The future of artificial intelligence just got a significant power boost. Fermi America, a pioneering energy company co-founded by former Energy Secretary Rick Perry, has secured a $150 million construction deal to build a dedicated, gigawatt-scale electric grid designed to fuel the immense computational demands of next-generation AI. This agreement marks a critical step towards realizing “Project Matador,” a massive behind-the-meter campus integrating diverse energy sources – including natural gas, nuclear, solar, and battery storage – to deliver highly redundant and reliable power for hyperscale AI operations, potentially unlocking new frontiers in the field.
$150 Million Construction Agreement Executed
Fermi America (Nasdaq: FRMI) has secured a significant $150 million Advance in Aid of Construction Agreement (AIAC) with its inaugural client, marking a key step in the company’s ambitious plans. Announced November 6, 2025, the agreement will fund a portion of the infrastructure build-out for “Project Matador,” a hyperscale campus designed to power next-generation artificial intelligence. This project will integrate a diverse energy portfolio including natural gas, nuclear power, solar, and battery storage. Currently, Fermi America has already installed over two miles of 24-inch water pipe, completing 40% of the right-of-way line. Co-founded by former U.S. Energy Secretary Rick Perry and Toby Neugebauer, Fermi America aims to establish an 11 GW next-generation private grid, pioneering highly redundant power delivery at gigawatt scale. The company cautions that forward-looking statements regarding these plans are subject to inherent risks and uncertainties.
Fermi America: Company and Project Overview
Fermi America (Nasdaq: FRMI) is a pioneering company focused on developing next-generation private electric grids capable of delivering gigawatt-scale, highly redundant power essential for advanced artificial intelligence applications. Co-founded by prominent figures including former U.S. Energy Secretary Rick Perry and Quantum Energy veteran Toby Neugebauer, the company is currently undertaking Project Matador – an ambitious behind-the-meter campus designed to integrate diverse energy sources. This includes a large combined-cycle natural gas project, a new nuclear power complex, utility grid power, solar, and battery storage. Demonstrating early traction, Fermi America recently executed an Advance in Aid of Construction (AIAC) agreement for $150 million with its first client and has already installed over two miles of 24” water pipe, representing 40% of the total right-of-way line, signaling significant progress toward its 11 GW grid vision.
