World's Largest Private Grid, Fermi America™ to File Additional 5GW Clean Air Permit for Project Matador with the Texas Commission on Environmental Quality (TCEQ) Upsizing Campus Projections to 17GW of Private Power

Rhea-AI Summary

Fermi America (NASDAQ:FRMI) plans to file an additional 5GW Clean Air Permit with the Texas Commission on Environmental Quality, weeks after receiving an approved 6GW permit for Project Matador. The company now projects a ~17GW private power campus combining natural gas, nuclear, solar and batteries.

The expansion targets 11GW of clean natural gas and aims to add construction and permanent jobs in the Texas Panhandle while positioning the site for hyperscaler demand.

Positive

• 6GW Clean Air Permit approved
• Plan to file additional 5GW permit within weeks
• Campus projection of ~17GW total power
• 11GW of planned clean natural gas capacity

Negative

• Remaining ~11GW beyond approved permit depends on future permitting

Key Figures

New permit capacity: 5 GW Existing permit: 6 GW Campus power target: 17 GW +5 more

8 metrics

New permit capacity 5 GW Additional Clean Air Permit to be filed for Project Matador

Existing permit 6 GW First Clean Air Permit already approved for the site

Campus power target 17 GW Total projected power for Project Matador campus

Clean natural gas 11 GW Planned clean natural gas capacity within 17 GW campus

Nuclear energy 4.4 GW Planned nuclear capacity within Project Matador campus mix

Secured assets 2 GW Secured long lead time generation assets at private grid campus

Current price $8.10 Pre-news trading level on latest close

52-week range $7.18 - $36.9899 52-week low and high before this announcement

Market Reality Check

Price: $7.96 Vol: Relative volume at 0.8x (...

normal vol

$7.96 Last Close

Volume Relative volume at 0.8x (today 6,176,909 vs 20-day avg 7,739,338) shows no outsized trading response. normal

Technical Shares at $8.10 are trading below the 200-day MA of $15.10 and are 78.1% below the 52-week high.

Historical Context

5 past events · Latest: Mar 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 11	Regulatory conference update	Positive	+7.8%	Showcased Project Matador as leading U.S. large-scale nuclear build.
Feb 25	Permit approval	Positive	-8.0%	Received final 6 GW Texas Clean Air Permit for natural gas generation.
Feb 24	Earnings call announcement	Positive	+17.3%	Scheduled Q4 2025 earnings call and Form 10-K filing date.
Feb 19	Financing facility	Positive	-4.6%	Announced $200M equipment facility draw to fund first 2.3 GW buildout.
Feb 11	Strategic partnership	Positive	-2.7%	Deepened Hyundai E&C partnership for 11 GW nuclear-enabled campus planning.

Pattern Detected

Recent Project Matador and financing milestones often saw mixed price reactions: some positive moves on strategic or earnings-related news, but several notable pullbacks after favorable permits and financing updates, suggesting investors have frequently sold into good news.

Recent Company History

Over the past month, Fermi America has issued a series of Project Matador updates, including a final 6 GW Clean Air Permit on Feb 25, 2026, expanded financing facilities, and a deepened partnership with Hyundai E&C for an 11 GW campus. A March 11 NRC conference appearance highlighted a planned 4.4 GW nuclear component. Today’s 17 GW upsize builds directly on this progression in scale, permitting, and project visibility.

Market Pulse Summary

This announcement outlines an upsize of Project Matador’s private grid campus toward 17 GW of power,...

Analysis

This announcement outlines an upsize of Project Matador’s private grid campus toward 17 GW of power, including 11 GW of clean natural gas and 4.4 GW of nuclear. It follows recent permits, financing facilities, and partnership updates that support the buildout. Investors may focus on future Clean Air Permit progress, customer contracts, and construction milestones, as well as how the company sequences capital deployment against this larger plan.

Key Terms

clean air permit, texas commission on environmental quality (tceq), private power grids, long lead time generation assets, +1 more

5 terms

clean air permit regulatory

"New Permit to be Filed Within Weeks of the Site's First 6GW Clean Air Permit Approval"

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.

texas commission on environmental quality (tceq) regulatory

"file an additional 5GW Clean Air Permit with the Texas Commission on Environmental Quality (TCEQ)"

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.

private power grids technical

"the only answer is private power grids. America's energy needs are surging"

Privately owned power grids are electricity networks built and operated by a company, campus, or community rather than by the public utility; think of a business running its own mini power plant and wiring like a building that uses its own well instead of city water. Investors care because these grids can cut energy costs, improve reliability, create revenue or cost risks from heavy upfront spending, and face different regulatory and resale rules than public utility service.

long lead time generation assets technical

"only private grid campus of its kind with over 2GW of secured long lead time generation assets"

Long lead time generation assets are electricity-producing projects or equipment—like large power plants or major wind and solar farms—that take many years to plan, permit, build and bring into operation. For investors they matter because the long development horizon ties up capital, exposes returns to construction delays, cost overruns and changing regulations, and means revenue won’t start for a long time; think of them as planting an orchard that won’t bear fruit for years but can yield steady returns once mature.

hyperscaler technical

"Fermi America is positioned to meet hyperscaler demand so that America's great innovators"

A hyperscaler is a very large provider of cloud computing and data-center services that owns and operates vast amounts of servers, storage and network capacity to host other companies’ applications and data. Think of them as the electric utility for digital services: their scale cuts unit costs, enables rapid growth for customers, and creates high barriers to entry, so investors watch their market share, margins and capital spending closely.

AI-generated analysis. Not financial advice.

• New Permit to be Filed Within Weeks of the Site's First 6GW Clean Air Permit Approval
• Signals Project Matador's Plans for 17GW of Total Campus Power, Making It Largest in the World
• Adding additional high-paying construction jobs and permanent careers to the Texas Panhandle

AMARILLO, Texas, March 13, 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 its intention to file an additional 5GW Clean Air Permit with the Texas Commission on Environmental Quality (TCEQ).

The announcement made right on the heels of Project Matador's first 6GW Clean Air Permit, approved two weeks ago, signals the campus' plan to achieve ~17GW of total power including 11GW of clean natural gas, 4.4GW of nuclear energy, solar and battery sources.

"Leave it to Texas to answer the call for America's energy crisis," stated Toby Neugebauer, Co-Founder and CEO of Fermi America. "Why would we settle for 6GW of clean natural gas when the country needs more power, not less, and our site is beyond capable of safely producing 11GW? Fermi is pleased to steward this land and environment well, while creating additional high-paying jobs and economic development for the region."

With winter storms causing grid power issues and President Trump's recent Ratepayer Protection Pledge, the only answer is private power grids.  America's energy needs are surging across every sector — from AI and advanced computing to domestic manufacturing, defense, and industrial reshoring. The public grid was not designed to scale at the speed of AI, nor should hard-working Americans foot the bill.

As the only private grid campus of its kind with over 2GW of secured long lead time generation assets, an approved ~6GW Clean Air Permit, equipment finance, and a clear path to 17GW of power, Fermi America is positioned to meet hyperscaler demand so that America's great innovators can continue to grow at the speed of capitalism.  

President Trump's 'Bring Your Own Power' mandate points the way — and at 17GW, Project Matador is ready to deliver power certainty at scale.

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 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.

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

What permit did Fermi America (FRMI) recently receive for Project Matador?

Fermi America received an approved 6GW Clean Air Permit for Project Matador. According to the company, that permit was approved two weeks prior and supports initial campus generation capacity and near-term construction staging.

How much additional capacity will Fermi America (FRMI) seek from TCEQ for Project Matador?

Fermi America plans to file for an additional 5GW Clean Air Permit within weeks. According to the company, this filing is intended to expand the campus toward its projected ~17GW total power goal.

What is the target total power capacity for Project Matador (FRMI)?

Project Matador targets approximately 17GW of total campus power. According to the company, the mix includes 11GW clean natural gas plus nuclear, solar and battery sources to serve hyperscaler demand.

How does the 17GW plan break down by energy source for FRMI's Project Matador?

The company projects 11GW from clean natural gas and about 4.4GW from nuclear, plus solar and batteries. According to the company, this mix underpins the campus' private grid strategy.

Will the additional permits for FRMI impact jobs in the Texas Panhandle?

Yes. Fermi America says expansion will add high-paying construction jobs and permanent careers in the region. According to the company, the permits and buildout are expected to drive local economic development.

What regulatory steps remain for Fermi America (FRMI) to reach 17GW at Project Matador?

Fermi America must secure additional permits and approvals beyond the approved 6GW to reach 17GW. According to the company, the immediate next step is filing the planned 5GW Clean Air Permit with TCEQ.