That article uses some interesting language in the first few paragraphs.
"The term sheet contemplates the preparation of definitive agreements pursuant to which TerraPower would provide funding for the construction of a high-assay low-enriched uranium (HALEU) production facility. In addition, the parties anticipate entering into a long-term supply agreement for the HALEU expected to be produced at this facility pursuant to which the customer would purchase all the HALEU produced at the facility over a 10-year period after the expected completion of the facility.
It is anticipated that the definitive agreements will be assigned to ASP Isotopes' wholly-owned subsidiary, Quantum Leap Energy LLC. The term sheet contains non-bindingandbinding provisions, including a period of exclusivity during which ASP Isotopes will not negotiate with third parties for the supply of HALEU or work on another ASP technology-based uranium enrichment facility."
I interpret that to mean that its a largely non-binding agreement for TerraPower that restricts who ASP Isotopes can negotiate with other than TerraPower. I suspect that TerraPower wants some insurance in case they can't get enough HALEU in America and that this term sheet is designed to help ASP Isotopes get access to funding to provde them that insurance.
TerraPower hasn't committed to a 10 year off take agreement yet and won't until ASP Isotopes can get the funding to build a plant.
Bill Gates also knows all about our Paducah project GLE and the Silex technology, He has publicly spoken of the resource all that waste respresents.
He may have wanted GLE to have applied for some of the HALEU fundiing. Who knows he may have been (or may still be) trying to do a similar deal with GLE. This might exert a bit of pressure on GLE to commit to building a HALEU plant sooner than we may have wanted to. Speculating here but this announcement would be a good negotiating tactic if you wanted a better deal from a US based supplier.
The other thing that's on my mind is the close relationship between South Affica and Russia. Could ASP Isotopes get some HALEU from the Russians until they get their plant up and running to meet a supply commitment to TerraPower. I reckon the Yanks would need to look at this carefully before allowing TerraPower to import this HALEU into the US. The other possibility is that TerraPower wants a source of supply outside the US if it wants to sell its power plants to foreign customers.
Lots of possibilities here. We certainly live in interesting times!
(20min delay)