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.
Under the MOU, first deliveries are targeted from 2028, with volumes expected to rise through to 2036 in line with the European partner’s reactor development plans. The agreement runs until December 2030 unless either party ends it earlier.
QLE is developing technologies used to separate and process materials for nuclear energy and other industrial uses
“Securing reliable Haleu supply is one of the most critical challenges facing the advanced nuclear industry today,” said Quantum Leap Energy CEO Ryno Pretorius. “This MOU is a meaningful step in QLE’s mission to build enrichment capabilities that serve US and global markets.”
The companies will assess whether production can be done at scale, what it would cost, and how a long-term supply arrangement could work. This includes whether QLE’s planned facilities would be able to supply local and international customers.
Global supply of Haleu is limited. Only a small number of facilities can currently produce it, while demand is expected to grow as more developers move ahead with plans for new nuclear reactors. Several countries are looking for additional supply options.
QLE is developing technologies used to separate and process materials for nuclear energy and other industrial uses. It is part of ASP Isotopes’ broader plan to build a position in specialist areas of the nuclear fuel supply chain.
In an April business update, the company’s first detailed operational outlook since completing its acquisition of Renergen and gaining control of the Virginia Gas Project in South Africa, CEO Paul Mann said ASP Isotopes expects to begin operating its technologies at commercial scale in 2026, with initial shipments planned across its main isotope products.
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