ASP Isotopes Inc. (NASDAQ: ASPI) announced that Tetra4 Proprietary Limited, a subsidiary of Renergen Limited, has entered the commissioning phase of its liquid helium plant at the Virginia Gas Project in South Africa's Free State Province.

Tetra4, which has produced liquefied natural gas (LNG) since September 2022, is now working to bring its liquid helium production online. The company said it expects to ship the first commercial helium to customers in September 2026 and ramp production to nameplate capacity during the second half of 2026.

Phase 1 is projected to produce approximately 2,500 GJ per day of LNG and approximately 70 Mcf per day of liquid helium. Assuming prices of $15–$18 per GJ for LNG and an average of $600 per Mcf for liquid helium, the company said Renergen could generate revenues exceeding $27 million on an annualized basis following Phase 1 completion.

The company said it has signed take-or-pay contracts covering approximately 75% of Phase 1 LNG output and 15% of Phase 1 liquid helium. It expects to complete Phase 1 contracting during the third quarter of 2026 and begin contracting for Phase 2 volumes in the second half of 2026.

Phase 2, described as approximately 13 times the size of Phase 1, is expected to begin construction in the second half of 2026, with a construction period of approximately 44 months. The company said it intends to pursue up to $750 million in senior debt financing, with the U.S. International Development Finance Corporation and Standard Bank of South Africa each having previously indicated willingness to consider providing up to $500 million and $250 million, respectively, subject to binding agreements.

"Bringing a new source of liquid helium into production is a rare achievement anywhere in the world," said Paul Mann, Executive Chairman and Chief Executive Officer of ASP Isotopes, in a statement based on the press release.