ASP Isotopes Inc. (NASDAQ:ASPI) shares are trading higher Monday after the company announced that its subsidiary, Quantum Leap Energy LLC, entered into a non-binding Memorandum of Understanding with a European nuclear technology company for advanced nuclear fuel supply collaboration.

Nuclear Fuel Supply Collaboration

The company said the MOU is focused on conducting a technical and economic assessment for a potential long-term collaboration involving the supply of high assay low enriched uranium, or HALEU, with uranium-235 content greater than 10%.

Under the proposed framework, the European partner would provide uranium feedstocks to Quantum Leap Energy's planned conversion and enrichment facilities. Quantum Leap Energy would then enrich the feedstocks to produce HALEU, including potential deconversion, for delivery to the partner company.

The MOU remains in effect through Dec. 31, unless terminated earlier by either party.

ASP Isotopes said the agreement includes assessments related to operational requirements, production scalability for conversion and enrichment, associated costs and commercial models.

The company also noted that the MOU includes non-binding estimates for HALEU quantities, with potential deliveries beginning in 2028 and scaling through 2036 based on the partner's reactor development timeline and anticipated fuel requirements.

"Securing reliable HALEU supply is one of the most critical challenges facing the advanced nuclear industry today. This MOU is a meaningful step in QLE’s mission to build enrichment capabilities that serve both U.S. and global markets," said Dr. Ryno Pretorius, CEO of Quantum Leap Energy.

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ASP Isotopes Stock Edges Higher

ASPI Price Action: ASP Isotopes shares were up 4.65% at $5.63 during early trading Monday, according to Benzinga Pro. Over the past month, ASPI has gained about 24.4% versus 8.9% rise in the S&P 500 and is up roughly 4% year-to-date compared to the index’s 7.6% gain.

This illustration was generated using artificial intelligence via Midjourney.