Fermi America™ Files Second Clean Air Permit Application with TCEQ for 5 GW of Additional Power for Its Project Matador Private Grid

Fermi America (NASDAQ: FRMI) filed a 5 GW Clean Air Permit Application with the Texas Commission on Environmental Quality on March 27, 2026, following TCEQ’s approval of a first ~6 GW permit on February 25, 2025.

Rhea-AI Summary

Fermi America (NASDAQ: FRMI) filed a 5 GW Clean Air Permit Application with the Texas Commission on Environmental Quality on March 27, 2026, following TCEQ’s approval of a first ~6 GW permit on February 25, 2025.

The company targets ~17 GW total capacity composed of ~11 GW clean natural gas, plus nuclear, solar and battery power, and says ~2.5 GW of gas-fired combined-cycle generation is secured and equipment finance is committed.

Positive

• 6 GW Clean Air permit already approved by TCEQ
• 5 GW additional Clean Air permit application filed 27-Mar-2026
• Targeting ~17 GW total campus capacity (11 GW gas + nuclear/solar/battery)
• Secured ~2.5 GW gas-fired combined-cycle generation assets
• Committed equipment finance to support project buildout

Argus Mar 30 session

-13.27% close to close Open Argus

Details

News Market Reaction – FRMI

On Mar 30, the first trading day after this news, FRMI closed 13.27% below the previous close.

Data tracked by StockTitan Argus for the Mar 30 session.

Market Context

On Mar 30, the first trading day after this news, the stock closed 13.3% below the previous close. A...

Analysis

On Mar 30, the first trading day after this news, the stock closed 13.3% below the previous close. A negative reaction despite positive operational expansion news fits prior instances where FRMI sold off after seemingly constructive Project Matador milestones. The second 5 GW permit application and a stated path to 17 GW capacity add to an already ambitious build, which may heighten concerns about funding needs and execution complexity. Historical patterns, including declines following permit wins and financing announcements, indicate that investors have often focused on risk and dilution over long-dated growth potential.

Key Figures

Current price: $6.18 52-week range: $5.9304 – $36.9899 Campus capacity target: 17 GW +5 more

Current price

$6.18

Prior to publication on 2026-03-27

52-week range

$5.9304 – $36.9899

52-week low and high before this news

Campus capacity target

17 GW

Total Project Matador private grid capacity goal

Clean natural gas target

11 GW

Planned gas-fired generation at Project Matador

Approved permit

6 GW

First TCEQ Clean Air Permit granted Feb 25, 2025

New permit application

5 GW

Second Clean Air Permit Application filed with TCEQ

Secured gas assets

2.5 GW

Gas-fired power generation in combined cycle already secured

Beal loan size

$165.0 million

Senior secured term loan for six Siemens SGT-800 turbines

Historical Context

5 past events · Latest: Mar 13

5 events

1. Mar 13

   Permit expansion plan

   24h Move

   -1.7%

   Planned additional 5 GW TCEQ permit, lifting campus target to ~17 GW.

2. Mar 11

   Nuclear project showcase

   24h Move

   +7.8%

   Showcased Project Matador as advanced nuclear build with 4.4 GW target.

3. Feb 25

   6 GW permit secured

   24h Move

   -8.0%

   Final 6 GW Clean Air Permit received for 11 GW private grid campus.

4. Feb 24

   Earnings call scheduled

   24h Move

   +17.3%

   Announced Q4 2025 earnings call and Form 10-K filing date.

5. Feb 19

   Equipment financing

   24h Move

   -4.6%

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

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

Key Terms

clean air permit application, texas commission on environmental quality (tceq), combined cycle

3 terms

clean air permit application regulatory

"today filed an additional 5 GW Clean Air Permit Application with the Texas..."

A clean air permit application is a formal request to a government agency seeking permission to operate equipment or a facility that releases air pollutants, explaining expected emissions and how they will be controlled. Investors care because approval affects whether a project can proceed, its timeline and costs, and the risk of fines or forced changes—like needing a driver’s license before legally driving, a permit determines if and how a business can emit air pollutants.

texas commission on environmental quality (tceq) regulatory

"Application with the Texas Commission on Environmental Quality (TCEQ). The filing..."

A state agency that enforces environmental rules in Texas, overseeing air and water quality, waste disposal, permits and enforcement actions. For investors, its decisions affect whether operations can run, how quickly projects move forward, and how much companies must spend to comply or remedy problems—similar to a building inspector for pollution and natural resources whose approvals, fines or orders can change a business’s costs and timetable.

combined cycle technical

"bring ~2.5 GW of gas-fired power generation (in combined cycle) online."

A combined cycle is a power-generation setup that pairs a gas turbine with a steam turbine so the hot exhaust from the gas turbine is reused to make steam and produce additional electricity. For investors, it matters because this “use what would be waste” approach raises fuel efficiency, lowers operating costs and emissions per megawatt-hour, and can improve profit margins and competitiveness compared with single-process plants.

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

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• TCEQ Issued Fermi America's First ~6 GW Clean Air Permit on February 25, 2025
• As Promised, New 5 GW Application Filed Within Weeks of the Site's First 6 GW Clean Air Permit Approval
• With a Potential 11 GW of Clean Natural Gas, 4.4 GW of Nuclear, Solar and Battery Power, Campus Targets 17 GW of Capacity

AMARILLO, Texas, March 27, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI), operating as Fermi America™ today filed an additional 5 GW Clean Air Permit Application with the Texas Commission on Environmental Quality (TCEQ).

The filing, made directly on the heels of Project Matador's first approved 6 GW Clean Air Permit last month reflects Fermi's target of ~17 GW of total power including 11 GW of clean natural gas, combined with nuclear energy, solar and battery sources.

"America's hyperscalers need power certainty at a scale that the grid simply can't accommodate at this time," said Toby Neugbauer, Co- founder and CEO of Fermi America. "While the industry looks to add measurable power to the grid in the coming years, Fermi has already secured the assets to bring ~2.5 GW of gas-fired power generation (in combined cycle) online."

America's energy needs are surging across every sector — from AI and advanced computing to domestic manufacturing, defense, and industrial reshoring. Fermi's private power grid is being built to meet the need without expecting hard-working Americans to foot the bill.

As the only private power grid of its kind with over 2 GW of secured long lead time generation assets, an approved ~6 GW Clean Air Permit, a filed 5 GW Clean Air Permit Application, committed equipment finance, and a clear path to 17 GW of power, Fermi America is positioned to meet hyperscaler demand so that America's great innovators can continue to grow with the sense of urgency that this moment in time demands.

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 17 GW of private, 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 compute at scale.

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) file with TCEQ on March 27, 2026?

Fermi America filed a 5 GW Clean Air Permit Application with TCEQ on March 27, 2026. According to Fermi America, this follows a February 25, 2025 approval of a separate ~6 GW permit and advances Project Matador toward ~17 GW total capacity.

How much total capacity does Fermi America (FRMI) target for Project Matador?

Fermi America targets approximately 17 GW of total capacity for Project Matador. According to Fermi America, this includes ~11 GW of clean natural gas plus additional nuclear, solar and battery power to reach the campus goal.

What generation assets has Fermi America (FRMI) already secured for Project Matador?

Fermi America reports it has secured about 2.5 GW of gas-fired combined-cycle generation assets. According to Fermi America, these are long lead-time assets intended to be brought online as part of the private grid buildout.

Does Fermi America (FRMI) have financing in place for Project Matador equipment?

Yes—Fermi America says it has committed equipment finance to support Project Matador buildout. According to Fermi America, committed financing is cited alongside permit approvals and asset commitments as part of the project's progress.

What was the timing between Fermi America's 6 GW permit and the new 5 GW application?

The new 5 GW application was filed within weeks of the approved ~6 GW permit, with the 6 GW approval dated February 25, 2025. According to Fermi America, the filing was made 'on the heels' of that approval to expand permitted capacity.

How will the added permits affect hyperscaler power availability according to Fermi America?

Fermi America says the permits expand private-grid capacity to offer power certainty for hyperscalers and large users. According to Fermi America, the combined permits and secured assets aim to supply AI, computing, manufacturing and defense demand.