A novel cryogenic grating spectrometer (FCAS) is being designed for observations of volatiles in cometary and planetary atmospheres, and in newly forming planetary systems. The instrument features two-dimensional detector arrays coupled to a high-dispersion echelle by infrared fibers, and will achieve a spectral resolving power of about 40,000. The primary observational platform for this instrument will be the Kuiper Airborne Observatory, but it will also be configured for use at ground-based observatories. Initially, the spectrometer will use a 58 x 62, 1- to 5-micron InSb array. Larger-format IR arrays and arrays of different composition, will later be incorporated as they become available. The instrument will be used in two modes. The first uses a large format IR array in the spectral image plane for the customary one-dimensional spectral-one-dimensional spatial coverage. In the second mode, a massive, coherent bundle of infrared transmitting ZrF4 fibers will be installed after the dispersive element, to reformat the two-dimensional array into an elongated one-dimensional array for wide spectral coverage, allowing multiple lines to be measured in a single integration with high sensitivity. The overall instrument design is discussed, and the system sensitivity is estimated.