ASP Isotopes enters MoU with Fermi America regarding joint venture

ASP Isotopes (ASPI) announced that the Company and its subsidiary, Quantum Leap Energy, entered into a Joint Venture Memorandum of Understanding with Fermi, regarding a joint venture pursuant to which the parties intend to collaborate on the research, development and ultimately the commercial production of advanced nuclear fuels on the planned HyperGrid Campus in Carson County, Texas. The non-binding MOU contemplates QLE and Fermi America entering into definitive agreements pursuant to which the parties will form a new entity in Texas as a joint venture for the research and development, and then the construction, of an advanced nuclear fuel enrichment facility capable of producing large quantities of High Assay Low Enriched Uranium for small modular reactors. It is anticipated that the advanced nuclear fuel facility will provide for the conversion and deconversion of uranium products, as well as the fabrication of fuel assemblies. In addition, the MOU contemplates ASPI entering into a separate lease for the development and construction of a 100% ASPI-owned enrichment research and commercial production facility for stable isotopes and advanced materials, which may include critical materials, such as Silicon-28, Germanium-70, Ytterbium-176, Nickel-64, Xenon-129, Zinc-68 and Chlorine-37. The property leased by Fermi America from the from the Texas Tech University System for the HyperGrid Campus is strategically located near the DOE-operated Pantex Plant near Amarillo, Texas, offering unique proximity to a federally hardened and environmentally characterized site. The site is pre-qualified for nuclear deployment under DOE and NRC precedent studies and is governed by sovereign institutional control held by Texas Tech University, as lessor. The HyperGrid Campus is expected to be the world’s largest hybrid energy and data infrastructure campus and is anticipated to generate over 11 GW of electricity to supply data centers, as well as other industries. Pantex is the primary United States nuclear weapons assembly and disassembly facility that aims to maintain the safety, security and reliability of the U.S. nuclear weapons stockpile and is home to the site where most U.S. nuclear weapons are constructed and assembled.