduces municipal supply needs.

liquidated damages financial

"Hyundai has been involved in the construction of 18-plus nuclear reactors in recent decades without liquidated damages."

A pre-agreed sum that one party must pay if it breaks a contract, chosen so both sides avoid arguing over the exact amount of loss later. Think of it like a fixed cancellation fee for a reservation: it makes potential costs predictable. For investors, liquidated damages matter because they create a known financial liability that can affect cash flow, contract risk, balance-sheet exposure and deal valuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Project Matador Holds the Only Active Combined Operating License Application Accepted by the NRC in More Than 15 Years — Greenlight by NRC to Break Ground Immediately
• Fermi America's Nuclear Program Advances in Lockstep with President Trump's Executive Orders to Restore American Nuclear Leadership
• Uzman Highlights Strategic Partnerships with Westinghouse, Hyundai E&C, and Doosan as Necessary to Lock Up Long Lead Time Assets and Deliver 4.4 GW of New Nuclear on Time, on Budget

AMARILLO, Texas, March 11, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI), operating as Fermi America™, in partnership with the Texas Tech University System (TTU System), today announced that Mesut Uzman, Chief Nuclear Construction Officer of Fermi America, took the stage at the Nuclear Regulatory Commission's Regulatory Information Conference (NRC RIC 2026) in Rockville, Maryland — the nation's premier annual forum where nuclear policy, regulation, and industry execution converge.

"We are answering the President's call to jumpstart America's nuclear renaissance," said Mesut Uzman, Chief Nuclear Construction Officer of Fermi America. "The only site construction-ready today, we have secured the talent, the only active large nuclear power plant COL application in progress with the NRC, and the best global nuclear partners in Hyundai E&C and Doosan Enerbility, given their track record of building dozens of reactors successfully across the globe."

"China is building 30+ reactors today," added Fermi America CEO Toby Neugebauer. "Fermi did exactly what the President mandated at Fermi speed to jumpstart nuclear on American soil. Once the U.S. Government approves Project Matador for Korean investment under the recently approved Korean trade deal, we are the only site that will be ready to break ground on nuclear in 2026, a feat no one thought possible."

Uzman represented the only project in America with a large-scale LWR combined license application accepted by the NRC in more than 15 years — and the only one ready to break ground. He joined an elite panel for the session "T4 Critical Links: Strengthening the Nuclear Supply Chain for Tomorrow's Reactors," sharing the floor with Mr. Matthew Vazquez, Senior Director of Standards and Certification at ASME; Mr. Rajwant Jolly, Manager of Quality at Bechtel Corporation; Mr. Sean Jones, Vice President of APX Supply Chain at Westinghouse; and Mr. HyeonSoo Kim, Director at Doosan Enerbility.

The composition of the panel speaks directly to Fermi America's position at the center of America's nuclear industrial base. Westinghouse and Doosan Enerbility are both strategic partners in Project Matador's nuclear program. Their joint appearance alongside Fermi America at the NRC's most prominent annual forum signals the depth and seriousness of the partnerships driving Project Matador forward.

In just nine months, Fermi America has assembled the partnerships, permits, personnel, and property to position Project Matador as the only nuclear project ready to deliver on President Trump's executive orders to restore American nuclear leadership:

• Fermi America filed the first Combined Operating License (COLA) in more than 15 years, accepted by the NRC for review last September.
• Fermi America has secured a 99-year lease from the Texas Tech University System on property adjacent to Pantex — the Department of Energy facility that has stewarded America's nuclear arsenal for 70 years.
• Fermi has retained the world's leading nuclear construction experts, a team, including Uzman, with a combined track record of 16 reactors successfully built on time and on budget across the globe.
• Fermi has partnered with Westinghouse, Hyundai E&C, and Doosan — forging the international ties required to lock up long lead time assets necessary to deliver on the President's executive orders.
• Hyundai E&C has committed to providing Fermi America favorable contract terms for AP1000 reactor construction at Project Matador, consistent with the proven performance of their domestic Korean nuclear builds and the Barakah Nuclear Energy Plant successfully delivered in the UAE. Fermi has launched its FEED study, with a proposal to break ground on 4.4 GW of nuclear construction at Project Matador on July 4th — with the President.
• The Texas Commission on Environmental Quality has granted final approval of the nation's second largest Clean Air Permit, covering 6 GW of clean natural gas power generation at the 11 GW campus as a bridge to nuclear power.
• Korea's leading nuclear industrial champions — Hyundai E&C and Doosan Enerbility — have entered into formal contractual relationships with Fermi America and have designated Project Matador as a top priority within their U.S. nuclear portfolios, bringing decades of proven reactor construction expertise to America's most advanced nuclear build.

Project Matador is designed to answer the nation's call at a pivotal moment. As AI infrastructure, semiconductor fabrication, advanced manufacturing, and defense modernization drive an unprecedented surge in electricity demand, America needs gigawatt-scale, reliable, clean power that the public grid was never designed to deliver. Project Matador's 11 GW behind-the-meter private power grid — combining natural gas, AP1000 nuclear, solar, and battery storage — is built to meet that demand without burdening ratepayers or straining the public grid.

Uzman underscored the critical role of international partnerships in delivering Project Matador on schedule. "We cannot achieve this epic goal by ourselves," Uzman said. "We are working with Doosan, Hyundai E&C, and Westinghouse — and Hyundai has been involved in the construction of 18-plus nuclear reactors in recent decades without liquidated damages. That is an unmatched global track record."

Fermi America's nuclear program advances in direct alignment with President Trump's executive orders to accelerate domestic nuclear deployment, restore American nuclear manufacturing, and ensure the United States wins the AI and energy race with China.

For media inquiries:
Lexi Swearingen
Media@FermiAmerica.com

Fermi America™ official business information
Legal Entity: Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI)
Brand Name: Fermi America™
Address: 620 S Taylor St #301 Amarillo, TX 79101-2436
Website: https://fermiamerica.com/

About Fermi America™:
Fermi America™ (NASDAQ & LSE: FRMI) is an advanced energy and hyperscaler development company with a mission to power the future of artificial intelligence directly to the world's most compute-intensive businesses through its flagship initiative, Project Matador. Co-founded by former U.S. Energy Secretary Rick Perry and Co-Founder and former Co-Managing Partner of Quantum Energy Partners Toby Neugebauer, Fermi America™ combines a deep bench of proven world-class multi-disciplinary leaders and over 2 GW of secured long lead time natural gas generation assets to build the world's largest next-gen private grid campus. Ultimately constructing 11GW of behind-the-meter, low-carbon, on-demand power, Project Matador is expected to integrate a large combined-cycle natural gas project, advanced nuclear power generation, utility grid power, solar power, and battery energy storage to support hyperscale AI and advanced computing.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Fermi America (FRMI) announce about Project Matador at NRC RIC 2026?

Fermi America said Project Matador is the only site ready to break ground with the lone large LWR COLA accepted in 15+ years. According to the company, partners include Westinghouse, Hyundai E&C, and Doosan, and the plan targets 4.4 GW of AP1000 nuclear.

How much nuclear capacity will FRMI's Project Matador include and when is groundbreak planned?

Project Matador targets 4.4 GW of AP1000 nuclear capacity with a proposed groundbreak on July 4, 2026. According to the company, the schedule depends on securing Korean investment and required governmental approvals.

Who are the key contractors and partners for FRMI's Project Matador?

Key partners named are Westinghouse, Hyundai E&C, and Doosan Enerbility, each in formal contractual relationships. According to the company, these partners provide reactor technology, construction expertise, and priority status within their U.S. nuclear portfolios.

What is the scale and composition of the Project Matador energy campus announced by FRMI?

The campus is designed as an 11 GW behind-the-meter private grid combining AP1000 nuclear, clean natural gas, solar, and battery storage. According to the company, the design aims to meet high-demand industrial loads without burdening the public grid.

What regulatory milestones has FRMI achieved for Project Matador?

Fermi America filed the first Combined Operating License Application accepted in over 15 years and obtained a final Clean Air Permit covering 6 GW of gas generation. According to the company, the COLA is accepted and under NRC review.

What are the main risks to Project Matador's timeline for FRMI shareholders?

Primary risks include dependence on U.S. approval for Korean investment and international supply chain timing with foreign partners. According to the company, successful execution hinges on those approvals and timely delivery of long-lead components.