Financial Journalist
ASP Isotopes said its subsidiary Quantum Leap Energy (QLE) has signed a non-binding memorandum of understanding with a European nuclear technology company to explore a possible agreement to supply a specialised type of nuclear fuel used in new nuclear reactor designs under development.
The agreement, announced on Monday, sets out a framework for studies to determine whether QLE could take uranium material supplied by the European partner, process it into a usable form, and increase the level of the key energy-producing component so it can be used as nuclear fuel.
The fuel, known as high-assay low enriched uranium (Haleu), contains a higher concentration of uranium-235 than fuel used in most existing nuclear power stations. It is required for many new reactor designs that are under development, including smaller modular reactors several countries are working on.
Shares in ASP Isotopes rose more than 7% on the JSE on Monday, the biggest single-day gain in about three weeks, after the announcement. Investors have shown interest in companies linked to future nuclear fuel supply, though the agreement does not create any binding commercial commitment.
