ASP Isotopes Unit Locks Joint Venture With Necsa
The pact binds Quantum Leap Energy and the South African nuclear research corporation to build and run a HALEU plant at Pelindaba.
ASP Isotopes Inc. (ASPI) said a South African subsidiary of Quantum Leap Energy LLC, its wholly owned nuclear-fuels unit, and Nuclear Energy Corporation of South Africa SOC Limited executed an agreement establishing a binding commercial framework for a joint venture to develop, finance, construct, commission, own, and operate a test bench and commercial-scale facility for High-Assay Low-Enriched Uranium at Necsa’s Pelindaba site.
The pact converts a February 2026 pre-implementation services contract into a joint-venture structure. Under that earlier contract, Necsa agreed to provide facilities, infrastructure, utilities and services for siting, design, construction, commissioning and operation of an enrichment facility on the Pelindaba site, with a joint coordination committee of two representatives from each side. The new agreement is described as a binding commercial framework rather than a services arrangement.
Necsa will bring decades of experience in nuclear operations, safeguards and regulatory compliance to creating a trusted new source of commercial HALEU supply. Quantum Leap Energy’s stated objective for the collaboration is market readiness for HALEU production, using in-licensed and proprietary enrichment technology alongside Necsa’s established nuclear infrastructure, subject to site regulations, safety protocols, security requirements and National Nuclear Regulator approvals.
Pelindaba is South Africa’s main nuclear research center and the headquarters of Necsa. The planned uranium enrichment facility is designed to produce HALEU with an annual output of approximately 15 MTU. The company intends to construct its initial HALEU production facility at Pelindaba, subject to the receipt of all required permits and licenses to begin enrichment of uranium in South Africa, and the facility is expected to commence initial production in 2027 on that same permitting condition.
In May 2025, ASP Isotopes and certain subsidiaries entered definitive agreements with TerraPower, including a conditional term loan to partially finance the proposed Pelindaba enrichment facility and supply agreements covering HALEU for TerraPower’s Natrium plant in Wyoming and a contemplated 10-year supply period. The company is in discussions with financial institutions for additional capital, expected to be non-dilutive to ASPI shareholders and QLE convertible noteholders.
Quantum Leap Energy has also pursued other HALEU supply paths. In May 2026 it signed a non-binding memorandum of understanding with a European advanced reactor developer, with potential deliveries beginning in 2028 and scaling through 2036. In March 2026 it signed a non-binding MOU with a large U.S. energy company to evaluate support for U.S.-based HALEU and LEU+ facilities.
The joint-venture agreement does not state a deal value, an exchange ratio, a cash price, a disclosed premium or an expected close. Construction and first production remain subject to permits, licenses and regulatory approvals in South Africa.