Fermi Inc., operating as Fermi America, develops private electric grids and site infrastructure for AI compute and high-performance computing customers. Its Project Matador campus is described as a gigawatt-scale private power platform combining private generation, grid power, powered shell buildings, substations, distribution networks, water and cooling systems, and related infrastructure.
Company news commonly covers Project Matador development, equipment and power infrastructure financing, potential tenant and partner activity, earnings releases, and governance matters. Recent updates also address board composition, executive leadership changes, shareholder solicitations, and strategic-plan disputes tied to the company's transition from startup-stage development toward a larger infrastructure enterprise.
Fermi (NASDAQ: FRMI) appointed Larry Kellerman to its Board of Directors as an independent director, effective following a Board election on May 4, 2026. Kellerman brings four decades of electric power industry leadership and experience at the intersection of regulated utility operations and technology-driven commercial innovation.
He was nominated pursuant to designation rights held by an affiliate of Toby Neugebauer and said he intends to represent all shareholders. The appointment is presented as part of the Board's oversight of Fermi's strategic priorities for its utility-scale private grid efforts.
Fermi (Nasdaq: FRMI) — Toby Neugebauer called a Special Meeting of Shareholders for May 29, 2026 and filed preliminary proxy materials to nominate a five-person slate and solicit votes via a BLUE proxy card. Neugebauer and affiliates report ~40% ownership; he seeks a dual-track strategic process including M&A to maximize value for Project Matador.
Key developments: 99-year ground lease with Texas Tech, ~2 GW secured power, ~6 GW Clean Air Permit, ~$1B financing (including $500M from MUFG), NRC license submission and participation in NRC EIS pilot, Hyundai E&C partnership, major long-lead equipment orders.
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.
Fermi (NASDAQ: FRMI) announced on April 30, 2026 that Rob L. Masson II was appointed Interim Chief Financial Officer. Masson brings over two decades of public‑company financial leadership, prior CFO roles, a Harvard MBA, and prior US Navy service.
The appointment supports Fermi's stated focus on talent, governance enhancements, and advancing Project Matador as the company scales.
Fermi (NASDAQ: FRMI) provided a business update on April 21, 2026, following its April 20 Fermi 2.0 announcement. The company reports significant positive feedback from potential tenants, its landlord, suppliers, contractors and financing sources, and says it is pursuing Fermi 2.0 objectives with deliberate speed.
The company acknowledged receipt of a letter and press release from Mr. Toby Neugebauer, who was removed from his position on April 17, 2026. The Board said a sale is not in the company’s best interest and will review all avenues to maximize shareholder value, including continued execution, strategic investments, joint ventures, or other transactions.
Fermi (NASDAQ: FRMI) on April 22, 2026 provided a business update following its April 20 Fermi 2.0 announcement. The company reported significant positive feedback from multiple potential tenants, its landlord, Texas Tech University System, suppliers, contractors and financing sources.
The company acknowledged a letter and press release from Mr. Toby Neugebauer calling for an immediate sale after his removal on April 17, 2026. The Board said a sale is not currently viewed as in shareholders' best interest and will evaluate all avenues to maximize value, including executing Fermi 2.0, strategic investments, joint ventures, or other transactions tied to Project Matador.
Fermi (Nasdaq: FRMI) co-founder Toby Neugebauer urged a formal sale process to maximize shareholder value and praised progress on Project Matador. Key disclosed milestones include >2 GW of assembled generation hardware, a 6 GW Clean Air Permit, NRC acceptance of a large-scale COL application, and >$1 billion in financing.
Mr. Neugebauer and related parties hold ~40% of shares and say they remain aligned with shareholders despite his recent removal as CEO; he offered to help run a sale led by an independent bank.
Fermi (NASDAQ:FRMI) announced a strategic evolution called Fermi 2.0 on April 20, 2026, including leadership changes, governance upgrades, and new offices in Dallas and Amarillo.
Key actions: Marius Haas named Chairman; co-founder Toby Neugebauer departed as CEO; an Office of the CEO with Co‑Presidents Jacobo Ortiz Blanes and Anna Bofa will run operations during a CEO search; Miles Everson resigned as CFO and was elected director; Jeffrey S. Stein joined the board; the company reaffirmed commitments to Project Matador and its Texas Tech partnership.
Fermi America (NASDAQ: FRMI) filed a Form 8-K on March 30, 2026, including its fiscal year 2025 shareholder letter and announced a live webcast and conference call the same day. The event is scheduled for 9:00 AM ET / 2:00 PM BST and will be replayed online.
Investors are directed to the company's investor relations site and social channels for disclosures and materials.
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.