Fermi America Secures $350 Million Financing for AI Power Grid Project

Fermi America™, a leader in innovative energy solutions, has recently announced the closure of a significant financing round totaling $350 million. This funding is crucial for the development of its ambitious HyperGrid™ Project, which aims to create the largest behind-the-meter artificial intelligence-powered grid campus in the world. This project is being developed in collaboration with the Texas Tech University System and represents a considerable leap forward towards addressing the rising demands of AI technologies and high-performance computing applications.

The financing package consists of a $100 million Series C preferred equity financing, spearheaded by the Macquarie Group, along with a substantial $250 million senior loan facility, which has also been solely provided by Macquarie's Commodities and Global Markets division. With $100 million already drawn at closing, this investment is pivotal in securing long-lead supply chain assets essential for the success of the HyperGrid™ initiative.

Toby Neugebauer, Co-Founder and CEO of Fermi America, emphasized the importance of Macquarie's confidence in their execution capabilities. He stated, "Macquarie's leadership in both our Series C and senior loan facility underscores their conviction that our speed of execution is based on our team's experience in real-time power generation and construction." Neugebauer recognized the historical entrepreneurial spirit of the Texas region, echoing the determination to deliver on energy solutions that will enable America to regain its competitive edge in the global landscape.

Joshua Stevens, Managing Director from Macquarie, expressed enthusiasm about supporting Fermi America, stating, "Its distinctive strategy and ability to tap into near-term power solutions make it well placed to address the fast-growing needs of AI and other high-performance computing applications."

The combination of the Series C equity round and the senior loan facility not only fortifies Fermi America's financial standing but also paves the way for the continued acquisition of essential resources, the onboarding of expert staff, and the initiation of the first phase of the HyperGrid™ Project.

Fermi America, co-founded by former U.S. Energy Secretary Rick Perry and energy entrepreneur Toby Neugebauer, is dedicated to pioneering the development of next-generation electric grids. These grids are designed to provide highly redundant power at gigawatt scales, which is necessary for building a robust artificial intelligence infrastructure. The HyperGrid™ Project is expected to integrate various energy sources, including the largest nuclear power complex in America, a major combined-cycle natural gas facility, utility grid power, solar energy, and advanced battery storage solutions, thereby creating a state-of-the-art environment tailored for hyperscale AI applications.

The collaboration with Texas Tech University System, a well-respected institution known for its impactful contributions to education and research, reinforces the commitment to advancing technology and infrastructure in this sector. Established in 1996, the Texas Tech University System has emerged as a vital contributor to higher education, health services, and economic development with an impressive statewide impact.

As Fermi America embarks on this transformative journey, the road ahead will undoubtedly present challenges. However, with a strong financial backing and an innovative vision, the company is poised to redefine how power is generated and conserved in the context of an AI-driven future. This venture marks a significant milestone not only for Fermi America but also for the entire energy sector, as it embraces the potential of technology to better serve modern societal needs.

For further inquiries or information regarding Fermi America and the HyperGrid™ Project, media representatives and interested parties are encouraged to reach out to their PR contact, Lexi Swearingen at the provided email address.