ASP Isotopes Inc. Enters Into a Contract with U.S.-Based Small Modular Reactor (SMR) Company for Project Focused on Engineering Design and Planning for Enrichment Facility for the Production of Advanced Nuclear Fuels

The contract focuses on preliminary engineering design and planning for an enrichment facility for the production of next generation nuclear fuels, and has an aggregate contract value of up to $2 million

WASHINGTON, April 08, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials company dedicated to the development of technology and processes for the production of enriched isotopes for use in multiple industries, today announced that it has entered into a contract with a U.S.-based SMR (Small Modular Reactor) company, pursuant to which the Company will engage in certain activities related to preliminary engineering design and planning for an enrichment facility for the production of nuclear fuels that are expected to be used in next-generation nuclear reactors in exchange for payments by the SMR company of certain fees.

Under the contract, the Company received an upfront payment and is eligible to receive additional payments based on the achievement of certain regulatory and key deliverable milestones, of up to an aggregate of $2.0 million.

The advanced nuclear fuels required during the next fifty years are expected to differ significantly from those used in the last fifty years. Without these advanced nuclear fuels, the world stands little chance of meeting 2050 climate goals. Specifically, many SMRs in the future will require HALEU (High Assay Low Enriched Uranium) and nuclear fusion will require Lithium-6.

During the next 30 years, global energy consumption will likely double⁽¹⁾. To meet 2050 climate goals, this must occur with a zero increase in carbon emissions. “Over the last several decades, the scientists at ASP Isotopes have developed some of the world's most advanced isotope enrichment technologies and we look forward to further using these technologies with a goal of solving some of our planet's greatest challenges,” said Paul Mann, Chairman and CEO of ASP Isotopes, and Chairman and CEO of QLE.

^{1.  IEA. “Net Zero by 2050 – Analysis.” IEA, www.iea.org/reports/net-zero-by-2050.}

About ASP Isotopes Inc.

ASP Isotopes Inc. is a pre-commercial 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”). 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).