ASP Isotopes Inc. (ASPI) and its subsidiary, Quantum Leap Energy LLC (QLE), have announced a joint venture memorandum of understanding (MOU) with Fermi America to collaborate on the research, development, and construction of an advanced nuclear fuel research and production facility at the planned 11GW Hypergrid campus in Carson County, Texas. The MOU contemplates the formation of a joint venture between QLE and Fermi America for the development of a High Assay Low Enriched Uranium (HALEU) enrichment research and commercial production facility. Additionally, the MOU also contemplates a lease at the planned Hypergrid campus for ASPI to construct a commercial production facility for stable isotopes and advanced materials.
Fermi America aims to meet the growing energy demands tied to AI infrastructure and has submitted its combined operating license application to build four Westinghouse AP1000 reactors as part of its Hypergrid project. The company plans to begin construction on the nuclear power complex in 2027 and aims to have the first reactor operational by 2032.
ASPI has previously announced that it has entered into two supply agreements with Terrapower, LLC for HALEU from an initial uranium facility they expect to construct at Pelindaba in South Africa. The initial core supply agreement is intended to support the supply of the required first fuel cores for the initial loading of Terrapower’s Natrium project in Wyoming during the 2027/28 timeframe. The long-term supply agreement is a 10-year supply agreement of up to a total of 150 metric tons of HALEU, commencing in 2028 through the end of 2037.
ASPI has also announced its intention to spin out QLE as a separate public company listed on the NASDAQ stock exchange in 4Q25.
The signing of the joint venture MOU with Fermi America was facilitated by Ocean Wall Limited, who acted as adviser to both ASP Isotopes and Fermi America in establishing this strategic partnership.
ASPI is a development 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), which is ideal for enriching low and heavy atomic mass molecules. 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).
The advanced nuclear fuels required during the next 50 years are expected to differ significantly from those used in the last 50 years, with AI demand requiring high base load energy, which will be partially supplied by large growth in the nuclear industry from small modular reactors. Many small modular and advanced reactors in the future are expected to require HALEU. The company has received interest from potential customers who collectively require over $37 billion of HALEU between the present day and 2037, at current market prices. Following these announcements, the company's shares moved -9.51%, and are now trading at a price of $9.565. If you want to know more, read the company's complete 8-K report here.
