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

Rhea-AI Summary

Fermi America (NASDAQ: FRMI) secured over $100 million in committed equipment financing from a Keystone National Group private debt fund as part of a larger $200 million facility arranged by Cape Commercial Finance, expected to be drawn in 2026.

The proceeds will fund long-lead high-voltage breakers, transformers, substations and switchgear to accelerate delivery of the first 2.3GW of Project Matador’s planned 11GW private HyperGrid campus and complements a prior $500 million turbine warehouse from MUFG.

Positive

• Initial commitment of over $100 million for high-voltage equipment
• $200 million equipment facility structured for capital recycling
• Complements prior $500 million turbine warehouse from MUFG
• 2.3GW of Project Matador power infrastructure targeted for accelerated delivery
• Aggregates long-lead assets to mitigate supply constraints and inflation

Negative

• None.

Key Figures

Equipment facility size: $200 million Initial equipment commitments: Over $100 million Turbine warehouse financing: $500 million +5 more

8 metrics

Equipment facility size $200 million High-voltage equipment facility arranged by Cape Commercial Finance

Initial equipment commitments Over $100 million Committed equipment financing from Keystone National Group

Turbine warehouse financing $500 million Warehouse financing from MUFG Bank for turbine procurement

Initial power buildout 2.3 GW First phase of Project Matador power infrastructure

Campus capacity target 11 GW Total planned capacity of Project Matador HyperGrid campus

Keystone deployed capital Over $6 billion Capital deployed by Keystone National Group across asset-backed lending

Institutional equipment commitments Over $600 million Combined MUFG and Keystone equipment commitments in 30 days

Execution window 180 days Period cited for multiple key Project Matador milestones

Market Reality Check

Price: $9.36 Vol: Volume 3,731,668 is at 0....

low vol

$9.36 Last Close

Volume Volume 3,731,668 is at 0.63x the 20-day average, suggesting limited pre‑news positioning. low

Technical Shares at $9.56 trade 74.16% below the 52-week high and 33.15% above the 52-week low, remaining below the $16 200-day MA.

Peers on Argus

No peers from the Real Estate Investment Trusts sector appeared in the momentum ...

No peers from the Real Estate Investment Trusts sector appeared in the momentum data, indicating the move around this financing news is stock-specific rather than sector-driven.

Historical Context

5 past events · Latest: Feb 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 11	Strategic partnership update	Positive	+1.3%	Deepened Hyundai E&C partnership to advance 11 GW Project Matador nuclear planning.
Feb 10	Major equipment financing	Positive	+8.2%	Secured $500M MUFG non-recourse equipment loan for turbines and initial 2.3 GW build.
Feb 09	Equipment delivery milestone	Positive	+8.6%	Announced arrival and logistics of six Siemens turbines for first gigawatt capacity.
Dec 05	Power supply agreement	Positive	+3.4%	Executed electric service agreement securing up to 200 MW for Project Matador.
Dec 01	Cooling technology MOU	Positive	-0.2%	Signed MOU for hybrid cooling design to reduce water use at 11 GW campus.

Pattern Detected

Recent infrastructure and financing announcements have generally led to positive price reactions, with only one minor divergence despite consistently constructive project updates.

Recent Company History

Over the past months, Fermi America has steadily advanced Project Matador’s 11 GW private energy campus. In early February 2026, the company reported turbine arrivals and a $500 million MUFG equipment loan supporting the first 2.3 GW, both followed by solid positive price moves. Earlier, it secured up to 200 MW via an electric service agreement and pursued a hybrid cooling MOU to protect water resources. Today’s equipment facility financing continues this theme of building out capital structure and critical infrastructure for the initial 2.3 GW ramp.

Market Pulse Summary

This announcement adds another significant financing piece to Project Matador, with over $100 millio...

Analysis

This announcement adds another significant financing piece to Project Matador, with over $100 million in initial equipment commitments under a $200 million facility, complementing the earlier $500 million MUFG warehouse. Together, these arrangements support procurement of long‑lead high‑voltage assets for the first 2.3 GW of an 11 GW campus. Investors may track execution on 2026 deployment goals, counterparties’ continued support, and how rapidly equipment moves from warehouse financing into project-level structures.

Key Terms

private debt fund, asset-backed lending

2 terms

private debt fund financial

"secured over $100 million in committed equipment financing from a private debt fund managed by Keystone"

A private debt fund pools money from investors to lend directly to businesses or buy loans, rather than buying public bonds on an exchange. Think of it as a neighborhood lending club where members provide loans to borrowers in exchange for regular interest payments; investors get higher yields than many public bonds but also face greater risk, longer lock-up periods and less ability to sell quickly. This matters to investors because these funds can boost income and diversify portfolios, but they require tolerance for credit risk and reduced liquidity.

asset-backed lending financial

"Keystone National Group, a private credit leader that specializes in asset-backed lending with over $6 billion"

Asset-backed lending is a loan that is secured by specific assets—such as inventory, accounts receivable, equipment or real estate—so the lender can seize or sell those assets if the borrower can’t repay. For investors, this matters because the presence and quality of collateral reduce credit risk, influence the borrower’s interest rate and borrowing capacity, and affect how quickly lenders can recover money in a default; think of it like pawning a valuable item to get a loan.

AI-generated analysis. Not financial advice.

• 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/ -- 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-matadors-11gw-private-hypergrid-campus-302693111.html

SOURCE Fermi America

FAQ

How much did Fermi America (FRMI) secure from Keystone National Group for equipment financing in February 2026?

Fermi America obtained over $100 million in committed equipment financing from Keystone National Group. According to the company, this commitment is part of a larger $200 million facility arranged by Cape Commercial Finance expected to be drawn during 2026.

What will Fermi America (FRMI) use the $200 million equipment facility to purchase and when will it be drawn?

The facility will fund procurement of long-lead breakers, transformers, switchgear, and substations. According to the company, the $200 million facility is expected to be drawn on during 2026 to accelerate 2026 deployments.

How does the Keystone commitment affect Project Matador’s initial capacity and timeline for FRMI?

The financing supports accelerated delivery of the first 2.3GW of Project Matador’s 11GW campus. According to the company, the capital enables procurement of long-lead high-voltage assets to meet immediate 2026 deployment goals.

How does the new equipment facility relate to Fermi America’s prior MUFG financing for Project Matador?

The Keystone commitment complements a preceding $500 million turbine warehouse from MUFG, creating over $600 million in institutional equipment commitments. According to the company, this aggregation strengthens procurement and execution capacity.

Is the $200 million equipment facility structured to allow redeployment of capital for FRMI?

Yes. The facility is structured to allow proceeds to be reused as equipment is refinanced through project financings. According to the company, this flexibility supports ongoing asset aggregation and future procurement cycles.

Who arranged the Keystone National Group financing for Fermi America (FRMI)?

Cape Commercial Finance arranged and structured the financing with Keystone National Group. According to the company, Cape Commercial Finance and Micah Thompson assisted in arranging the high-voltage equipment facility for Project Matador.