REG - Fermi Inc. - Initial Draw on $200m Equipment Facility

FermiAnnouncement

20/02/2026 07:00

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RNS Number : 7468T  Fermi Inc.  20 February 2026

Fermi America™ 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™ Campus

Construction crews install power infrastructure at Fermi America's Project
Matador site in Amarillo, Texas, on Feb 13th, 2026, as work advances on the
nation's largest private HyperGrid campus.

·    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) February 20, 2026: Fermi Inc. (d/b/a Fermi America) (NASDAQ
& LSE: FRMI), operating as Fermi America™ (https://fermiamerica.com/) ,
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 (mailto: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/ (https://fermiamerica.com/)

 

About Fermi America:

Fermi America™ (NASDAQ& LSE: FRMI) (https://fermiamerica.com/) 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
(https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fcts.businesswire.com%2Fct%2FCT%3Fid%3Dsmartlink%26url%3Dhttps%253A%252F%252Fkeystonenational.com%252F%26esheet%3D54370061%26newsitemid%3D20251205212341%26lan%3Den-US%26anchor%3Dkeystonenational.com%26index%3D4%26md5%3D2647ca85704ae516f341621208264971&data=05%7C02%7Cjhansen%40keystonenational.com%7C4e2587fc8c0d4415dad108de6efbbd3a%7C5798201dc14548d58060e6522345eb75%7C0%7C0%7C639070224670629033%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=GMuno2OeFBTG2UmXrrpy6jMnZvLf3zZoSy9Yd%2FhY0tM%3D&reserved=0)
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