ASP Isotopes says it expects the former Renergen helium and gas project in the Free State to reach full production capacity by mid-2026, as the US-listed company moves to stabilise a project that has faced years of delays and investor scepticism.
The company, which acquired Renergen and its Virginia gas field near Welkom in the Free State, said in a statement released on Thursday that the project was progressing towards full commercial operation following renewed drilling and operational upgrades.
Speaking to Business Day on Friday, ASP Isotopes CEO Paul Mann said the plant is currently operating at about 35% utilisation, a level that had already been reached under Renergen prior to the acquisition, and that the company is now focused on increasing output by bringing additional wells online.
“The gas processing plant is complete, and it works,” Mann said. “What we haven’t had is enough wells feeding the plant. We are drilling additional wells now, which should take the plant to 100% capacity by around the middle of the year.”
In its Thursday update, the company said it expects utilisation to rise to about 60% in the near term as new production wells are connected to the plant, before scaling further as drilling continues.
The Virginia gas field — now referred to as the Renergen Helium Project — produces both helium and natural gas. The natural gas is liquefied for domestic use, including in transport and industrial applications, while helium is expected to be sold to international industrial and electronics markets.
Additional capital and expertise
The project has had a troubled operational history. Under Renergen, it faced repeated delays, slower-than-expected production ramp-ups and technical challenges, which weighed on investor confidence and raised questions about its commercial viability.
Mann said ASP Isotopes’ involvement has changed how the project is managed and executed.
“Renergen had a very small engineering team; it had about three engineers,” he said. “We have 40 engineers. We’ve brought additional capital, scale and specialist expertise.”
“We’ve also improved the geological and drilling work, which means the wells we drill now are more targeted and more effective,” he added.
While Mann said the project is now largely de-risked, he acknowledged that drilling remains an inherent uncertainty.
“Drilling is never risk-free — you don’t know if you’re going to hit gas every time,” he said. “But we’ve seen better outcomes recently, and that gives us confidence the project can now move forward more reliably.”
In the future, ASP Isotopes plans to advance a larger second phase of the project, subject to financing and further development work. Mann said the US government’s Development Finance Corporation was expected to provide about $500m to support the next phase.
In addressing investors’ concerns, Mann said, “Investors should take some comfort that we are now in charge of the project. We know how to operate, build and commission plants effectively, and we have an incredible team working on it. We’ve increased the engineering headcount tenfold compared to before.”
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