Fermi America, the developer of what it calls the world’s largest behind-the-meter artificial intelligence private grid campus, announced it has closed a $100 million Series C equity round led by Macquarie Group, alongside a $250 million senior loan facility, of which $100 million was drawn at close. The financing is earmarked to accelerate development of its flagship HyperGrid Project in Amarillo, Texas, in partnership with the Texas Tech University System.
The capital will fund procurement of long-lead supply chain assets, hiring of specialized talent, and construction of phase one of the multi-gigawatt campus.
“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,” said Toby Neugebauer, Fermi America Co-Founder and CEO.
Joshua Stevens, Managing Director at Macquarie, said the firm views Fermi’s ability to “tap into near-term power solutions” as well-positioned for AI and high-performance computing demand.
Advisors included Cantor, Newmark, Donovan & Co., with legal counsel from Haynes Boone, Latham & Watkins, and Vinson & Elkins.
Analysis ⚡
Fermi America is positioning itself at the intersection of AI infrastructure and large-scale private energy development. Unlike hyperscalers who primarily depend on utility grids or negotiated renewable PPAs, Fermi’s HyperGrid Project is designed as a vertically integrated, behind-the-meter private grid combining:
- Next-generation nuclear power (planned to become the largest nuclear complex in the U.S.)
- Gigawatt-scale natural gas generation (combined-cycle plants)
- Solar and battery energy storage
- Traditional grid interconnects for redundancy
This diversified mix is aimed at ensuring low-latency, highly redundant, and resilient power — critical for large-scale AI training clusters where downtime can mean millions of dollars lost per day.
Fermi America was co-founded by:
- Rick Perry, former U.S. Secretary of Energy and Texas Governor, bringing deep energy and policy experience.
- Toby Neugebauer, an energy financier and former co-managing partner of Quantum Energy Partners, providing capital markets credibility and execution experience.
The Series C and loan facility led by Macquarie Group — a global infrastructure and commodities powerhouse — adds significant weight. Macquarie’s involvement signals investor confidence that Fermi can navigate the capital intensity, regulatory hurdles, and technology risks of building gigawatt-scale dedicated AI campuses.
The HyperGrid model goes beyond conventional hyperscale data center campuses, which often struggle with grid interconnect delays and constrained regional power availability. By building an integrated, behind-the-meter energy system, Fermi is attempting to solve two problems at once:
- Energy reliability and control for AI superclusters.
- Acceleration of timelines, bypassing congested utility interconnect queues that can delay data center projects by 3–5 years.
Fermi’s differentiation lies in the energy-first model: build the power first, then scale data center and AI compute.
Locating the project in Amarillo, Texas, ties into both Texas’ tradition as an energy hub and the political capital of its co-founders. The partnership with the Texas Tech University System offers credibility and a potential pipeline for workforce development, research collaboration, and community integration.
Risks and Challenges
- Regulatory complexity around nuclear integration will require federal and state approvals.
- Capital intensity: multi-gigawatt private grids could ultimately cost tens of billions.
- Execution risk: delivering on both energy and data center infrastructure simultaneously is unprecedented.
Still, with Macquarie’s backing, Rick Perry’s political connections, and Neugebauer’s financial background, Fermi America may emerge as a template for AI-era private energy and compute campuses.
