ASP Isotopes Inc. (NASDAQ: ASPI) has achieved significant milestones during the year 2024. The company completed the construction of two ASP isotope enrichment facilities, with one awaiting the delivery of feedstock (carbon-14) and the second currently in the commissioning phase (silicon-28). The company also completed the construction of the first quantum enrichment facility for ytterbium-176, approximately 9 months ahead of schedule and under budget. This facility is currently in the commissioning phase and has successfully produced the first semi-finished material of enriched ytterbium-176.
The company signed contracts for the supply of highly enriched silicon-28 to enable next-generation semiconductors for quantum computing, artificial intelligence, and large data centers. Additionally, ASP Isotopes signed a research contract and a term sheet with Terrapower for the construction of a haleu production facility. The company also signed a memorandum of understanding (MOU) with NESCA (South African Nuclear Engineering Corporation) to develop an advanced nuclear fuel production facility at Pelindaba, South Africa.
Financially, the company raised approximately $84 million in a combination of debt and equity transactions and finished the third quarter of 2024 with approximately $51 million of cash on the balance sheet. The company's balance sheet has never been stronger.
ASP Isotopes completed the construction of two aerodynamic separation process (ASP) enrichment facilities in Pretoria, South Africa, over the last 36 months. The first is scheduled to enrich carbon-14 and the second, a multi-isotope facility, is scheduled to enrich silicon-28. Both of these facilities are expected to enter commercial production during the first half of 2025.
The company's silicon-28 enrichment facility, located at Koedoespoort, Pretoria, is approximately 40 times the size of the carbon-14 enrichment facility, measured on a separative work unit (SWU) basis. During 2024, the company signed two agreements for the supply of silicon-28 and is currently in discussions with multiple potential customers, expecting to sign additional supply agreements during the next six months.
ASP Isotopes' achievements extend to its research collaboration with Terrapower for the development of nuclear fuels, including the construction of a uranium enrichment facility capable of producing high assay low-enriched uranium (haleu). The company believes that its enrichment technologies can be deployed in a new haleu facility for considerably lower capital costs and in much less time compared to the construction of an enrichment facility using a traditional centrifuge process of haleu production.
The partnership with NECSA is expected to help establish South Africa as a leader in nuclear engineering, producing the advanced nuclear fuels required to help prevent climate change. The company anticipates that the partnership will mobilize hundreds of workers in local regions to build and operate the new manufacturing plant and support thousands of direct and indirect jobs across a nationwide manufacturing supply chain.
ASP Isotopes raised the bar in terms of transparency and open communication with all stakeholders and counterparties. The company welcomed over 60 investors and corporate clients to its facilities in South Africa during 2024 and looks forward to hosting another investor access event in January 2025, which is already fully booked.
Today the company's shares have moved 18.6% to a price of $5.93. For the full picture, make sure to review ASP Isotopes's 8-K report.
