REG - Fermi Inc. - Fermi and MVM EGI Announce Hybrid Cooling MOU

FermiAnnouncement

Today 12:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251201:nRSA7022Ja&default-theme=true

RNS Number : 7022J  Fermi Inc.  01 December 2025

Fermi America and MVM EGI Announce Water-Saving Hybrid Cooling Agreement for World's Largest Private Energy Grid, Delivering on Promises Made to Protect West Texas Water Resources

·    Agreement initiates the design and development of hybrid dry-wet
cooling towers, leveraging an existing, proven design platform to prioritize
air-based cooling and dramatically reduce water use compared to conventional
systems

·    Collaboration enables closed-loop circulation, minimizing evaporation
and ensuring good stewardship of the region's water resources

·    Delivering on promises made, the MOU reinforces Fermi's commitment to
put water conservation at the core of the project's cooling strategy from day
one

Amarillo, Texas (December 1, 2025) - Fermi America™ (Nasdaq: FRMI) (LSE:
FRMI), in partnership with the Texas Tech University System, today announced
it has signed a non-binding Memorandum of Understanding (MOU) with MVM EGI
Zrt., one of the world's leading hybrid dry-wet cooling innovators, to
engineer and develop a next-generation cooling system for Fermi's 11-gigawatt
private energy grid campus. The agreement marks a major step forward in
delivering reliable, clean energy at scale, while being good stewards of the
region's natural resources.

Under the non-binding MOU, Fermi America and MVM EGI will partner on
preliminary engineering, and feasibility studies for a series of indirect
hybrid cooling towers that will support both of Project Matador's 6 gigawatts
of combined-cycle natural gas generation and four AP1000 nuclear units.
Leveraging an existing, proven hybrid cooling design, the partnership will
adapt and optimize the system for West Texas conditions. Together, the
companies will define cooling requirements, evaluate tower configurations,
assess site and height constraints, and model the water-saving performance
that hybrid cooling can deliver at scale.

This early engineering work lays the foundation for the campus's long-term
cooling strategy. The MOU outlines a sequence of milestones-including
requirements definition, concept validation, and feasibility assessment-that
will lead to a detailed design. Construction of the first cooling tower is
scheduled to begin in January 2026, with the full cooling system completed by
2034 to match the phased build-out of the gas and nuclear units.

These hybrid towers represent a major advancement in responsible energy
development. By relying primarily on air cooling and circulating water through
closed-loop systems, the design sharply reduces evaporative loss, conserving
precious water resources. The collaboration also includes evaluation of
recycled and reclaimed water, as well as underground reservoirs and
solar-covered retention ponds-technologies that further limit evaporation and
protect the Ogallala Aquifer.

"Fermi isn't some out-of-town operation parachuting in. Our leadership is from
West Texas - we grew up on this dirt, and we care about the land and its
resources," stated Fermi America Co-Founder and CEO Toby Neugebauer. "As
promised, we're working with global innovators like MVM to ensure Project
Matador complements the long-term water needs of the region, building
something big, but doing it the right way."

"MVM EGI has been on the cutting-edge of power cooling for more than half a
century maintaining the heritage of our founders, Professor László Heller
and Professor László Forgó whom the high-capacity water-saving dry cooling
systems are named after worldwide," added MVM EGI P.L.C. CEO Péter Kárpáti.
"We are pleased to partner with Fermi America, the world's largest private
utility, to ensure efficient and responsible cooling of their gas generation
and nuclear power in the panhandle of Texas in line with our motto: Less
water, more power."

The collaboration reflects both companies' commitment to transparent,
community-oriented development. With billions of dollars in investment and a
99-year lease with the Texas Tech University System, Fermi America's business
model is directly tied to the health of the Panhandle and the long-term
sustainability of the Ogallala Aquifer. The MOU reinforces that alignment by
putting water conservation at the core of the project's cooling strategy from
day one.

For media inquiries, please contact:

Lexi Swearingen

Media@FermiAmerica.com (mailto:Media@FermiAmerica.com)

About Fermi America

Fermi America (https://fermiamerica.com/) ™ (Nasdaq: FRMI) (LSE: FRMI)
(https://fermiamerica.com/ (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 the Texas Tech University System

Established in 1996, the Texas Tech University System is one of the top public
university systems in the nation, consisting of five universities - Texas Tech
University, Texas Tech University Health Sciences Center, Angelo State
University, Texas Tech University Health Sciences Center El Paso and
Midwestern State University.

Headquartered in Lubbock, Texas, the TTU System is a more than $3 billion
enterprise focused on advancing higher education, health care, research and
outreach with approximately 21,000 employees and 64,000 students, more than
400,000 alums, a statewide economic impact of $19.2 billion and an endowment
valued at $3 billion. In its short history, the TTU System has grown
tremendously and is nationally acclaimed, operating at 20 academic locations
in 16 cities (15 in Texas, 1 international).

In addition, the TTU System is one of only nine in the nation to offer
programs for undergraduate, medical, law, nursing, pharmacy, dental and
veterinary education among other academic areas.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding our strategy, future operations, financial position, prospects,
plans and objectives of management. In some cases, you can identify
forward-looking statements because they contain words such as "may," "will,"
"will be," "will likely result," "should," "expects," "plans," "anticipates,"
"could," "would," "foresees," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential," "outlook," or "continue" or
the negative of these words or other similar terms or expressions. These
forward-looking statements are not guarantees of future performance, but are
based on management's current expectations, assumptions, and beliefs
concerning future developments and their potential effect on us, which are
inherently subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Our expectations expressed or implied in these
forward-looking statements may not turn out to be correct. Our results could
be materially different from our expectations because of various risks.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRFFLFBELLBFBK



            Copyright 2019 Regulatory News Service, all rights reserved