Fermi Inc. (also known as Fermi America™) has teamed up with the Texas Tech University System (TTU System) and announced it has secured over USD 100 million in equipment financing from a private debt fund managed by Keystone National Group.
This is part of a larger USD 200 million funding arrangement made by Cape Commercial Finance, which will be used in 2026. This financing will help Fermi America continue its strategy of gathering important equipment, especially in times of rising prices and limited supply, and supports the company’s goal to deliver the first 2.3 gigawatts (GW) of power from its 11GW Project Matador.
The funds will be used to buy essential equipment, such as breakers, transformers, substations, and switchgears.
In the last 180 days, Fermi America has made significant progress, including securing key project licenses, acquiring control of the project site, partnering with top construction companies, and completing essential infrastructure work to deliver clean and reliable power at scale.
Project Matador will provide much-needed power to industries like AI, semiconductors, manufacturing, and defense, offering gigawatt-scale power that is faster and more reliable than what current public grids can provide.
This investment shows that Keystone National Group, a leader in asset-backed lending, sees the power infrastructure of Project Matador as critical for the future of America’s energy needs.
Executive Statement
According to John Donovan, Executive Vice President of Capital Markets for Fermi America, on the heels of their USD 500 million turbine warehouse financing from MUFG, adding Keystone National Group's over USD 100 million initial commitment to the high voltage warehouse financing demonstrates they have secured over USD 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. 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.
