- 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
Fermi Inc., 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.
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