The Door Opens Again. The World That Greets You Is Not The Same One.
Frontieras North America has requalified its Regulation A+ offering with the Securities and Exchange Commission. As of today, Wednesday, July 1, the offering is live at invest.frontieras.com. Here is what you need to know — and why this moment is different.
In January of this year, we opened our Regulation A+ offering to the public. What happened next exceeded every benchmark we had set for ourselves. In 102 days — from January 12 to April 24 — we reached and fully funded our qualified amount of $25.84 million. The offering was rated by DealMaker in the 99.9th percentile of all offerings on their platform. More than 12,000 investors had joined us.
We paused. The SEC required us to requalify before we could continue raising capital under a new round. We did the work. That process is now complete.
Today, Phase 2 of our Regulation A+ offering opens. And the company standing before you today is not the company that stood before you in January.
What Has Changed
On April 2, 2026, we broke ground on our $850 million commercial facility in Mason County, West Virginia. The Governor of West Virginia was there. United States Senators were there. The West Virginia Coal Association was there. We were not there to cut a ribbon on a promise — we were there to break ground on a project that is actively advancing toward full construction.
That is not a small thing. This company spent more than fifteen years in development. Sixty thousand man-hours of engineering. Patents granted in nine countries across five continents. A twelve-month private pilot validation. All of it built toward one goal: a commercial facility that works at scale. Mason County is that facility. It is real, it is under way, and it is ours.
Since January, we have also assembled an execution team that matches the ambition of the project. José López as CFO, bringing PwC-trained financial discipline to a company approaching the public markets. Andrea Moran as Chief Commercial Officer, with a background in capital formation and energy sector commercialization. Doug Remy as VP of Corporate Affairs, with a Harvard MBA and more than $1 billion in completed transactions. Nora Shepard as VP of Communications. Avery Lentz as Director of AI Integration and Financial Analysis.
And now, Robert Portz as Vice President of Operations & Engineering — the person who will run Mason County. Bob brings more than three decades of refining operations experience across major American facilities: Ashland Oil’s Catlettsburg refinery, one of the largest inland refineries in the country; Hunt Refining in Alabama; Sinclair Oil’s Wyoming complex, where he built Wyoming Renewable Diesel Company from the ground up — a greenfield operation that generated more revenue in its first year than the adjacent refinery; and PBF Energy’s Toledo Refinery, where he served as Technical Manager overseeing process engineering, capital projects, and DCS operations. He holds a chemical engineering degree from Ohio University. He is a Charleston, West Virginia native — the first West Virginian to join our leadership team, running the plant we are building in his home state. And he is not a new believer: Bob first met Joe Witherspoon during their overlapping years at Sinclair Oil, and when Joe later described FASForm to him in 2024, Bob became an early private investor in our first offering — well before he accepted this role. That is not a resume detail. That is a verdict.
The World Frontieras Was Built For Has Arrived
When Joe Witherspoon and I started this work in 2010, we believed three things: that coal was a permanent part of the global energy equation, that the world would eventually demand something better than burning it, and that fractionation — not combustion, not gasification, not carbon capture — was the answer. FASForm™ disassembles coal into the products it already contains: refined liquid fuels, FASCarbon™ clean solid fuel, ammonium sulfate fertilizer, and industrial chemicals. No combustion. No waste stream. Six revenue outputs from a single feedstock.
We were right about the thesis. What we could not have fully anticipated was the speed and scale at which the world would move toward us.
The Strait of Hormuz remains one of the most consequential chokepoints on earth. Every barrel of imported crude that passes through it is a barrel that domestic American energy can displace — or doesn’t. AI and data centers are now projected to consume approximately 12% of US electricity demand by 2028. The grid cannot keep pace. Baseload power — firm, dispatchable, 24-hours-a-day power — is what that economy runs on, and it is in short supply. The EPA’s rescission of its CO₂ Endangerment Finding in February 2026, and the retirement of the RCP8.5 climate scenario in May, have shifted the regulatory landscape in ways that were not predictable even eighteen months ago.
Every one of these developments strengthens the Frontieras investment case. We did not engineer the geopolitical environment, or the AI buildout, or the federal policy realignment. We built a platform that was right for the world as it is. The world has arrived.
What This Means For Pre-IPO Investors
Regulation A+ is an SEC-regulated public offering that allows both accredited and non-accredited investors to participate in a company before it reaches a stock exchange. Frontieras is preparing for a future public listing. The investors who participated in Phase 1 did so at share prices of $7.77 and then $8.48. Phase 2 opens at $9.01 per share — a price that reflects genuine company progress, not inflation.
I am not going to make financial projections in this communication. What I will say is this: Phase 1 investors entered a company that had a technology, a patent portfolio, and a thesis. Phase 2 investors enter a company that has a 184-acre site, an active groundbreaking, an assembled executive team, a $150 million GEM Global Yield equity commitment, SEC requalification, and more than 12,000 fellow shareholders who have already bet on this outcome. The conditions are not the same. I will let you draw your own conclusions about what that is worth.
The offering is live today. All documentation, risk disclosures, and the complete Offering Circular are at invest.frontieras.com. Read them. We do not ask anyone to invest on faith alone — we ask you to invest on the evidence we have built.
A Note To Our Existing Shareholders
You were here first. You believed in this company when the groundbreaking was still a plan, when the executive team was still being assembled, when the requalification was still in process. That matters to us, and it will continue to matter.
The work we are doing in Mason County — and the work we are advancing toward across the country through FASGEN™, our co-location platform for existing coal infrastructure — is the work we said we would do. The S.T.E.P. framework we have always operated by — Science, Technology, Economics, Politics — has aligned. All four pillars. At once. In our favor.
We are not asking you to re-enter because the story has changed. We are asking you to consider re-entering because the story is being proven right.
Abundant, affordable, available energy for all.
Matthew McKean - Chief Executive Officer, Frontieras North America
Important Notice: This communication contains information about Frontieras North America’s active Regulation A+ offering. This is not an offer to sell or a solicitation to buy securities. The offering is made only by means of the Offering Circular filed with and qualified by the U.S. Securities and Exchange Commission. Investing involves risk, including the possible loss of principal. Securities offered under Regulation A+ are illiquid prior to a public listing. Please read the full Offering Circular and risk disclosures at invest.frontieras.com before making any investment decision.