Anterix Inc. announced that the company entered into an agreement with Xcel Energy Services Inc. providing Xcel Energy dedicated long-term usage of the Company's 900 MHz spectrum for a term of 20 years throughout the Company's service territory in eight states (the “Xcel Energy Agreement”). The Xcel Energy Agreement also provides Xcel Energy an option to extend the agreement for two 10-year terms for additional payments. The Xcel Energy Agreement allows Xcel Energy to deploy a private LTE network to support its grid modernization initiatives for the benefit of its approximately 3.7 million electricity customers and 2.1 million natural gas customers.

Xcel Energy agreed to support ongoing collaborations, including, among other things, the appointment of an Xcel Energy senior executive to the Company's Utility Strategic Advisory Board and technology trials of the Company's spectrum solutions and management services. The parties obtained all necessary internal approvals prior to executing the Xcel Energy Agreement. The Xcel Energy Agreement is subject to customary provisions regarding remedies, such as termination rights if a party fails to perform its contractual obligations.