Larry Kellerman, Fermi's Chief Power Officer and Architect of Its 17 GW Energy Infrastructure, Accepts Board Nomination

Rhea-AI Summary

Fermi America (NASDAQ: FRMI) announced that Toby Neugebauer, co-founder and largest shareholder, nominated Larry Kellerman to join the company's board of directors on May 1, 2026. Kellerman is Chief Power Officer and led design of Fermi's 17-gigawatt powered data center campus in Amarillo, Texas.

Kellerman brings more than four decades of power-industry and finance experience, including roles at Goldman Sachs, El Paso Corporation, and I Squared Capital; he said he would serve if approved by the Board.

Positive

• Board nomination adds Larry Kellerman's >40 years of power and finance experience
• Kellerman is architect of Fermi's 17 GW Amarillo energy infrastructure

Negative

• Nomination was made by the company's largest shareholder, Toby Neugebauer
• Board seat pending formal approval by the existing Board

News Market Reaction – FRMI

-1.93%

-1.93% Session close to close

In the May 4 session, FRMI declined 1.93%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement adds another piece to the ongoing governance reshaping following Fermi 2.0, with a...

Analysis

This announcement adds another piece to the ongoing governance reshaping following Fermi 2.0, with a key power executive nominated to the board and tied directly to the 17-gigawatt Project Matador infrastructure. Recent history shows leadership and strategic updates have driven sizable moves, both positive and negative. Investors tracking this story may focus on how board composition, execution on Project Matador, and subsequent disclosures interact with the already depressed share level versus the $36.9899 52-week high.

Key Figures

Energy infrastructure capacity: 17 gigawatts

1 metrics

Energy infrastructure capacity 17 gigawatts Powered data center campus in Amarillo, Texas

Historical Context

5 past events · Latest: Apr 30 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 30	Management change	Positive	+2.0%	Appointment of Rob L. Masson II as Interim Chief Financial Officer.
Apr 21	Business update	Positive	+14.5%	Business update citing positive feedback on Fermi 2.0 and Project Matador.
Apr 21	Business update	Positive	+14.5%	Follow-up update emphasizing strong stakeholder response to Fermi 2.0 plans.
Apr 20	Shareholder letter	Negative	-6.3%	Co-founder urges company sale while highlighting Project Matador progress.
Apr 20	Strategic overhaul	Negative	-17.6%	Fermi 2.0 launch with CEO exit, board refresh, and leadership restructuring.

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

Pattern Detected

Recent governance and strategy news around Fermi 2.0 and Project Matador has generally led to price moves that align with the apparent sentiment of each announcement.

Recent Company History

Over the past weeks, Fermi has undergone significant leadership and governance changes tied to Fermi 2.0 and Project Matador. CEO Toby Neugebauer’s departure and the Fermi 2.0 launch on April 20, 2026 coincided with a -17.56% move, while his subsequent sale-focused letter and bullish comments on Project Matador saw a -6.3% reaction. Later business updates noting positive stakeholder feedback on Fermi 2.0 produced +14.53% moves, and the interim CFO appointment on April 30, 2026 saw a modest +1.99% gain. Today’s board nomination fits into this ongoing governance realignment.

Key Terms

gigawatt

1 terms

gigawatt technical

"architect of the Company's 17-gigawatt powered data center campus in Amarillo"

A gigawatt is a unit of power equal to one billion watts, used to describe how much electricity can be produced or used at a given moment. For investors, gigawatts signal the scale of power projects or generation capacity—similar to saying a factory can run the equivalent of hundreds of thousands of homes at once—which affects revenue potential, project valuation, grid impact and a company’s competitive position in the energy market.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

DALLAS, May 1, 2026 /PRNewswire/ -- Toby Neugebauer, co-founder and largest shareholder of Fermi America (NASDAQ & LSE: FRMI), today announced that he has nominated Larry Kellerman to join the Fermi Board of Directors. Kellerman, who serves as Chief Power Officer at Fermi America, is the architect of the Company's 17-gigawatt powered data center campus in Amarillo, Texas — the largest private energy grid in America.

Kellerman is co-founder and Managing Partner of Twenty First Century Utilities and brings more than four decades of power industry and finance expertise to the role. His career spans senior leadership positions at Goldman Sachs, El Paso Corporation, and I Squared Capital. Kellerman said he was honored by the nomination and would be pleased to serve if approved by the Board.

"I appreciate everything that Toby has manifested in Fermi and know that no other human could have created the enterprise and its many thoughtfully interconnected elements as quickly, as effectively, and in as value-accretive a manner as Toby's leadership has been able to deliver."
— Larry Kellerman, Chief Power Officer and Board Nominee, Fermi America

For Neugebauer, the choice was crystal clear. Kellerman, who has worked alongside Neugebauer since the earliest days of Project Matador knows Fermi's power story better than anyone.

"When I came up with the idea of Project Matador, I knew that Larry Kellerman was the one person I needed to convert a really great idea into a really great reality. His knowledge of power and the future of powering data centers is unmatched. Larry is uniquely qualified to steward Fermi as a Board member, and I couldn't be more pleased with his willingness to serve."
— Toby Neugebauer, Co-Founder, Fermi America

View original content:https://www.prnewswire.com/news-releases/larry-kellerman-fermis-chief-power-officer-and-architect-of-its-17-gw-energy-infrastructure-accepts-board-nomination-302760575.html

SOURCE Toby Neugebauer

FAQ

Who nominated Larry Kellerman to Fermi America's board (FRMI) and when?

Toby Neugebauer, co-founder and largest shareholder, nominated Larry Kellerman on May 1, 2026. According to Fermi America, Neugebauer submitted the board nomination and publicly announced it on that date.

What experience does Larry Kellerman bring to the Fermi America (FRMI) board nomination?

Kellerman brings more than 40 years of power and finance experience. According to Fermi America, his background includes leadership roles at Goldman Sachs, El Paso Corporation, and I Squared Capital.

What role did Larry Kellerman play in Fermi America's infrastructure projects (FRMI)?

Kellerman is credited as architect of Fermi's 17-gigawatt Amarillo energy campus. According to Fermi America, he led design and power strategy for the company's large private energy grid.

Is Larry Kellerman already a board member of Fermi America (FRMI)?

No, the nomination is pending Board approval; Kellerman would serve if approved. According to Fermi America, the appointment requires formal board confirmation before it becomes effective.

Could the nomination of Larry Kellerman affect governance at Fermi America (FRMI)?

The nomination originates from the company's largest shareholder, which may influence governance discussions. According to Fermi America, Neugebauer nominated Kellerman and the Board must review the nomination before any governance change.