• Toby Neugebauer Praises Team for Creating the Nation’s Most Attractive Power Asset
• Toby Neugebauer, His Immediate Family and Former Executives Hold ~40% of Fermi Shares – Toby Has Not Sold Single Share Since IPO – Aligned with Shareholders
• Toby Neugebauer Committed to Helping Run a Sale Process in Order to Maximize Shareholder Value

DALLAS, April 20, 2026 /PRNewswire/ — Toby Neugebauer, Co-Founder and largest shareholder of Fermi Inc. (d/b/a Fermi America) (Nasdaq: FRMI) (“Fermi” or the “Company“), a company that is building the world’s largest private power grid to ensure global hyperscaler companies can continue innovating at scale, today celebrated his team’s accomplishments and reiterated his bullish stance on Project Matador, while indicating that he currently favors a formal sale process to maximize shareholder value.

Fermi is creating the most efficient and effective solution for the AI energy crisis, defining a completely new market product with the world’s largest private power grid that is tenant-ready and of national consequence. 

Since handed the keys to the property last July, Mr. Neugebauer and his management team assembled the physical infrastructure and globally-coveted long-lead time items for over 2 gigawatts of total power generation, garnered the nation’s second largest 6 GW Clean Air Permit, secured Nuclear Regulatory Commission (NRC) acceptance of the nation’s first large-scale nuclear Combined Operating License (COL) application in 15 years, completed the initial phase of horizontal construction, and inked over $1 billion of financing with world-class financial partners for the world’s largest private energy campus. The team’s accomplishments have been recognized by vendors, political leaders, investors and potential customers who have visited the site and marveled at the progress.

Mr. Neugebauer and his immediate family members, and other c-suite executives and management that departed Friday, own ~40% of the shares. While other co-founders sold, Mr. Neugebauer and his immediate family members have not traded a single share beyond the amount the company automatically withheld to cover taxes.  Mr. Neugebauer has been and continues to be aligned with what is in the best interest of all shareholders, including the employee shareholders who are building a world-class asset in real time.

Mr. Neugebauer, who was notified by the board on Friday that he was he was removed as CEO without cause, ultimately cares about making money for all shareholders more than finishing what he and his team started, and is therefore calling on the Fermi board to conduct an immediate process, led by an independent investment bank, for the sale of the Company to a third party.  As the largest shareholder of the Company, he stands ready to fully support the sale effort.

Contacts
Nick Lamplough / Dan Moore
Collected Strategies
212-379-2072

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SOURCE Toby Neugebauer