Fermi Inc (NASDAQ:FRMI, LSE:FRMI) shares climbed 13% to $10.49 after the company announced a $500 million financing facility with MUFG Bank to accelerate its gigawatt-scale power development plans.
The loan, structured as a non-recourse turbine “warehouse” facility, enables Fermi America to purchase three Siemens Energy SGT6-5000F gas turbines and repay a prior loan.
The proceeds will also fund delivery, construction and deployment across its growing fleet, with turbine deliveries expected as early as the first half of 2026.
Chief executive Toby Neugebauer said the deal provides “real muscle” to secure long-lead assets and maintain execution speed.
MUFG, a top global project finance lender, described the transaction as a first step toward building what it expects to become the largest AI data centre and power campus in the United States.
The financing follows rapid progress at Fermi America, including licensing, site control, and partner mobilisation. With over 2 GW of controlled capacity now in place, the company aims to deliver the first 2.3 GW of its planned 11 GW grid.
Founded by Neugebauer and former US energy secretary Rick Perry, Fermi America is developing a private power platform to support hyperscale AI and advanced computing across multiple technologies.