• 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.

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