Fermi America Launches IPO, Kicks Off 150MW Solar+Storage Project
Fermi America, a trailblazer in innovative energy solutions, has launched its Initial Public Offering (IPO) on the NASDAQ. The company specialises in next-generation private electric grids, combining nuclear, natural gas, solar, and battery storage to support large-scale artificial intelligence operations.
Fermi America's IPO, priced at $21 per share, saw 32.5 million shares offered, with an additional 4.875 million shares available for underwriters. The company's Milagro Solar+Storage project in New Mexico, a 150 MW DC solar project paired with a 75 MW/4-hour battery energy storage system, has commenced operations. This project, under a 20-year PPA, will power approximately 60,000 average homes, supplying electricity to El Paso Electric.
In other developments, Spruce Power plans to upgrade existing solar systems nationwide with energy storage through a partnership with Treehouse. Clēnera Holdings, meanwhile, has secured around $340 million for the 290 MW solar and 940 MWh storage Roadrunner Project in Arizona through two tax equity agreements. The Roadrunner Project is expected to generate $50 million in first-year revenue and $40 million EBITDA, qualifying for PTC, ITC, and a 10% Energy Community Adder.
Fermi America's IPO marks a significant step in the company's growth, with its innovative energy solutions poised to revolutionise the power landscape. The Milagro Solar+Storage project and the Roadrunner Project demonstrate the company's commitment to renewable energy and its potential for substantial financial returns.
