Fermi America™ to Partner with Hyundai Engineering & Construction to Develop Nuclear Component of World's Largest, First-of-its Kind, Private Grid for Next-Generation AI

• Hyundai E&C has successfully completed 22 nuclear projects to date with four additional ongoing projects
• Partnership to expedite timelines given Hyundai E&C's experience and proven track record
• Signals Fermi America's ability to deliver on audacious private grid plan

AMARILLO, Texas, July 30, 2025 /PRNewswire/ -- Fermi America, in partnership with the Texas Tech University System, took a significant step today announcing it has entered into a memorandum of understanding (MOU) with South Korea's Hyundai Engineering & Construction to plan and develop the nuclear component of what is designed to be the world's largest, first-of-its kind private grid to power next-generation AI.

Hyundai E&C boasts an impressive track record, having built 18 reactors in Korea as well as four reactors at the Barakah Nuclear Power Plant in the United Arab Emirates. Two more reactors are currently under construction in Korea and two additional reactors are in the engineering phase in Bulgaria. The Barakah project stands as one of the most successful and timely international nuclear programs in recent history, delivering all four units safely, within budget, and ahead of global expectations.

The two companies signed the MOU in Seoul, South Korea, setting forth the material terms under which the parties will jointly design and execute the delivery of safe, clean new nuclear power within the world's largest private grid project offering combined-cycle natural gas, grid power, solar power, and battery energy storage including data center infrastructure to deliver up to 11 GW of power.

This MOU provides for the joint planning of a nuclear-based hybrid energy project, development of a detailed business package by project stage, feasibility studies, basic design (FEED) and EPC projects.

"We couldn't be more pleased to partner with the team at Hyundai E&C to power the future of AI," stated Fermi America co-founder Toby Neugebauer. "America doesn't have time to practice – we need to work with proven partners like Hyundai, who have a successful track record of planning and building safe, clean, new nuclear energy. Welcome to Texas!"

"We have been impressed by the executive team Fermi America has assembled, bringing together seasoned leaders in their respective fields," said Hyundai E&C CEO Hanwoo Lee. "We are especially pleased to see familiar faces in nuclear leadership from one of the most successful recent new build projects, and we look forward to working together to bring this ambitious vision to life."

On June 17th, Fermi America submitted its Combined Operating License Application (COLA) to build AP1000 nuclear units in the U.S. The application was accepted for review in record time. With Hyundai E&C on board, Fermi America plans to begin construction on the nuclear power complex next year and aims to have the first reactor operational by 2032.

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About Fermi America ™

Fermi America ™ is pioneering the development of next-generation electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence. Co-founded by former U.S. Energy Secretary Rick Perry, Fermi combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders to create the world's largest, next-gen private grid. The behind-the-meter campus is expected to integrate the largest nuclear power complex in America, the nation's biggest combined-cycle natural gas project, utility grid power, solar power, and battery energy storage, to deliver hyperscaler artificial intelligence.

About Hyundai Engineering & Construction

Hyundai E&C, founded in 1947, is one of Korea's leading construction companies, with a strong track record in delivering major infrastructure and nuclear power projects worldwide. With experience constructing 26 nuclear power units globally, Hyundai E&C has established itself as a trusted and proven player in the global nuclear industry. The company is actively enhancing its capabilities in next-generation nuclear technologies and is expanding its portfolio to include Small Modular Reactors (SMRs). In addition, Hyundai E&C is broadening its expertise across renewable energy, hydrogen infrastructure, and low-carbon construction, positioning itself as a reliable Energy Transition Leader committed to building a more sustainable and resilient energy future.

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.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, future operations, financial position, prospects, plans and objectives of management. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "will be," "will likely result," "should," "expects," "plans," "anticipates," "could," "would," "foresees," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," or "continue" or the negative of these words or other similar terms or expressions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions, and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Our results could be materially different from our expectations because of various risks. The MOU referenced in this release is non-binding, and the parties intend to enter into a definitive agreement in the coming weeks.

SOURCE Fermi America