Toby Neugebauer Advocates for Project Matador Sale to Enhance Shareholder Returns

Dallas, April 21, 2026 – In a bold move signaling his commitment to shareholders, Toby Neugebauer, co-founder and majority shareholder of Fermi Inc., also known as Fermi America (Nasdaq: FRMI), has strongly endorsed Project Matador while pressing for a formal sale of the company to maximize shareholder value. Neugebauer’s confidence stems from the team’s remarkable progress in building the world’s largest private power grid, aimed at supporting global hyperscaler companies in their innovation journeys.

Neugebauer’s advocacy comes on the heels of significant milestones achieved by Fermi’s management team since acquiring the property last July. The company has laid the groundwork for over 2 gigawatts of power generation, secured a noteworthy 6 GW Clean Air Permit, and completed the initial aspects of horizontal construction. These strides in energy production not only position Fermi as a leader in addressing the AI energy crisis but also redefine the energy market landscape with innovative solutions.

Moreover, Fermi has garnered nationwide acknowledgment for its efforts, including the Nuclear Regulatory Commission’s acceptance of its first large-scale nuclear Combined Operating License in 15 years—a major accomplishment that underscores the company’s commitment to advancing nuclear energy in America.

Neugebauer, along with his immediate family and former executives, holds approximately 40% of Fermi's shares, aligning his interests with the company’s long-term success. Unlike other co-founders who have sold shares, Neugebauer has not divested a single share since the IPO, further demonstrating his belief in the company’s potential. He underscores that the success of Fermi is not only beneficial for shareholders but also for the employees who are integral in building this asset.

However, after being informed by the board of his removal as CEO without cause, Neugebauer made it clear that his priority lies in securing profits for shareholders. He is calling for an immediate, independent sale process, expressing readiness to collaborate with a strategic investment bank to facilitate the company’s sale to interested parties.

Fermi's current focus on Project Matador aims to create an efficient solution that is prepared to meet the escalating energy demands of the AI sector. With investors, political leaders, and potential customers expressing admiration for Fermi’s progress, Neugebauer believes that now is the time to capitalize on the significant momentum.

In conclusion, Neugebauer's call for a formal sale process is a strategy aimed at ensuring that the maximum shareholder value is realized, while also securing the long-term viability of Project Matador. As the largest shareholder, he stands willing to support the effort necessary to align the company's future direction with shareholder interests. Stakeholders and observers will be keenly watching how this story unfolds in the coming weeks as Fermi prepares to potentially reshape the landscape of private energy production.

For further inquiries, please contact:
Nick Lamplough / Dan Moore
Collected Strategies
Phone: 212-379-2072