REG - Fermi Inc. - Update on AICA

FermiAnnouncement

12/12/2025 07:00

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RNS Number : 3201L  Fermi Inc.  12 December 2025

Fermi America update on AICA

 

Amarillo, Texas - December 12, 2025 | Fermi America™
(http://www.fermiamerica.com/) (the "Company") announced in September 2025
that it had entered into a non-binding letter of intent, dated September 19,
2025, with an investment grade-rated tenant (the "First Tenant") to lease a
portion of the Project Matador Site to the First Tenant, subject to
negotiation and execution of a definitive lease agreement. The Company
announced in November 2025, that the Company and the First Tenant entered into
an Advance in Aid of Construction Agreement, dated as of November 3, 2025 (the
"AICA"), pursuant to which the First Tenant agreed, subject to certain
conditions, to advance up to $150 million to fund construction costs. No funds
have been drawn under the AICA. The exclusivity period set forth in the letter
of intent expired at midnight on December 9, 2025. Subsequently, the Company
commenced discussions with several other potential tenants for power delivery
at the Project Matador Site in 2026. On December 11, 2025, the First Tenant
notified the Company that it is terminating the AICA, but the parties continue
to negotiate the terms of a lease agreement at Project Matador pursuant to the
letter of intent. The Company remains confident that it will be able to meet
its expected power delivery schedule at Project Matador as the demand for
behind-the-meter power for AI remains robust over the near and long term.

 

For media inquiries, please contact:

Lexi Swearingen

Media@FermiAmerica.com

 

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements that
involve substantial risks and uncertainties. The Company intends such
forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"). In some cases, you
can identify forward-looking statements by the words "anticipate," "assume,"
"believe," "continue," "could," "estimate," "expect," "foreseeable," "future,"
"intend," "may," "might," "objective," "ongoing," "plan," "potential,"
"predict," "project," "seek," "should," "will," or "would" and/or the negative
of these terms, or other comparable terminology intended to identify
statements about the future. They may include statements regarding our
intentions, beliefs or current expectations concerning, among other things,
the Company's potential customer pipeline and expected power demand and
delivery. Forward-looking statements are inherently subject to risks,
uncertainties and assumptions that are difficult to predict or quantify,
including those risks described in our Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2025 and our other filings with the SEC.
Forward-looking statements speak only as of the date of this Current Report on
Form 8-K. We do not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.

 

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