ASP Isotopes Stock Is Soaring Thursday — What's Going On?

ASP Isotopes Inc (NASDAQ:ASPI) shares are moving higher Thursday after the company announced the accelerated commissioning of its first quantum enrichment plant following the successful enriching of Ytterbium-176.

What To Know: ASP Isotopes announced the successful enrichment of Ytterbium-176 using quantum enrichment. The company said it accelerated the commissioning of its first quantum enrichment plant after it produced the first semi-finished material of enriched Ytterbium-176.

ASP Isotopes’ Ytterbium-176 enrichment facility was completed in August, approximately nine months ahead of schedule. It’s the company’s first isotope enrichment plant to utilize laser-based quantum enrichment. The commissioning phase was originally expected to take three to six months, but ASP said it produced enriched Ytterbium-176 during the first six weeks.

Based on the results, ASP believes that its plant will be capable of producing approximately 1 kg of highly enriched Ytterbium-176 per year. The company expects to be able to offer Ytterbium-176, enriched to 99.75%, for commercial sale in 2025. Samples are expected to become available in the first quarter.

“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 for thousands of patients every year”, said Paul Mann, executive chairman and CEO of ASP Isotopes.

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Based on the results of the commissioning phase, ASP Isotopes said it’s accelerating plans to construct Nickel-64 and Lithium-6/7 plants in South Africa. 

The company also noted that it believes its quantum enrichment process will be able to produce HALEU (High Assay Low Enriched Uranium) at an attractive price, allowing new nuclear energy to become available at a “green discount” to carbon-intensive electricity production processes. ASP said it’s in discussions with potential customers that anticipate requiring more than $37 billion of HALEU at recent market prices.

“This ‘green energy cost advantage’ is expected to help accelerate the global adoption of new nuclear energy, with a corresponding benefit to climate goals,” the company said.

ASP Isotopes is an advanced materials company focused on the development of technology and processes for the production of isotopes. The company aims to become a leading supplier of isotopes that are essential for developments in medicine, quantum computing and green energy production.

ASPI Price Action: ASP Isotopes shares were up 21.9% at $4.26 at the time of publication, according to Benzinga Pro.

Photo: Pixabay.