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™ (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™ (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 or follow us on X and Facebook.

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