TerraPower, the nuclear innovation company founded by Bill Gates, has entered into a non-binding agreement with ASP Isotopes related to the construction of a uranium enrichment facility capable of producing high assay low-enriched uranium (Haleu) and the future supply of Haleu for TerraPower’s reactors.
Washington-based ASP Isotopes, which is developing technology and processes for the production of isotopes for use in multiple industries, said the “term sheet” with TerraPower outlines early-stage proposals for TerraPower to provide funding for the construction of a uranium enrichment facility and buy Haleu when the facility is in operation.
A term sheet is a document that outlines the key terms and conditions of a proposed investment or transaction.
The two companies hope to enter into a long-term supply agreement for TerraPower to buy all the Haleu produced at the facility over a 10-year period after the expected completion of the facility.