Fermi (FRMI) Soars 25.3% on Historic Deals With 2 Korean Firms

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. Fermi Inc. (NASDAQ:FRMI) is one of the top-performing stocks on Tuesday.

Fermi rallied for a third straight day on Tuesday, as investors cheered its historic partnership deals with two South Korean companies to support the United States’ nuclear energy development.

In a statement, Fermi Inc. (NASDAQ:FRMI) said it inked a deal with Doosan Enerbility for the development of nuclear equipment such as reactor pressure vessels and steam generators to support Westinghouse Electric’s AP1000 reactor projects.

In addition, it also partnered with Hyundai Engineering & Construction for a major engineering contract for the design works for four AP1000 nuclear reactors under the Project Matador—a hypergrid energy campus currently under development, which is expected to power 11 GW of different sources of power such as natural gas, solar, nuclear, and battery.

“Working with our allies, who have successfully constructed multiple large-scale nuclear projects on time and on budget across the globe, is exactly the kind of expertise required for America to win this race,” Fermi Inc. (NASDAQ:FRMI) co-founder and CEO Toby Neugebauer said.

“Doosan Enerbility and Hyundai E&C have been waiting for an American company to stop power pointing about nuclear and start building it. Their firm commitment to Fermi America positions us for action, leveraging their track record of success to build clean, new nuclear power at the velocity and scale the President demands and the US requires,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.