ASP Isotopes, which has its primary listing on the Nasdaq and a secondary listing on the JSE, has completed its acquisition of helium and natural gas producer Renergen.
The transaction combines ASP’s isotope enrichment business with Renergen’s Virginia Gas Project in South Africa. The company said the acquisition adds helium production to its portfolio alongside its existing isotope operations.
Helium is used in industrial and technology applications, including semiconductor manufacturing, electronics and medical equipment.
The Virginia project has received $40m (R658m) in funding from the US government’s International Development Finance Corporation (DFC). ASP said additional financing was being pursued to expand production capacity.
As part of the acquisition, Renergen CEO Stefano Marani has been appointed president of electronics and space at ASP, while former Renergen executive Nick Mitchell has been named co-CEO.
Trading in Renergen shares on the JSE was suspended on December 30. Shareholders received ASP shares, which began trading on the JSE on October 10, with South African investors able to trade from December 31 to allow for cross-border transfer.
The share exchange was completed on January 6, with cash payments for fractional share entitlements made in early January and some final payments extending into mid-January.
ASP, headquartered in Texas, operates isotope enrichment facilities in South Africa and the US and has described itself as a development-stage advanced materials company.
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