Private Broadband Network Will Span Xcel
Energy's Service Territory in Minnesota, Michigan, Wisconsin, North
Dakota, South Dakota,
Colorado, Texas and New
Mexico
WOODLAND
PARK, NJ, and MINNEAPOLIS, Oct. 31,
2022 /PRNewswire/ -- Anterix (NASDAQ: ATEX) announced
today that Xcel Energy Services Inc., a subsidiary of Xcel Energy
Inc. (NASDAQ: XEL) has signed an agreement providing Xcel Energy
the use of Anterix's 900 MHz spectrum throughout the company's
service territory in eight western and midwestern states. The
agreement provides Xcel Energy dedicated use of the 900 MHz
spectrum for 20 years, with two optional ten-year extensions. Xcel
Energy plans to use the spectrum to deploy a private LTE network to
support its grid modernization initiatives for the benefit of its
3.7 million electricity customers and 2.1 million natural gas
customers.
"Xcel Energy is now the fourth major IOU to take that initial
step toward joining the 900 MHz private broadband movement.
Momentum continues to build, and as additional utilities follow
suit, the opportunities for collaboration and scale will grow as
well," said Rob Schwartz, Anterix's
President & CEO. "As a member of the Utility Strategic Advisory
Board, Xcel Energy will join forces with many other organizations
that are committed to the idea of adoption of private broadband and
the solutions it can provide industry wide."
Xcel Energy has conducted an extensive investigation of LTE
technology and Anterix's 900 MHz spectrum. Beginning in 2019, Xcel
Energy joined with Anterix, six other utilities, and the National
Renewable Energy Laboratory in a "high impact" project that
validated the performance of 900 MHz LTE in utility use cases.
About two years ago, Xcel Energy began a limited deployment of the
900 MHz private LTE at two Minneapolis sites. In addition, Xcel Energy is
an active member of the Utility Broadband Alliance, which "aims to
assist its members in planning, designing and deploying secure,
reliable and resilient private broadband networks to support
America's transforming critical infrastructure."
As part of the agreement, Xcel Energy has also committed to an
ongoing collaboration with Anterix which includes joining the
Utility Strategic Advisory Board of the Anterix platform. As a
member, senior executives from Xcel Energy will play a lead role in
promoting and sharing experiences on its evaluation and trials of
the Anterix integrated Platform. In addition, as mutually agreed
upon by the parties, Xcel Energy will support technology trials
with Anterix spectrum solutions and management services and will
also contribute to the Anterix Active Ecosystem on key initiatives
that support and address the current and future needs of
utilities.
"Xcel Energy is focused on delivering reliable, affordable and
sustainable energy to the states, the communities and the customers
we serve. Our commitment to a clean energy future requires a modern
grid capable of integrating a significant influx of distributed,
renewable energy resources," said Tim
Peterson, Senior Vice President and Chief Technology Officer
at Xcel Energy. "Secure, robust broadband communications is a
critical element of the modern grid."
For further information about the Anterix-Xcel Energy spectrum
lease, see the Xcel Energy Agreement Fact Sheet in the investor
information section of Anterix's website.
About Anterix
At Anterix, we are focused on delivering transformative private
broadband that enables the modernization of critical infrastructure
for the energy, transportation, logistics and other sectors of our
economy. As the largest holder of licensed spectrum in the 900 MHz
band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto
Rico, we are uniquely positioned to enable the private LTE
solutions that support secure, sustainable, resilient and
customer-controlled operations. www.anterix.com
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers
millions of homes and businesses across eight Western and
Midwestern states. Headquartered in Minneapolis, the company is an industry leader
in responsibly reducing carbon emissions and producing and
delivering clean energy solutions from a variety of renewable
sources at competitive prices. For more information, visit
xcelenergy.com or follow us on Twitter and Facebook.
Forward-Looking Statements
Certain statements contained in this press release, other than
historical information, constitute forward-looking statements
within the meaning of the Federal securities laws. Forward-looking
statements include, but are not limited to, statements regarding:
(i) Anterix's ability to qualify for and timely secure broadband
licenses in Xcel's service territories and (ii) Anterix's ability
to satisfy the other terms of its lease agreement with
Xcel. Any such forward-looking statements are
based on the current expectations of Anterix's management and are
subject to a number of risks and uncertainties that could cause
Anterix's actual future results to differ materially from its
management's current expectations or those implied by the
forward-looking statements. These risks and
uncertainties include, but are not limited to: (i) Anterix may not
be successful in commercializing its spectrum assets to its
targeted utility and critical infrastructure customers on a timely
basis and on favorable terms; (ii) Anterix may be unable to secure
broadband licenses from the FCC on a timely and cost-effective
basis; (iii) Anterix has a limited operating history with its
current business plan, which makes it difficult to evaluate its
prospects and future financial results and its business activities,
strategic approaches and plans may not be successful; and (iv) the
value of Anterix's spectrum assets may fluctuate significantly
based on supply and demand, as well as technical and regulatory
changes. These and other risk factors that may affect
Anterix's future results of operations are identified and described
in more detail in Anterix's most recent filings on Forms 10-K and
10-Q and in other filings that it makes with the SEC from time to
time. These documents are available on Anterix's website at
www.anterix.com under the Investor Relations section and on the
SEC's website at www.sec.gov. Accordingly, you should
not rely upon forward-looking statements as predictions of future
events. Except as required by applicable law, Anterix undertakes no
obligation to update publicly or revise any forward-looking
statements contained herein, whether as a result of any new
information, future events, changed circumstances or otherwise.
Contacts
Anterix
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate
Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Paul Gaige
Vice President
Hill+Knowlton Strategies
504-957-1434
Paul.Gaige@hkstrategies.com
Xcel Energy
Xcel Energy Media Relations
612-215-5300
mediainquiries@xcelenergy.com
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SOURCE Anterix Inc.