ASP Isotopes Inc. Enters Into Memorandum of Understanding (MOU) With Second US-based Small Modular Reactor (SMR) Company To Supply High Assay Low Enriched Uranium (HALEU)
27 Novembre 2023 - 2:00PM
ASP Isotopes Inc. NASDAQ: ASPI (“ASP Isotopes” or the “Company”),
an advanced materials company dedicated to the development of
technology and processes for the production of isotopes for use in
multiple industries, today announced that it has signed a
memorandum of understanding with a second US-based SMR (Small
Modular Reactor) 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(1) 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 LLC (QLE), 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
(SMRs) 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(2).
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.
Quantum Leap Energy LLC plans to finance this
project through a combination of customer pre-orders and
partnerships, independently of ASPI’s primary financial
structure.
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage
advanced materials company dedicated to the development of
technology and processes to produce isotopes for use in multiple
industries. The Company employs proprietary technology, the
Aerodynamic Separation Process (“ASP technology”). The Company’s
initial focus is on producing and commercializing highly enriched
isotopes for the healthcare and technology industries. The Company
also plans to enrich isotopes for the nuclear energy sector using
Quantum Enrichment technology that the Company is developing. The
Company has isotope enrichment facilities in Pretoria, South
Africa, dedicated to the enrichment of isotopes of elements with a
low atomic mass (light isotopes).
There is a growing demand for isotopes such as
Silicon-28, which will enable quantum computing, and
Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and
Nickel-64 for new, emerging healthcare applications, as well as
Chlorine-37, Lithium-6, and Uranium-235 for green energy
applications. The ASP Technology (Aerodynamic Separation Process)
is ideal for enriching low and heavy atomic mass molecules. For
more information, please visit www.aspisotopes.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including,
without limitation, statements relating to the development of new
technology for the enrichment of nuclear isotopes, the funding of
operations, and the commencement of supply of isotopes to
customers. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations, and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy, and other future
conditions. Forward-looking statements can be identified by words
such as “believes,” “plans,” “anticipates,” “expects,” “estimates,”
“projects,” “will,” “may,” “might,” and words of a similar nature.
Examples of forward-looking statements include, among others but
are not limited to, statements we make regarding expected operating
results, such as future revenues and prospects from the potential
commercialization of isotopes, future performance under contracts,
and our strategies for product development, engaging with potential
customers, market position, and financial results. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks, and changes in circumstances that
are difficult to predict, many of which are outside our control.
Our actual results, financial condition, and events may differ
materially from those indicated in the forward-looking statements
based upon a number of factors. Forward-looking statements are not
a guarantee of future performance or developments. You are strongly
cautioned that reliance on any forward-looking statements involves
known and unknown risks and uncertainties. Therefore, you should
not rely on any of these forward-looking statements. There are many
important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements, including our reliance on the efforts
of third parties; our ability to complete the construction and
commissioning of our enrichment plants or to commercialize isotopes
using the ASP technology or the Quantum Enrichment Process; our
ability to obtain regulatory approvals for the production and
distribution of isotopes; the financial terms of any current and
future commercial arrangements; our ability to complete certain
transactions and realize anticipated benefits from acquisitions;
contracts, dependence on our Intellectual Property (IP) rights,
certain IP rights of third parties; and the competitive nature of
our industry. Any forward-looking statement made by us in this
press release is based only on information currently available to
us and speaks only as of the date on which it is made. We undertake
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise. This press release includes market and industry data and
forecasts that we obtained from internal research, publicly
available information and industry publications and surveys.
Industry publications and surveys generally state that the
information contained therein has been obtained from sources
believed to be reliable. Unless otherwise noted, statements as to
our potential market position relative to other companies are
approximated and based on third-party data and internal analysis
and estimates as of the date of this press release. We have not
independently verified this information, and it could prove
inaccurate. Industry and market data could be wrong because of the
method by which sources obtained their data and because information
cannot always be verified with certainty due to the limits on the
availability and reliability of raw data, the voluntary nature of
the data-gathering process and other limitations and uncertainties.
In addition, we do not know all of the assumptions regarding
general economic conditions or growth that were used in preparing
the information and forecasts from sources cited herein. No
information in this press release should be interpreted as an
indication of future success, revenues, results of operation, or
stock price. All forward-looking statements herein are qualified by
reference to the cautionary statements set forth herein and should
not be relied upon.
Contacts
Jason Assad– Investor
relationsEmail: Jassad@aspisotopes.comTelephone:
561-709-3043
1. IEA. “Net Zero by 2050 – Analysis.” IEA,
www.iea.org/reports/net-zero-by-2050.2. RFERL “Russia’s
Stranglehold on the World’s Nuclear Power cycle,”
https://www.rferl.org/a/russia-nuclear-power-industry
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