ASP Isotopes Inc. announced that it has entered into a contract with a U.S.-based SMR company, pursuant to which the Company will engage in certain activities related to preliminary engineering design and planning for an enrichment facility for the production of nuclear fuels that are expected to be used in next-generation nuclear reactors in exchange for payments by the SMR company of certain fees. Under the contract, the Company received an upfront payment and is eligible to receive additional payments based on the achievement of certain regulatory and key deliverable milestones, of up to an aggregate of $2.0 million. The advanced nuclear fuels required during the next fifty years are expected to differ significantly from those used in the last fifty years.

Without these advanced nuclear fuels, the world stands little chance of meeting 2050 climate goals. Specifically, many SMRs in the future will require HALEU (High Assay Low Enriched Uranium) and nuclear fusion will require Lithium-6.