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RNS Number : 5469K  Fermi Inc.  08 December 2025

Fermi America executes Electric Service Agreement with Southwestern Public
Service Company, a subsidiary of Xcel Energy, securing up to 200 MW of power

Natural gas pipeline being laid at Fermi America's Project Matador Campus

Amarillo, Texas - December 8, 2025 | Fermi America™
(http://www.fermiamerica.com/) (Nasdaq & LSE: FRMI) today announced a
signed, definitive Electric Service Agreement (ESA) with Southwestern Public
Service Company (SPS), a subsidiary of Xcel Energy, to provide up to 200
megawatts (MW) of electrical capacity to Fermi's 11 GW Project Matador Campus.

Under the terms of the ESA, and applicable tariffs, Xcel Energy's SPS
subsidiary will begin delivering 86 MW of electrical capacity in January 2026,
eventually ramping up to 200 MW.

 "This agreement is yet one more example of Fermi transforming intent into
execution, with the strong commercial and technical support of our friends at
Xcel Energy," said Larry Kellerman, Chief Power Officer of Fermi America.
"Securing reliable and cost-effective power from Xcel Energy today and working
together with them to grow our relationship over time is a key component of
Fermi's plans."

"Partnering with Xcel Energy helps demonstrate that reliable, large-scale
energy for artificial intelligence can be developed on time and on budget,"
said Toby Neugebauer, Co-founder and CEO of Fermi America.

The ESA provides up to 200 megawatts of power to Fermi's Project Matador
Campus in Amarillo, an important part of our power supply portfolio to support
large-scale artificial intelligence and computing operations. The electricity
will be delivered through SPS's high-voltage 115-kilovolt transmission system,
ensuring reliable electrical service.

"Xcel Energy is focused on meeting the growing energy needs of the Texas
Panhandle and is pleased to work with Fermi America on this project," said
Adrian Rodriguez, president, Xcel Energy Texas -New Mexico.

About Fermi America

Fermi America™ (http://fermiamerica.com/) (Nasdaq & LSE: FRMI)
(https://fermiamerica.com/) is pioneering the development of next-generation
private electric grids that deliver highly redundant power at gigawatt scale,
required to create next-generation artificial intelligence. Co-founded by
former U.S. Energy Secretary Rick Perry, and Co-founder and former Co-Managing
Partner of Quantum Energy, Toby Neugebauer, Fermi America™ combines
cutting-edge technology with a deep bench of proven world-class
multi-disciplinary leaders to create the world's largest, 11 GW next-gen
private grid. The behind-the-meter Project Matador campus is expected to
integrate the nation's biggest combined-cycle natural gas project, one of the
largest clean, new nuclear power complexes in America, utility grid power,
solar power, and battery energy storage, to deliver hyperscaler artificial
intelligence.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) is a leading energy provider, dedicated to serving
millions of customers with excellence. We make energy work better for
customers, helping them thrive every day. That means always raising the bar -
delivering better service and providing more reliable, resilient and
sustainable energy. We are committed to leading the clean energy transition,
meeting our customers' need for more, cleaner power, while keeping bills as
low as possible. Because the people we serve depend on us to power their
lives. Headquartered in Minneapolis, we work every day to generate and
distribute electricity and gas to customers across eight states: Minnesota,
Colorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico, and
Texas. For more information, visit xcelenergy.com
(https://my.xcelenergy.com/s/) or follow us on X (https://x.com/xcelenergy)
and Facebook (https://www.facebook.com/xcelenergy/) .

 

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