Fermi America™ Secures Final 6GW Clean Air Permit from the Texas Commission on Environmental Quality (TCEQ) for World's Largest 11 GW Private Power Grid

Rhea-AI Summary

Fermi America (NASDAQ:FRMI) received final Texas Clean Air Permit for 6 GW of clean natural gas generation at its 11 GW Project Matador campus on Feb 25, 2026. The permit confirms compliance with state and federal emissions standards and clears the way for vertical construction and mobilization of secured generation assets.

The company says it has over 2 GW of long lead-time gas assets and six Siemens SGT-800 turbines ready for deployment to Amarillo as it advances tenant negotiations and final project financing.

Positive

• 6 GW final Clean Air Permit issued by TCEQ
• Over 2 GW of long lead-time gas assets secured
• Six Siemens SGT-800 gas turbines ready for mobilization
• Clears path to begin vertical power generation construction

Negative

• Permit covers 6 GW, not the full 11 GW campus capacity
• Project still requires final project financing and tenant agreements

Key Figures

Clean Air Permit capacity: 6 GW Planned private grid: 11 GW Secured gas assets: Over 2 GW +5 more

8 metrics

Clean Air Permit capacity 6 GW Final Clean Air Permit for natural gas generation at Project Matador

Planned private grid 11 GW Target capacity for Project Matador private power campus

Secured gas assets Over 2 GW Contractually secured long lead time natural gas generation assets

Siemens SGT-800 units 6 turbines Gas turbine fleet positioned for mobilization to Amarillo campus

Project Matador support Up to 11 GW Environmental experts’ anticipated supported clean natural gas capacity

Credit facility size $120,000,000 Senior secured credit facility for Project Matador equipment

Accordion feature $100,000,000 Potential increase on senior secured equipment credit facility

MUFG equipment loan $500,000,000 Non‑recourse equipment loan to fund Siemens F‑class turbines

Market Reality Check

Price: $10.05 Vol: Volume 17,783,396 is 2.85...

high vol

$10.05 Last Close

Volume Volume 17,783,396 is 2.85x the 20-day average of 6,243,661, signaling heavy pre-news positioning. high

Technical Shares trade below the 200-day MA of 15.81 at a price of 11.79, despite today’s double-digit gain of 11.92%.

Peers on Argus

No peers in the provided sector list showed momentum flags, suggesting FRMI’s 11...

No peers in the provided sector list showed momentum flags, suggesting FRMI’s 11.92% move is stock-specific around Project Matador permitting.

Historical Context

5 past events · Latest: Feb 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	Earnings call notice	Positive	+11.9%	Announced upcoming Q4 2025 earnings call and 10-K filing date.
Feb 19	Equipment financing	Positive	-1.4%	Initial draw on $200M equipment facility to fund first 2.3 GW build-out.
Feb 11	Nuclear partnership	Positive	+1.3%	Deepened Hyundai E&C partnership for large-scale nuclear at 11 GW campus.
Feb 10	MUFG loan facility	Positive	+8.2%	$500M equipment loan from MUFG to fund Siemens F-class gas turbines.
Feb 09	Turbine delivery	Positive	+8.6%	Arrival of six Siemens SGT-800 turbines for initial 1 GW capacity.

Pattern Detected

Recent Project Matador and financing milestones have usually coincided with positive price reactions, with one financing-related headline showing a modest negative move.

Recent Company History

Over February 2026, FRMI has issued a series of Project Matador updates and financing actions. Equipment arrivals, a $500 million MUFG facility, and deepening the Hyundai E&C partnership for an 11 GW campus all drew mostly positive reactions, including moves of 8.63% and 8.17%. An equipment facility headline tied to a $200 million structure saw a small -1.39% move. Today’s 6 GW Clean Air Permit fits this pattern of incremental de‑risking of the project.

Market Pulse Summary

This announcement highlights a major regulatory milestone: final Clean Air Permit approval for 6 GW ...

Analysis

This announcement highlights a major regulatory milestone: final Clean Air Permit approval for 6 GW of natural gas capacity within an 11 GW private grid campus. It builds on recent turbine deliveries and large equipment financing facilities, including a $500,000,000 MUFG loan, that support Project Matador’s build-out. Investors may track further project finance progress, tenant agreements, and execution against long lead-time infrastructure plans as key indicators of how this development translates into future cash flows and risk reduction.

Key Terms

behind-the-meter, combined-cycle, battery energy storage, senior secured credit facility, +3 more

7 terms

behind-the-meter technical

"Ultimately constructing 11GW of behind-the-meter, low-carbon, on-demand power"

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.

combined-cycle technical

"expected to integrate a large combined-cycle natural gas project"

A combined-cycle power plant uses two linked systems—typically a gas turbine and a steam turbine—so waste heat from the first is captured to run the second, boosting overall electricity output from the same fuel. For investors, that higher efficiency means lower fuel costs per megawatt, smaller emissions per unit of power and generally better operating margins, but it also involves larger upfront construction costs and technical complexity.

battery energy storage technical

"solar power, and battery energy storage to support hyperscale AI"

A system that stores electrical energy in rechargeable batteries so power can be used later, like a large-scale rechargeable power bank for homes, businesses, or the electricity grid. It matters to investors because it helps smooth out supply and demand, lets operators sell power when prices are higher, backs up critical services during outages, and supports more renewable generation — all of which can create new revenue streams and reduce operational risk.

senior secured credit facility financial

"has entered into a senior secured credit facility of up to"

A senior secured credit facility is a loan or revolving line of credit where lenders have first legal claim on specific company assets (collateral) and the debt ranks above other obligations for repayment. For investors it signals where a lender sits in the repayment pecking order and how much protection creditors have if the company struggles, affecting credit costs, the company’s ability to borrow more, and potential recoveries in a default — like a mortgage taking priority over other claims on a house.

accordion feature financial

"The facility can be increased by up to an additional $100,000,000 under an accordion feature."

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

term sofr financial

"Loans bear interest at Term SOFR or Daily Simple SOFR plus"

Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.

schedule 13g regulatory

"[SCHEDULE 13G/A] Fermi Inc. Amended Passive Investment Disclosure"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

AI-generated analysis. Not financial advice.

• Final Air Permit Positions Fermi America Years Ahead, Having Already Contractually Secured Over 2 GW of Long Lead Time Natural Gas Generation Assets
• Secures Key Regulatory Milestone, Positioning Fermi America to Mobilize Previously Announced Gas Generation Units and Supports Transition to Vertical Power Generation Construction
• Behind-the-Meter Model Preserves Public Grid Reliability and Protects Consumers and Small Businesses from Higher Utility Rates

AMARILLO, Texas, Feb. 25, 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 the Texas Commission on Environmental Quality (TCEQ) has granted final approval of the nation's second largest Clean Air Permit for 6 gigawatts (GW) of clean natural gas-based power generation at its landmark 11 GW Project Matador campus.

TCEQ approval confirms compliance with state and federal emissions standards and is a significant regulatory milestone, granting the Clean Air Permit required to begin the vertical phase of power generation construction.

With air permitting secured — one of the longest lead-time approvals for large-scale energy infrastructure — Project Matador now advances into the final stages of the project finance and tenant negotiations phase. As the project transitions into the next phase of execution, Fermi America is positioned to mobilize its previously announced Siemens Energy SGT-800 gas turbine fleet, six assets currently in the port of Houston, Texas, to the Amarillo campus.

The TCEQ approval underscores Texas's leadership in enabling high-impact private energy infrastructure while protecting consumer utility costs and strengthening national energy security.

"When it comes to responsible, scalable energy production, it's no surprise that Texas is leading the way," said Toby Neugebauer, Co-Founder and CEO of Fermi America. "We appreciate Governor Abbott's leadership, the State of Texas, and the TCEQ for their diligence in this process, while protecting the grid and ensuring that Texas ratepayers aren't left footing the bill for private AI power demand. And we are grateful for the incredible support of the Amarillo community, where we look forward to adding thousands of jobs and billions of dollars to the region's economy."

"Securing the second largest Clean Air Permit in the country is yet one more significant milestone for our 11 GW private grid campus," added Fermi America Chief Communications Officer and Director of Strategic Initiatives, Cathy Landtroop. "With the issuance of today's air permit, the support of our fellow West Texans, and Toby's foresight to lock up over 2 GW of long lead time power assets, Fermi is uniquely positioned to help America's hyperscalers quickly secure the private power they need at scale."

The permit follows a rigorous environmental and public review process, including technical evaluation by TCEQ engineers, air quality modeling to confirm compliance with state and federal standards, and a public notice and comment period. Final issuance confirms the project meets all applicable air quality requirements under Texas law and the federal Clean Air Act and that it will be protective of public health and the environment. Post additional analysis, environmental experts anticipate Project Matador will ultimately support up to 11 GW of clean natural gas, which the company intends to pursue.

Project Matador is positioned at a pivotal moment as the United States enters a historic surge in electricity demand driven by AI, advanced manufacturing, industrial electrification, reshoring of critical supply chains, EV adoption, defense modernization, and the expansion of the digital economy. As grid capacity tightens in key regions, large commercial and industrial users are increasingly seeking dedicated, scalable generation solutions. Project Matador's gigawatt-scale platform is designed to meet this structural load growth, strengthen American competitiveness, and provide long-term, reliable power without burdening the public grid.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fermi-america-secures-final-6gw-clean-air-permit-from-the-texas-commission-on-environmental-quality-tceq-for-worlds-largest-11-gw-private-power-grid-302697603.html

SOURCE Fermi America

FAQ

What did Fermi America (FRMI) announce about the TCEQ Clean Air Permit on Feb 25, 2026?

Fermi America announced it received a final TCEQ Clean Air Permit for 6 GW of gas generation. According to the company, the permit confirms compliance with state and federal emissions rules and enables the next phase of construction and deployment.

How does the 6 GW permit affect FRMI's Project Matador buildout and timeline?

The permit allows Fermi America to begin vertical power generation construction and mobilize assets. According to the company, this moves Matador into final project finance and tenant negotiation stages for further buildout.

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

Fermi America says it has contractually secured over 2 GW of long lead-time natural gas assets and six Siemens SGT-800 turbines. According to the company, those six assets are currently staged in the port of Houston.

Does the TCEQ permit cover the full 11 GW planned capacity of Project Matador?

No — the final TCEQ permit covers 6 GW of clean natural gas generation, not the full 11 GW campus. According to the company, it intends to pursue additional approvals and integration for the remaining capacity.

What are the next commercial steps for FRMI after receiving the Clean Air Permit?

Next steps include finalizing project finance and tenant agreements and mobilizing equipment to Amarillo. According to the company, permitting removes a major timing constraint and supports moving into construction and commercial negotiations.