Fermi signs TSK service deal for Project Matador turbines

Fermi Inc. has signed a service agreement with TSK Electronica y Electricidad USA for its three Siemens SGT6-5000F gas turbines, which will anchor Project Matador's second phase buildout. The partnership aims to accelerate engineering and permitting activities, compressing timelines and de-risking execution for the power generation project.

TSK, Spain's largest power-focused Engineering, Procurement and Construction (EPC) firm, will deliver critical early works and fast start engineering services. The company specializes in the turnkey delivery of complex industrial and power generation facilities, with a track record spanning more than 50 countries.

Under the agreement, TSK will provide engineering and management services required to advance permitting, mobilize site activities, and manage the Siemens contract-related engineering scope and deliverables. This collaboration is intended to establish a clear path to power generation for Fermi.

Project Details

Component	Description
Project Name	Project Matador
Phase	Second phase buildout
Equipment	Three Siemens SGT6-5000F gas turbines
Service Provider	TSK Electronica y Electricidad USA

Fermi operates as Fermi America and is listed on NASDAQ and LSE under the ticker FRMI. The agreement marks a significant step in the development of Project Matador, leveraging TSK's expertise in electrical infrastructure, conventional and renewable power, and large-scale project management.

Stifel analyst Stephen Gengaro has maintained a Buy rating on Fermi (NASDAQ: FRMI) while lowering the price target to $17 from the previous $29. The adjustment reflects a revised valuation outlook for the stock despite the continued positive recommendation.

The decision to retain the Buy rating suggests confidence in Fermi's underlying business potential, even as the price target is significantly reduced. Investors will need to consider the new target price in the context of the company's current market performance.

Rating and Price Target Details

The following table outlines the revised analyst metrics for Fermi:

Metric	Value
Rating	Buy
Previous Price Target	$29
New Price Target	$17

The new price target of $17 represents a substantial decrease from the prior level of $29, indicating a shift in expectations for the stock's near-term trajectory.