ASP Isotopes forms joint venture for nuclear fuel production in Texas

WASHINGTON/DALLAS - ASP Isotopes Inc. (NASDAQ:ASPI), whose stock has surged over 378% in the past year and is currently trading near its Fair Value according to InvestingPro analysis, and its subsidiary Quantum Leap Energy LLC (QLE) have entered into a memorandum of understanding with Fermi America to develop advanced nuclear fuel production facilities at the planned HyperGrid campus near Amarillo, Texas, according to a press release issued Friday.

The non-binding agreement outlines plans for QLE and Fermi America to establish a joint venture for researching, developing, and producing High Assay Low Enriched Uranium (HALEU) for small modular reactors. The MOU also includes provisions for ASP Isotopes to lease space for a separate facility to produce stable isotopes and advanced materials. With a current market capitalization of $968 million and maintaining a healthy current ratio of 7.21, InvestingPro data shows the company is well-positioned to pursue these expansion initiatives. InvestingPro subscribers have access to 15+ additional insights about ASPI’s financial health and growth prospects.

The HyperGrid campus, leased from Texas Tech University System, is located near the DOE-operated Pantex Plant and is being developed as an energy infrastructure project expected to generate 11 GW of electricity. The site has been pre-qualified for nuclear deployment under DOE and NRC precedent studies.

Fermi America, co-founded by former U.S. Energy Secretary and Texas Governor Rick Perry, has submitted its license application to build four Westinghouse AP1000 reactors at the site, with construction planned to begin in 2027 and the first reactor operational by 2032.

"As a U.S. company, our goal has always been to bring these technologies to the United States to ensure that the United States has a domestic supply of these materials," said Paul Mann, Chairman and CEO of ASP Isotopes, in the press release.

The agreement follows ASP Isotopes’ previously announced supply agreements with TerraPower for HALEU from a facility in South Africa. The company has indicated it plans to spin out QLE as a separate public company listed on NASDAQ in the fourth quarter of 2025.

In other recent news, ASP Isotopes Inc. announced a $60 million offering of common stock, which is expected to close soon, generating significant proceeds for the company. Additionally, ASP Isotopes has expanded its operations with the addition of three new facilities and several agreements to enhance its capabilities in nuclear energy and medicine. The company has also entered into a strategic partnership with Isotopia Molecular Imaging Ltd. to enhance the production of Terbium-161, a promising isotope for cancer therapy. Furthermore, ASP Isotopes appointed Dr. Ryno Pretorius as CEO of its subsidiary, Quantum Leap Energy LLC, which focuses on advanced nuclear fuels. In another development, IsoBio, Inc., a radiotherapeutic development company, secured $5 million in seed funding from ASP Isotopes to advance its cancer-targeting technologies. These recent developments highlight ASP Isotopes’ active involvement in advancing nuclear energy and medical isotope production.

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