Functional Brands closes $8 million private placement and completes Nasdaq listing
Investing.com -- ASP Isotopes Inc (NASDAQ:ASPI) stock rose 4.6% in premarket trading Wednesday after the company announced regulatory progress in its initiative to produce High-Assay Low Enriched Uranium (HALEU) in the United Kingdom.
The advanced materials company’s UK subsidiary, Quantum Leap Energy Ltd (QLE Ltd), has formally commenced early engagement for regulatory pathways with UK regulators on new nuclear projects. This development positions ASP Isotopes to potentially become the first commercial producer of HALEU in the UK.
Following successful completion of national security due diligence, the Department for Energy Security and Net Zero confirmed QLE Ltd’s eligibility to enter Early Engagement with the Office for Nuclear Regulation, the UK’s nuclear industry regulator.
HALEU is required to fuel most advanced modular reactor designs, making it a strategic component in the UK’s clean energy initiatives. Bill Eden, President of QLE Ltd, noted that producing HALEU will "contribute directly to the UK’s clean power, energy security, and economic growth agendas."
The company is now working on selecting an optimal site for UK operations while preparing nuclear site licence and environmental permit applications. Internal estimates suggest a potential pathway to full licensing within this decade, though definitive regulatory timelines have not been confirmed.
ASP Isotopes also announced that Rich Deakin has joined QLE Ltd as Senior Vice President and Managing Director of UK Strategic Projects. Deakin brings over 35 years of experience in the nuclear sector across the USA, UK, and Japan, having previously held senior roles at Rolls-Royce, NuScale Power, and Sellafield Ltd.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.