Bank of Nova Scotia acquired 848,400 shares in Fermi Inc. during the second quarter. The stake is valued at approximately $7.77 million. It represents a 0.13% ownership of Fermi. The investment adds another significant institutional investor to Fermi's shareholder base.
Fermi is an advanced energy and hyperscaler development company focused on powering the artificial intelligence sector. The company recently completed its 90-day strategic plan. This plan included signing its first anchor customer. It also involved appointing a new CEO. Fermi raised over $431 million in capital. The Bank of Nova Scotia investment occurs as Fermi continues its development phase before generating revenue.