Fermi's Ousted Co-Founder Vows to Keep Fighting -- WSJ

Dow Jones05-01 22:44

By Jennifer Hiller

Fermi co-founder Toby Neugebauer isn't going without a fight.

The power startup said Thursday that it had terminated Neugebauer for cause, a move that removed the entrepreneur from the company's board of directors.

In a statement late Thursday, Neugebauer described Fermi's move as "completely misguided" and said he would "continue to fight vigorously to maximize value for all shareholders."

"No one believes more in the future of what we built at Fermi than I," he added.

Neugebauer left the CEO role earlier this month but had remained on the board. He has called for the sale of the company, which he co-founded alongside former U.S. energy secretary Rick Perry.

Neugebauer has said that he, family members and other executives or management that have recently departed the company own around 40% of the company's shares.

Fermi aims to build an enormous data center and power generation campus in Amarillo, Texas, but so far lacks an anchor data-center tenant.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 01, 2026 10:44 ET (14:44 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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