Fermi America™ Secures $165 Million Equipment Financing Facility from CSG Investments, an Affiliate of Beal Bank USA, to Accelerate Delivery of Six SGT-800 Gas Turbines for 2028 Delivery at Project Matador

Rhea-AI Summary

Fermi America (NASDAQ: FRMI) secured a $165 million senior secured, first‑lien delayed draw term loan from CSG Investments (affiliate of Beal Bank USA) to fund remaining progress payments for six Siemens Energy SGT‑800‑57 turbines, with deliveries scheduled in 2028. This adds to >$865 million in equipment financing for Project Matador and supports near‑term turbine procurement ahead of project financing.

Funds flow through Fermi Turbine Warehouse II LLC; legal counsel included Vinson & Elkins and Davis Polk.

Positive

• $165M senior secured, first‑lien delayed draw term loan
• Finances six Siemens Energy SGT‑800‑57 turbines (57MW each)
• Adds to > $865M total equipment financing for Project Matador
• Turbine deliveries scheduled in pairs throughout 2028

Negative

• None.

News Market Reaction – FRMI

+1.64%

1 alert

+1.64% News Effect

On the day this news was published, FRMI gained 1.64%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Equipment financing facility: $165 million Turbine count: 6 turbines Turbine capacity: 57MW +5 more

8 metrics

Equipment financing facility $165 million Senior secured first lien delayed draw term loan for six turbines

Turbine count 6 turbines Siemens Energy SGT-800-57 gas turbines for Project Matador

Turbine capacity 57MW Per Siemens Energy SGT-800-57 gas turbine

Delivery year 2028 Scheduled delivery of six SGT-800-57 gas turbines

Campus capacity 17GW Planned firm, low-carbon, on-demand power at Project Matador

Approved Clean Air Permit ~6GW Existing Clean Air Permit for Project Matador

Planned additional permit ~5GW Planned additional Clean Air Permit filing

Total equipment financing over $865 million Cumulative equipment financing for Project Matador

Market Reality Check

Price: $6.18 Vol: Volume 13,797,372 vs 20-d...

high vol

$6.18 Last Close

Volume Volume 13,797,372 vs 20-day average 7,638,874 (relative volume 1.81). high

Technical Price $6.08 is trading below 200-day MA at $14.47 and near the 52-week low of $6.03 (vs 52-week high $36.9899).

Peers on Argus

No peers from the stated sector appeared in the momentum scanner, suggesting the...

No peers from the stated sector appeared in the momentum scanner, suggesting the -8.71% move is company-specific rather than part of a broader Real Estate Investment Trusts rotation.

Historical Context

5 past events · Latest: Mar 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 13	Permit expansion news	Positive	-1.7%	Planned additional 5GW Clean Air Permit, expanding Project Matador to ~17GW.
Mar 11	Nuclear project showcase	Positive	+7.8%	Showcased Project Matador as advanced nuclear build with 4.4 GW AP1000 target.
Feb 25	Clean Air Permit approval	Positive	-8.0%	Received final 6 GW Clean Air Permit enabling construction at 11 GW campus.
Feb 24	Earnings call announcement	Positive	+17.3%	Scheduled Q4 2025 earnings call and planned Form 10-K filing for 2025.
Feb 19	Equipment financing	Positive	-4.6%	Secured over $100M from a $200M facility to accelerate 2.3GW build-out.

Pattern Detected

Recent positive project and financing updates often saw mixed reactions, with several instances of negative price moves following constructive news on Project Matador.

Recent Company History

Over the last six weeks, Fermi America reported multiple milestones for Project Matador, including a final 6 GW Clean Air Permit, plans for an additional 5 GW permit, and equipment financing facilities exceeding $500 million. It also highlighted its advanced nuclear position with a 4.4 GW AP1000 target and announced a Q4 2025 earnings call on March 30, 2026. Despite generally constructive updates, price reactions have alternated between strong gains and notable declines, indicating inconsistent alignment between news tone and market response.

Market Pulse Summary

This announcement adds a $165 million senior secured facility to finance six SGT-800-57 gas turbines...

Analysis

This announcement adds a $165 million senior secured facility to finance six SGT-800-57 gas turbines, lifting Project Matador’s equipment financing above $865 million. It supports a planned 17GW private power campus and complements earlier Clean Air Permit approvals around 6GW with plans for another ~5GW. In context of recent permits and prior financing facilities, key items to watch include future funding terms, project execution toward the 2028 delivery timetable, and updates from the upcoming earnings call.

Key Terms

delayed draw term loan, first lien, clean air permit, ap1000

4 terms

delayed draw term loan financial

"secured a $165 million senior secured, first lien delayed draw term loan from CSG"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

first lien financial

"secured a $165 million senior secured, first lien delayed draw term loan from CSG"

A first lien is a legal claim that gives a lender the top priority to be repaid from specific collateral if a borrower defaults or liquidates assets. Think of it as being first in line for the proceeds from a sale—investors who hold a first lien are more likely to recover their money than holders of later claims, so these loans generally carry lower risk and different pricing compared with unsecured or subordinated debt.

clean air permit regulatory

"With an approved ~6GW Clean Air Permit, plans to file an additional ~5GW Clean Air Permit"

A clean air permit is a government-issued license that allows a factory, power plant or other facility to release specific amounts of air pollutants while meeting legal limits and monitoring requirements. It matters to investors because the permit sets operational limits, ongoing compliance costs and potential liability — like a driver’s license for emissions — and losing, violating, or needing to modify the permit can force costly upgrades, fines or production limits that affect revenue and valuation.

ap1000 technical

"with AP1000 advanced nuclear reactors as the long-term backbone"

AP1000 is a standardized design for a large commercial nuclear power reactor that uses water under pressure to produce electricity and relies on passive safety systems that work without power or human action. For investors, it matters because a common, approved design can speed regulatory clearances, affect construction costs and timelines, and concentrate operational and liability risks — similar to choosing a single model of car for an entire delivery fleet.

AI-generated analysis. Not financial advice.

• Fermi America Executes Second Turbine Warehouse Financing Facility in Two Months, Surpassing $865 Million in Equipment Financing for Project Matador
• This Fleet of Siemens Energy Units is Scheduled to Arrive in 2028, Consistent with Project Matador's Scheduled Power Ramp

AMARILLO, Texas, March 27, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI), operating as Fermi America™, today announced that it has secured a $165 million senior secured, first lien delayed draw term loan from CSG Investments, Inc., an affiliate of Beal Bank USA, to finance the remaining progress payments on its previously ordered six Siemens Energy SGT-800-57 gas turbines, with delivery scheduled in 2028. 

A private energy campus built to deliver power at true hyperscale so that the world's leading companies can continue innovating at the speed of capitalism — Project Matador combines clean natural gas, advanced nuclear, solar, and battery storage into a single, integrated HyperGrid™. Anchored by Siemens Energy SGT-800 gas turbines as the near-term foundation, the campus is designed to ultimately generate 17GW of firm, low-carbon, on-demand power — with AP1000 advanced nuclear reactors as the long-term backbone. With an approved ~6GW Clean Air Permit, plans to file an additional ~5GW Clean Air Permit, and over $865 million in equipment financing, Project Matador continues to accelerate and execute key milestones that are critical to achieving near and long term success.

The Borrower of the facility is Fermi Turbine Warehouse II LLC, a wholly owned special purpose entity of Fermi Inc.

The transaction follows Fermi America's $500 million turbine warehouse facility with MUFG Bank, Ltd. and the ~$200 million facility from Keystone National Group, both closed in February 2026.

"Every dollar of capital we secure is highly intentional and is a vote of confidence in Project Matador," said Toby Neugebauer, Chief Executive Officer and Co-Founder of Fermi America. "At a time when supply chain logs for long lead time items and connection queues are holding back America's leading companies, Fermi is helping provide the ramp needed to access clean, redundant power certainty in an uncertain market."

"We have tremendous respect for the CSG and Beal Bank USA teams - they brought real expertise in asset finance to this transaction and moved with speed and professionalism at every step," affirmed John Donovan, Executive Vice President of Capital Markets for Fermi America. "This facility is a testament to the growing institutional confidence in Project Matador's asset quality and our team's ability to execute. We look forward to deepening this relationship as we continue to scale our platform."

Key Financing Highlights

• $165 million senior secured, first lien delayed draw term loan with CSG Investments, Inc., an affiliate of Beal Bank USA
• Repeatable warehouse structure designed to support future turbine equipment purchases prior to project financing
• Finances six Siemens Energy SGT-800-57 (57MW) gas turbines with deliveries scheduled in pairs throughout 2028
• Funds 100% of remaining Siemens Energy progress payment obligations
• Vinson & Elkins LLP served as Fermi's transaction counsel and Davis Polk & Wardwell LLP served as Lender's Counsel.

Fermi America recognizes Siemens Energy for its continued partnership in securing these long-lead, high-demand generation assets central to Project Matador's power delivery timeline.

America's demand for firm, reliable, private power has never been greater. Hyperscalers, defense contractors, semiconductor manufacturers, and advanced computing operators are confronting the same reality: the public grid was not designed for the voracious compute needs of AI, nor should ratepayers fund the solution.

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) is an advanced energy and hyperscaler development company with a mission to power the future of artificial intelligence directly to the world's most compute-intensive businesses through its flagship initiative, Project Matador. 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 a deep bench of proven world-class multi-disciplinary leaders and over 2GW of secured long lead time natural gas generation assets to build the world's largest next-gen private grid campus. Ultimately constructing 17 GW of private, low-carbon, on-demand power, Project Matador is expected to integrate a large combined-cycle natural gas project, advanced nuclear power generation, utility grid power, solar power, and battery energy storage to support hyperscale AI and advanced compute at scale.

About CSG Investments, Inc. and Beal Bank USA:
CSG Investments, Inc. is a global buy-and-hold institution headquartered in Dallas, Texas. We provide flexible and creative capital solutions for all types of commercial and industrial customers. CSG Investments, Inc. is an affiliate of Beal Bank USA, a strongly capitalized financial institution. CSG Investments, Inc. is a direct, one-stop source of capital for up to $1 billion per transaction.

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.

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SOURCE Fermi America

FAQ

What does the $165 million CSG loan mean for Fermi America (FRMI)?

The $165 million loan finances remaining turbine progress payments and secures long‑lead equipment. According to the company, it funds 100% of remaining Siemens Energy obligations and supports delivery of six SGT‑800 turbines scheduled for 2028, reinforcing procurement ahead of project financing.

How many turbines will the $165 million facility fund for FRMI and when will they arrive?

The facility finances six Siemens Energy SGT‑800‑57 turbines with deliveries in 2028. According to the company, deliveries are scheduled in pairs throughout 2028 to align with Project Matador's planned power ramp and construction sequencing.

How does this financing change Project Matador's total equipment financing for FRMI (FRMI)?

This $165 million facility increases equipment financing to over $865 million for Project Matador. According to the company, combined warehouse facilities now surpass $865 million, reflecting successive turbine warehouse financings closed in February and March 2026.

Who is the borrower and what type of financing structure did Fermi America use for FRMI?

Borrower is Fermi Turbine Warehouse II LLC, a special purpose entity, using a repeatable turbine warehouse structure. According to the company, the structure supports future turbine purchases prior to full project financing and acts as a procurement financing vehicle.

Which legal and financing partners worked on the $165 million FRMI transaction?

CSG Investments (affiliate of Beal Bank USA) provided the loan; Davis Polk served as lender counsel. According to the company, Vinson & Elkins served as Fermi's transaction counsel and CSG/Beal executed the facility with speed and asset finance expertise.