Fermi says Rick Perry and Jeffrey Stein remain directors following the company’s annual meeting, while Project Matador continues through customer, financing and permitting milestones.
Published by Allstream Insiders
Allstream Insiders Summary
Fermi Inc., operating as Fermi America, says Governor Rick Perry remains a member of its board of directors following the company’s annual meeting. The clarification comes as Fermi continues to advance Project Matador, its planned power-and-data-center campus in the Texas Panhandle.
In a social-media statement responding to recent Texas Tribune coverage, Fermi said Perry and director Jeffrey Stein each received a majority of votes cast by shareholders. Fermi said the reelection proposal nevertheless did not meet the approval threshold required under the company’s voting framework.
Fermi said Perry and Stein will continue serving until successors are duly elected and remain eligible for reelection. The company also said it believes the result followed a breach of contractual voting obligations by Neugebauer shareholders. That is Fermi’s stated position and is not presented here as independently established fact.
The company’s statement disputes the characterization in the earlier Texas Tribune report. A formal Securities and Exchange Commission filing with the final meeting results and vote counts would provide the clearest public record of the outcome.
Project Matador remains in development
Fermi continues to pursue Project Matador as a planned, privately powered data-center campus. According to Fermi’s August announcement, the company executed a binding lease agreement with AI cloud provider TensorWave for an initial facility supported by 222 megawatts of total power.
Fermi said the first phase is targeted to begin delivery in the second half of 2027. The company also described expansion rights that could increase the TensorWave relationship beyond 650 MW over multiple phases.
Those plans remain subject to stated conditions, including project guaranties and financing. The lease is a material commercial milestone, but it should not be presented as confirmation that all supporting generation, transmission, data-center infrastructure or nuclear facilities are financed, permitted, under construction or operating.
Financing terms illustrate the work still ahead
According to Fermi’s October 16 SEC filing, the company amended an equipment-supply financing agreement and removed a prior requirement to secure a 400-MW lease or offtake arrangement by November 10, 2026.
The filing does not state that Project Matador has been terminated or delayed. It does, however, show that Fermi continues to manage financing and customer-contract requirements as it works toward project execution.
For a campus of this scale, the practical milestones remain customer commitments, financing, power-supply development, permitting, equipment delivery, interconnection and construction sequencing. Each of those steps can progress on its own timetable.
Nuclear development remains a future milestone
Project Matador has been associated with a broad power strategy that includes natural gas generation, nuclear power, solar and battery storage. According to the Texas Tribune, Fermi’s Nuclear Regulatory Commission application for a large light-water reactor remains pending.
That distinction is important. A pending licence application is not a construction authorization, reactor order, completed financing package or commercial-operation commitment. Any nuclear portion of the campus should therefore be tracked separately from the company’s current data-center lease and near-term power-development activity.
Allstream perspective: execution now matters more than ambition
Allstream perspective: The differing public descriptions of the annual-meeting vote make it important to distinguish Fermi’s company statement from third-party reporting and from a formal results filing. The TensorWave lease and financing amendment are separate indicators of Project Matador’s commercial and capital requirements.
Project Matador remains a significant proposed AI-power development in Texas, but its ultimate scope will depend on future customer agreements, completed financing, regulatory approvals and construction milestones. The next decision-useful disclosures will be formal annual-meeting results, additional tenant commitments, final power-supply arrangements, permits, engineering scopes and named construction or equipment awards.
