ASP Isotopes enters into MOU with U.S. SMR company to supply HALEU

ASP Isotopes announced that it has signed a memorandum of understanding with a second US-based SMR company to establish a facility for producing High Assay Low Enriched Uranium, HALEU, a critical fuel for next-generation nuclear reactors. The Company has received interest from potential customers totalling over $30 billion of HALEU demand at recent market prices. The Quantum Enrichment process, an advanced isotope enrichment technique that is currently under development by ASP Isotopes and its subsidiary, Quantum Leap Energy, is intended to revolutionize HALEU production. The laser-based enrichment method promises affordability, lower production costs, and efficient construction, positioning HALEU and nuclear power as a cost-effective alternative to traditional, carbon-intensive electricity production. Management anticipates a future demand for HALEU for the new generation of HALEU-fuelled small modular reactors and advanced reactor designs that are now under development for commercial and government uses. Currently, there are no Western producers of HALEU in commercial quantities, and many SMR companies worldwide face substantial delays until this fuel supply issue is resolved. Demand is expected to grow, potentially exceeding the Nuclear Energy Institute estimates of 3,000 metric tons by 2035. This supply is crucial for the operation of SMRs, which are the key to the future of nuclear reactors. “Over the last several decades, the scientists now working at ASP Isotopes have developed some of the world’s most advanced isotope enrichment technologies. We look forward to leveraging these technologies to address one of the world’s most pressing supply chain challenges and contributing to global climate goals,” said Paul Mann, Chairman and CEO of ASPI and Chairman and CEO of QLE.