ASP Isotopes Inc. Completes Construction Phase of Ytterbium-176 Enrichment Facility
ASP Isotopes Inc. (NASDAQ: ASPI) has announced significant progress in its isotope enrichment projects and strategic expansion. The company has completed the construction phase of its first Quantum Enrichment plant for Ytterbium-176 approximately nine months ahead of schedule, with commercial sales expected in 2025. This facility aims to address supply chain challenges in the radiopharmaceutical market, particularly for Lutetium-177 production.
Additionally, ASPI has recruited Lt. Col. William Eden, MBE, to lead its U.K. nuclear strategy, focusing on potential advanced nuclear fuel plant construction. The company is also exploring opportunities in high-assay low-enriched uranium (HALEU) production, with MOUs signed with U.S.-based Small Modular Reactor companies. These initiatives align with the growing global demand for nuclear energy and the need for secure, non-Russian isotope supply chains.
ASP Isotopes Inc. (NASDAQ: ASPI) ha annunciato progressi significativi nei suoi progetti di arricchimento degli isotopi e nella sua espansione strategica. L'azienda ha completato la fase di costruzione del suo primo impianto di Quantum Enrichment per Ytterbium-176 circa nove mesi prima rispetto al previsto, con vendite commerciali attese per il 2025. Questa struttura mira a affrontare le sfide della catena di approvvigionamento nel mercato radioterautico, in particolare per la produzione di Lutetium-177.
Inoltre, ASPI ha reclutato il Col. William Eden, MBE, per guidare la sua strategia nucleare nel Regno Unito, concentrandosi sulla possibile costruzione di impianti avanzati di combustibile nucleare. L'azienda sta anche esplorando opportunità nella produzione di uranio a basso arricchimento ad alto assayed (HALEU), con Memorandum of Understanding firmati con aziende di Small Modular Reactor con sede negli Stati Uniti. Queste iniziative si allineano alla crescente domanda globale di energia nucleare e alla necessità di catene di approvvigionamento di isotopi sicure e non russe.
ASP Isotopes Inc. (NASDAQ: ASPI) ha anunciado avances significativos en sus proyectos de enriquecimiento de isótopos y en su expansión estratégica. La compañía ha completado la fase de construcción de su primera planta de enriquecimiento cuántico para el Ytterbium-176 aproximadamente nueve meses antes de lo previsto, con ventas comerciales esperadas para 2025. Esta instalación tiene como objetivo abordar los desafíos de la cadena de suministro en el mercado de radiofármacos, especialmente para la producción de Lutetium-177.
Además, ASPI ha reclutado al Teniente Coronel William Eden, MBE, para liderar su estrategia nuclear en el Reino Unido, centrándose en la posible construcción de plantas avanzadas de combustible nuclear. La empresa también está explorando oportunidades en la producción de uranio de bajo enriquecimiento de alto contenido (HALEU), con memorandos de entendimiento firmados con empresas estadounidenses de Reactores Modulares Pequeños. Estas iniciativas se alinean con la creciente demanda global de energía nuclear y la necesidad de cadenas de suministro de isótopos seguras y no rusas.
ASP Isotopes Inc. (NASDAQ: ASPI)는 동위원소 농축 프로젝트와 전략적 확장에서 중요한 진전을 발표했습니다. 이 회사는 Ytterbium-176을 위한 첫 번째 양자 농축 공장의 건설 단계를 완료했습니다 요약 시간보다 약 9개월 빠르게, 상업적 판매는 2025년에 예상되고 있습니다. 이 시설은 방사성 의약품 시장에서 Lutetium-177 생산을 위한 공급망 문제를 해결하는 것을 목표로 하고 있습니다.
또한, ASPI는 그의 영국 핵 전략을 이끌기 위해 윌리엄 에덴 대령(MBE)를 영입했습니다 고급 핵 연료 공장 건설에 초점을 맞추고 있습니다. 이 회사는 또한 미국에 기반을 둔 소형 모듈 원자로 기업과 체결된 양해각서(MOU)를 통해 높은 농축 저농축 우라늄(HALEU) 생산 기회를 탐색하고 있습니다. 이러한 이니셔티브는 늘어나는 글로벌 핵 에너지 수요와 안전하고 비러시아산 동위원소 공급망의 필요성과 일치합니다.
ASP Isotopes Inc. (NASDAQ: ASPI) a annoncé des progrès significatifs dans ses projets d'enrichissement des isotopes et son expansion stratégique. L'entreprise a achevé la phase de construction de sa première usine d'enrichissement quantique pour l'Ytterbium-176 environ neuf mois en avance sur le calendrier, avec des ventes commerciales attendues pour 2025. Cette installation vise à résoudre les défis de la chaîne d'approvisionnement sur le marché des radio-pharmaceutiques, en particulier pour la production de Lutétium-177.
De plus, ASPI a recruté le Colonel William Eden, MBE, pour diriger sa stratégie nucléaire au Royaume-Uni, en se concentrant sur la construction potentielle d'usines avancées de combustible nucléaire. L'entreprise explore également des opportunités dans la production d'uranium faiblement enrichi à forte teneur (HALEU), avec des protocoles d'accord signés avec des entreprises américaines de petits réacteurs modulaires. Ces initiatives s'alignent avec la demande mondiale croissante d'énergie nucléaire et la nécessité de chaînes d'approvisionnement en isotopes sûres et non russes.
ASP Isotopes Inc. (NASDAQ: ASPI) hat erhebliche Fortschritte bei seinen Isotopenanreicherungsprojekten und der strategischen Expansion bekannt gegeben. Das Unternehmen hat die Bauphase seiner ersten Quantum Enrichment-Anlage für Ytterbium-176 abgeschlossen, etwa neun Monate vor dem Zeitplan, mit kommerziellen Verkäufen, die für 2025 erwartet werden. Diese Einrichtung soll die Herausforderungen in der Lieferkette des Radiopharmazeutikmarktes, insbesondere für die Produktion von Lutetium-177, angehen.
Darüber hinaus hat ASPI Lt. Col. William Eden, MBE, rekrutiert, um seine nukleare Strategie im Vereinigten Königreich zu leiten, mit dem Fokus auf den möglichen Bau fortschrittlicher Kernbrennstoffanlagen. Das Unternehmen untersucht auch Möglichkeiten in der Produktion von hochangereichertem, niedrig angereichertem Uran (HALEU), mit unterzeichneten Absichtserklärungen (MOU) mit in den USA ansässigen Unternehmen für kleine modulare Reaktoren. Diese Initiativen stehen im Einklang mit der wachsenden globalen Nachfrage nach Kernenergie und dem Bedarf an sicheren, nicht-russischen Isotopensupply-Ketten.
- Completed construction of Ytterbium-176 enrichment facility 9 months ahead of schedule
- Expected commercial sales of highly enriched Ytterbium-176 in 2025
- Potential to ease supply chain issues for essential radioisotopes in oncology treatments
- Recruited experienced military leader to advance U.K. nuclear strategy
- Exploring opportunities in HALEU production with potential customer requirements exceeding $37 billion by 2037
- Significant capital investment required for potential U.K. advanced nuclear fuel plant
- Competitive market with established players like Rosatom in isotope supply
- Dependence on successful commissioning phase for Ytterbium-176 facility
The completion of ASP Isotopes' Ytterbium-176 enrichment facility nine months ahead of schedule is a significant development in the radioisotope industry. This facility, utilizing Quantum Enrichment technology, could potentially disrupt the current monopoly held by Rosatom in Ytterbium-176 production. The accelerated timeline suggests improved efficiency and could lead to earlier revenue generation for ASP Isotopes.
The company's entry into the Ytterbium-176 market is timely, given the growing demand for Lutetium-177 in oncology treatments. With the beta-emitting radiopharmaceutical market expected to reach
The potential expansion into HALEU production in the UK aligns with the global push for nuclear energy expansion. With a projected
The accelerated construction of ASP Isotopes' Ytterbium-176 facility could have a substantial impact on oncology treatments. Ytterbium-176 is important for producing Lutetium-177, used in drugs like Novartis' Pluvicto, which has a
ASP Isotopes' entry into this market could potentially alleviate supply chain issues, benefiting thousands of cancer patients. However, it's important to note that the company still needs to complete the commissioning phase and secure customers. The 66 ongoing clinical trials for Lutetium-177-based drugs suggest a growing market demand, which could provide significant opportunities for ASP Isotopes if they can successfully commercialize their product.
Investors should monitor the company's progress in customer acquisition and production scalability as key indicators of its potential success in this promising but competitive market.
ASP Isotopes' ahead-of-schedule completion of the Ytterbium-176 facility could translate to earlier-than-expected revenue generation, potentially as soon as 2025. This accelerated timeline may positively impact the company's cash flow projections and valuation.
The company's strategic positioning in both the medical isotope and nuclear fuel markets presents diverse revenue streams. The projected
The recruitment of Lt. Col. William Eden signals ASP Isotopes' commitment to expanding its nuclear strategy, particularly in the UK. This move could lead to significant capital investments and job creation, potentially enhancing the company's market position and government relations. However, the capital-intensive nature of nuclear projects and regulatory hurdles should be factored into risk assessments.
Overall, while the news is positive, investors should closely monitor the company's ability to convert these opportunities into tangible financial results in the coming years.
- The Company has completed the construction phase of the first Quantum Enrichment plant for Ytterbium-176, approximately nine months ahead of the original schedule.
- The Company expects to offer highly enriched Ytterbium-176 for commercial sale during 2025 after completion of the commissioning phase.
- The Company announces the hiring of Lt. Col. William (Bill) Eden, MBE, who will lead the Company’s nuclear fuel operations in the United Kingdom.
WASHINGTON, Sept. 03, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes” or the “Company”), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced advances in its construction program and the hiring of key staff.
Ytterbium-176 Enrichment Facility
The Company’s Ytterbium-176 enrichment facility will be the Company’s third enrichment facility in South Africa and its first isotope enrichment facility to utilize Quantum Enrichment, a novel laser method of enrichment. The Company believes that this novel laser-based enrichment method promises affordability, lower production costs, and efficient construction, relative to other older generation methods of isotope enrichment. Construction of the Ytterbium-176 facility was originally planned to conclude during mid-2025; however, the team has managed to accelerate its construction timeline by approximately nine months.
Following a commissioning phase, this facility is expected to produce commercial quantities of highly enriched Ytterbium-176 for sale during 2025. Ytterbium-176 (176Yb) is a key stable isotope used in the production of Lutetium-177 (177Lu). Lutetium-177 is an emerging beta emitting radiopharmaceutical used in oncology drugs such as Novartis’ Pluvicto. There are currently two FDA approved drugs and more than 66 ongoing clinical trials for drugs that require Lutetium-177.
Consensus forecasts for Novartis’ Pluvicto exceed
“Currently, there exist significant supply-side challenges for many essential radioisotopes used in various oncology treatments. We have received a considerable amount of interest from customers in North America, Europe and Asia for Ytterbium-176 and we look forward to easing supply chains and improving the quality of life of thousands of patients every year”, said Paul Mann, ASP Isotopes Inc.’s Chairman and CEO.
Global Leader of ASPI’s U.K. Nuclear Strategy
The Company has recruited Lt. Col. William (Bill) Eden, MBE to lead the Company’s U.K. nuclear strategy. Bill’s 27-year career in the U.K. Army has involved serving two tours in Afghanistan, as well as serving as the British Army’s strategic liaison officer at The Pentagon, U.S.A and as a planning officer at NATO. He is currently serving within Land Command in the U.K. and expects to retire from the U.K. Army during 4Q 2024. Prior to joining the U.K. Army, Bill graduated from Cambridge University with an M.A. (Cantab) in Natural Sciences. Lt. Col Eden is expected to assume his responsibilities during the fourth quarter 2024.
“Bill’s leadership skills, experience in managing operations, 'complex projects and programmes, supply chains, logistics and security, as well as his experience of interacting with multiple governments and stake holders, makes him the ideal person to advance our nuclear strategy in the United Kingdom”, said Paul Mann, Chairman and CEO of QLE.
“Following a highly fulfilling and exciting career in His Majesty’s Armed Forces, I look forward to moving onto new challenges. The world is currently suffering from a great many supply chain issues that might prevent us from meeting 2050 climate goals. I look forward to helping solve some of these, improving energy security and assisting the U.K. in expanding its leadership position in nuclear energy”, said Lt. Col. Bill Eden.
The U.K. is one of many countries that have pledged to triple the amount of nuclear power by 2050. The U.K. has committed to deploy up to 24GW of nuclear power by 2050.(3) Basic nuclear fuels (e.g., low-enriched uranium) are currently supplied by a limited number of companies, and supply chains have been challenged for numerous years. Recent geopolitical events have highlighted the urgent need for additional investment into the nuclear fuel supply chain. For example, in May 2024, Russia’s state-owned uranium supplier, Tenex, notified its US customers of a potential force majeure event following a law recently signed by President Biden that bars imports of Russian nuclear fuel.
The Company is evaluating the potential opportunity to construct an advanced nuclear fuel plant in the United Kingdom, which would likely result in the inward investment of hundreds of millions of dollars from Quantum Leap Energy LLC and its partners and customers. The advanced nuclear fuel plant would likely create hundreds of permanent jobs in the United Kingdom. ASP Isotopes has previously announced that it has entered into two MOUs with U.S.-based Small Modular Reactor (SMR) companies that contemplate the SMR companies making capital investments into the development of high-assay low-enriched uranium (HALEU) enrichment facilities. Potential customers, with whom ASP Isotopes has been in discussions, have indicated their requirements of over
We believe HALEU will be required for the nuclear fuel component for the new generation of nuclear reactors, such as SMRs (small modular reactors), that are now under development for commercial and government uses. Currently, there are no Western producers of HALEU in commercial quantities, and many SMR companies worldwide face substantial delays until this fuel supply issue is resolved. The Nuclear Energy Institute estimates that there may be a HALEU supply shortage of approximately 3,000 metric tons by 2035. (4) However, based on discussions with and the interest received from potential customers, the Company believes this figure may be significantly larger.
Inducement Grant
In connection with his appointment, effective as of his employment start date, the Company granted Mr. Eden 200,000 shares of the Company’s common stock. Subject to Mr. Eden being continuously employed by the Company through each applicable vesting date, the shares will vest in eight equal instalments over four years, with 25,000 shares vesting on each of the six-month anniversaries of Mr. Eden’s employment start date. This restricted stock award was approved by the Company’s Compensation Committee and granted under the Company’s 2024 Inducement Equity Incentive Plan as an inducement material to Mr. Eden entering into employment with ASP Isotopes, in accordance with Nasdaq Listing Rule 5635(c)(4). The Company is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
| (1) | Lutetium-177 (Lu-177) Market Size, Scope And Forecast Report (marketresearchintellect.com) |
| (2) | Ravi et al, Clinical Implementation of 177Lu-PSMA-617 in the United States: Lessons Learned and Ongoing Challenges; J Nuc Med March 2023, 64 (3) 349-350 |
| (3) | UK releases roadmap to quadruple nuclear energy capacity : Nuclear Policies - World Nuclear News (world-nuclear-news.org) |
| (4) | NEI-Letter-for-Secretary-Granholm_HALEU-2021.pdf |
About ASP Isotopes Inc.
ASP Isotopes Inc. is a pre-commercial stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. The Company employs proprietary technology, the Aerodynamic Separation Process (“ASP technology”). The Company’s initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The Company also plans to enrich isotopes for the nuclear energy sector using Quantum Enrichment technology that the Company is developing. The Company has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with a low atomic mass (light isotopes).
There is a growing demand for isotopes such as Silicon-28, which will enable quantum computing, and Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 for new, emerging healthcare applications, as well as Chlorine-37, Lithium-6, and Uranium-235 for green energy applications. The ASP Technology (Aerodynamic Separation Process) is ideal for enriching low and heavy atomic mass molecules. For more information, please visit www.aspisotopes.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, without limitation, statements relating to the development of new technology for the enrichment of nuclear isotopes, the commencement of supply of isotopes to customers, and the construction of additional enrichment facilities. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements can be identified by words such as “believes,” “plans,” “anticipates,” “expects,” “estimates,” “projects,” “will,” “may,” “might,” and words of a similar nature. Examples of forward-looking statements include, among others but are not limited to, statements we make regarding expected operating results, such as future revenues and prospects from the potential commercialization of isotopes, future performance under contracts, and our strategies for product development, engaging with potential customers, market position, and financial results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including our reliance on the efforts of third parties; our ability to complete the construction and commissioning of our enrichment plants or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions; contracts, dependence on our Intellectual Property (IP) rights, certain IP rights of third parties; and the competitive nature of our industry. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. This press release includes market and industry data and forecasts that we obtained from internal research, publicly available information and industry publications and surveys. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Unless otherwise noted, statements as to our potential market position relative to other companies are approximated and based on third-party data and internal analysis and estimates as of the date of this press release. We have not independently verified this information, and it could prove inaccurate. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process and other limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic conditions or growth that were used in preparing the information and forecasts from sources cited herein. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements herein are qualified by reference to the cautionary statements set forth herein and should not be relied upon.
Contacts
Jason Assad– Investor relations
Email: Jassad@aspisotopes.com
Telephone: 561-709-3043
FAQ
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