Fermi Inc., operating as Fermi America, in partnership with the Texas Tech University System, announced that it has secured a $500 million financing commitment from MUFG Bank Ltd., one of the 10 largest global financial groups. MUFG's financing serves as a solid institutional backing of Fermi America's strategy and further strengthens the ability to deliver the first 2.3 of 11 gigawatts of long-duration, reliable power at scale.
MUFG is the global project finance leader providing tailored solutions to clients for power generation, digital infrastructure, transportation infrastructure and natural resources. MUFG has extensive experience leading multi-billion-dollar project financing for large-scale power and data center developments.
Proceeds from the financing will be used to fund the acquisition of three Siemens Energy F-class gas turbines (previously announced), a proven industrial frame class asset widely deployed across large-scale, mission-critical power infrastructure globally. Fermi America also recognizes Siemens Energy for its partnership and support in securing these long-lead, high-demand gas generation assets, which are central to its near-term power delivery timeline. Fermi America will use remaining loan proceeds to repay a pre-existing loan and initiate the delivery, complete construction, and deployment of additional turbines within Fermi's fleet. The transaction strengthens near-term execution certainty and enhances Fermi America's positioning for future project-level financing as the platform scales.
The financing follows a rapid period of execution since Fermi America's launch. In just 150 days, Fermi America has advanced licensing, secured long-term site control, brought in top-tier construction partners, strengthened its capital base and accelerated key infrastructure to support the delivery of clean, reliable power at scale.
"This financing puts real muscle behind our strategy - securing long-lead equipment early, staying ahead of the market, and executing with certainty," said Toby Neugebauer, Chief Executive Officer and Co-Founder of Fermi America. "We're doing what most people said was unthinkable - and we're doing it at Fermi speed."
"MUFG has been an exceptional partner throughout this process," affirmed John Donovan, Executive Vice President of Capital Markets for Fermi America. "They recognized the importance of execution certainty and coordinated globally across multiple teams to deliver the financing on an accelerated timeline. The agreement reflects not only strong execution, but a deepening relationship that we look forward to expanding across the institution as we continue to scale our platform."
"MUFG is pleased to support the early stage of Fermi America's buildout with this equipment financing, marking an initial step toward what will become the largest power and AI datacenter campus," said Daniel Seltzer, Head of Infrastructure, Project Finance and Terry McKay, International Co-Head of Global Structured Solutions of MUFG. "We're impressed by what the Fermi team has achieved so far and by the pace at which they're moving. We look forward to continuing our collaboration in the years ahead."