Fermi America(TM) Makes Initial Draw on $200 Million Equipment Facility from Keystone National Group and Cape Commercial Finance to Accelerate the Delivery of the First 2.3GW of Project Matador's 11GW Private HyperGrid(TM) Campus
MWN-AI** Summary
Fermi Inc. (trading as Fermi America) has made a substantial initial draw of over $100 million from a $200 million equipment financing facility arranged by Cape Commercial Finance, in partnership with Keystone National Group. This funding aims to expedite the deployment of the first 2.3 gigawatts (GW) of Project Matador, an ambitious initiative designed to develop an 11 GW Private HyperGrid™ Campus in Amarillo, Texas. The financing will specifically support the procurement of vital high-voltage equipment, including circuit breakers, transformers, and switchgears, critical for building reliable power infrastructure in a challenging market characterized by supply constraints and inflation.
This capital injection complements a recent $500 million turbine warehouse financing secured from MUFG Bank, demonstrating a growing interest and confidence from institutional investors in Fermi America’s project. The commitment from Keystone National Group highlights the perception of Project Matador as a premium asset essential to the future energy landscape of the U.S.
Fermi America has outlined a robust strategic approach to expand its operational capabilities. Over a remarkable six-month period, they have advanced key milestones such as licensing, securing long-term site control, and finalizing partnerships with top-tier construction firms. Their aim is to deliver clean, firm power efficiently to sectors in high demand, including AI infrastructure and semiconductor manufacturing, thus addressing critical energy challenges posed by the existing public grid.
This financing not only marks an important step in Fermi America's growth trajectory but also reinforces its infrastructure strategy, emphasizing the role of advanced energy solutions in America's industrial and technological dominance.
MWN-AI** Analysis
Fermi America’s recent draw on a $200 million equipment facility, backed by Keystone National Group and Cape Commercial Finance, represents a significant strategic move in the burgeoning energy infrastructure sector. This funding is crucial for accelerating the construction of the initial 2.3GW of Project Matador's 11GW HyperGrid™ Campus. As clean energy demands surge, companies like Fermi are positioning themselves to supply critical infrastructure for sectors reliant on high-capacity power solutions.
Investors should view this development positively due to the strong institutional backing demonstrated by the financing commitments. With over $600 million secured in less than a month, confidence in Fermi America’s ability to deliver reliable power at scale is growing. The focus on high-voltage components such as circuit breakers and transformers indicates a commitment to quality and reliability, essential for tackling the increased energy needs of industries like AI and semiconductors.
Moreover, the strategic partnership with institutions such as Texas Tech University enhances Fermi America's credibility and resource access. As the U.S. moves toward a more technology-driven economy, the dependence on robust and scalable energy solutions will only intensify. Fermi America's approach to building a private grid effectively addresses the limitations posed by traditional energy infrastructures, which often result in years of delays for new connections.
In summary, investors might consider increasing their exposure to Fermi America as the company aligns itself at the forefront of energy innovation. The combination of a solid financing structure, institutional support, and a transformative business model positions Fermi as a potentially rewarding player in the evolving energy landscape. Monitoring the execution of Project Matador will be critical, as successful milestones could catalyze further investment and market confidence.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
- Enables Fermi America to accelerate the procurement of long lead high voltage assets, supporting the buildout of its first 2.3GW of power infrastructure
- Complements $500 Million Turbine Warehouse from leading global financial institution MUFG Bank, Ltd. (MUFG), demonstrating growing institutional confidence in Project Matador
- Highly flexible structure that enables capital to be recycled for future procurement as assets are taken out by project financing
- Facility arranged by Cape Commercial Finance
AMARILLO, Texas, Feb. 19, 2026 /PRNewswire/ -- FRMI)%2C+operating+as+Fermi+America%E2%84%A2" rel="nofollow" target="_blank">Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI), operating as Fermi America™, in partnership with the Texas Tech University System (TTU System), announced today that it has secured over $100 million in committed equipment financing from a private debt fund managed by Keystone National Group, part of a larger $200 million facility arranged by Cape Commercial Finance, which is expected to be drawn on during 2026. This financing continues to build upon Fermi America's warehouse strategy enabling the aggregation of critical long-lead equipment in an inflationary and tightening supply environment and serves to further solidify Fermi America's power ramp, affirming the company's ability to deliver the first 2.3 of 11 gigawatts of long-duration, reliable power at scale.
The commitment from Keystone National Group, a private credit leader that specializes in asset-backed lending with over $6 billion in deployed capital, underscores that sophisticated institutional investors view Project Matador's power infrastructure assets as premium, financeable assets critical to America's energy future.
Proceeds from the financing will be used to fund the acquisition of utility-grade breakers, transformers, substations, and switchgears.
This financing naturally follows an incredible 180-day execution of multiple key milestones at Fermi America. In just 180 days, Fermi America has advanced licensing, secured long-term site control, brought in top-tier construction partners, strengthened its capital base, and completed key on-site infrastructure construction to support the delivery of clean, reliable power at scale.
America's race for technological and industrial dominance demands electricity infrastructure that simply does not exist on today's constrained public grids. Project Matador delivers immediate, gigawatt-scale, firm power for high-demand sectors including AI infrastructure, semiconductor fabs, heavy manufacturing, and defense. By deploying 11GW of dedicated, behind-the-meter power, Fermi America enables America's most strategic industries to scale on project timelines measured in months, unlike traditional interconnection queues measured in years.
Key Financing Highlights
- Over $100 million of initial commitments supporting the procurement of long lead circuit breakers, transformers, switchgears, and other critical high-voltage assets
- Structured for the ongoing redeployment of capital, allowing proceeds to be reused as equipment is refinanced through subsequent project financings
- Backed by Keystone National Group's largest private debt fund - a highly regarded, asset-backed investor
"Strong institutional investor support continues to build behind Project Matador," said Toby Neugebauer, Chief Executive Officer and Co-Founder of Fermi America. "While everyone is debating big tech use of grid power, the backing of legitimate financial organizations like Keystone National Group affirms that Fermi America is building the actual solution here in Amarillo, Texas – private grid power for AI at scale."
"On the heels of our $500 million turbine warehouse financing from MUFG, adding Keystone National Group's over $100 million initial commitment to the high voltage warehouse financing demonstrates we've secured over $600 million in institutional equipment commitments in 30 days - ensuring Fermi America has the backing needed to deliver on promises made. As Fermi America grows, these warehouse facilities will serve as cornerstones to Fermi America's asset procurement strategy," said John Donovan, Executive Vice President of Capital Markets for Fermi America. "Keystone National Group isn't just making a sound investment for its clients - they're financing critical long lead infrastructure that enables AI and advanced computing at scale."
"Keystone National Group is pleased to join Fermi America's buildout with a high voltage equipment facility," said John Earl, co-founder and Managing Partner of Keystone National Group. "This financing helps Fermi America secure mission-critical power generation and transmission assets towards its immediate 2026 deployment goals, as well as flexibility for future project growth."
Fermi America also recognizes Micah Thompson and Cape Commercial Finance for its partnership in arranging and structuring the Keystone National Group financing.
For media inquiries:
Lexi Swearingen
Media@FermiAmerica.com
Fermi America™ official business information
Legal Entity: Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI)
Brand Name: Fermi America™
Address: 620 S Taylor St #301 Amarillo, TX 79101-2436
Website: https://fermiamerica.com/
About Fermi America:
Fermi America™ (NASDAQ& LSE: FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Co-founded by former U.S. Energy Secretary Rick Perry, and Co-Founder and former Co-Managing Partner of Quantum Energy Partners, Toby Neugebauer, Fermi America combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 11 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing.
About the Texas Tech University System:
Established in 1996, the Texas Tech University System (TTU 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.
About Keystone National Group:
Keystone National Group is an SEC-registered investment advisory firm focusing on asset-backed credit across a wide variety of industries and asset types, including equipment finance, specialty real estate lending, consumer finance, and corporate lending. Its clients have invested over $6 billion of capital in 750+ transactions since formation in 2006.
Keystone National Group manages multiple funds, separate accounts, and co-investment vehicles on behalf of its investors, which include pension plans, family offices, wealth management firms, and private individuals.
Additional information about Keystone National Group is available at keystonenational.com.
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.
SOURCE Fermi America
FAQ**
How does the initial commitment from Keystone National Group enhance Fermi Inc. (FRMI)’s ability to procure critical long-lead equipment for the Project Matador campus, particularly in the current tightening supply environment?
In what ways does the $200 million equipment facility align with Fermi Inc. (FRMI)'s strategic goals for delivering the first 2.3GW of power infrastructure within Project Matador's 11GW HyperGrid™ Campus?
Given the substantial institutional backing including the $500 million turbine warehouse financing, how does Fermi Inc. (FRMI) plan to demonstrate the viability and scalability of Project Matador to other potential investors?
What specific milestones achieved by Fermi Inc. (FRMI) within the last 180 days have positioned the company to expedite the construction and delivery of critical high-voltage assets for Project Matador?
**MWN-AI FAQ is based on asking OpenAI questions about Fermi Inc. (NASDAQ: FRMI).
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