02:16 PM EDT, 10/30/2024 (MT Newswires) -- ASP Isotopes ( ASPI ) said Wednesday it signed a term sheet with TerraPower to construct a uranium enrichment facility that can produce High Assay Low-Enriched Uranium, or HALEU.

As part of the agreement, TerraPower will provide funds to construct the facility, ASP Isotopes ( ASPI ) said. The companies also plan on signing a long-term supply deal for all HALEU produced over a 10-year period, it added.

ASP Isotopes ( ASPI ) also said it is in talks with various financial institutions to secure additional funding for the facility.

Shares of ASP Isotopes ( ASPI ) were up more than 21% in recent trading.

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