ASP Isotopes Inc. has announced the appointment of Dr. Ryno Pretorius, Ph.D., as the Chief Executive Officer of Quantum Leap Energy LLC (QLE), the company's subsidiary dedicated to developing and commercializing advanced nuclear fuels. Dr. Pretorius has extensive experience in chemical engineering and technology scale-up, having worked with the South African Nuclear Energy Company and as the CEO of Free Radical Process Design, a global consulting firm specializing in engineering technologies.
The company is preparing for the spin-out of QLE in the second half of 2025 and aims to build a strong leadership team for the subsidiary. QLE has entered into a loan agreement and related agreements with Terrapower, a US nuclear innovation company, for the construction of a new uranium enrichment facility capable of producing high assay low-enriched uranium (HALEU) at Pelindaba in South Africa. Discussions are also underway for building enrichment facilities in other regions, including the UK and the USA.
ASP Isotopes believes its proprietary quantum enrichment process will be able to produce HALEU at an attractive price, potentially accelerating the global adoption of new nuclear energy and contributing to climate goals. The company's first quantum enrichment facility, for the production of ytterbium-176, completed its commissioning phase in the first half of 2025, with commercial samples expected to be shipped during the third quarter of 2025.
With the increasing demand for advanced nuclear fuels in the next 50 years, particularly for small modular and advanced nuclear reactors, the appointment of Dr. Pretorius signifies the company's strategic focus on addressing the growing supply shortage of nuclear fuels and energy isotopes. The company anticipates a substantial demand for HALEU, estimating a potential demand of approximately 3,000 metric tons by 2035, with indications that this figure may be even larger based on discussions with potential customers.
In connection with his appointment, Dr. Pretorius has been granted 30,000 shares of the company's common stock, subject to continuous employment with the company or QLE. This restricted stock award was approved by the company's compensation committee and board of directors and granted under the company's 2024 inducement equity incentive plan.
ASP Isotopes Inc. is a development-stage advanced materials company focused on the production of isotopes for use in multiple industries. The company's proprietary technology, the Aerodynamic Separation Process (ASP Technology), is dedicated to enriching isotopes for the healthcare and technology industries, as well as the nuclear energy sector using quantum enrichment technology. The company's isotope enrichment facilities in Pretoria, South Africa, are dedicated to the enrichment of isotopes of elements with low atomic mass.
Following these announcements, the company's shares moved -9.46%, and are now trading at a price of $8.71. Check out the company's full 8-K submission here.
