US-based helium project development company Pulsar Helium (Pulsar) is to acquire full ownership of Quantum Hydrogen after signing a non-binding term sheet earlier this month.

The acquisition means that Pulsar will gain exclusive mineral rights for non-hydrocarbon gases in Minnesota (59,100 gross acres) that are located in St Louis and Itasca counties, to the west of Pulsar’s Topaz project.

Once the transaction is completed, Pulsar will increase its gross acreage in the state by around tenfold. According to the company, the geology of the site bears characteristics similar to Topaz, where recent testing indicates the presence of helium and hydrogen.

“The assets will expand our helium exploration footprint in Minnesota by approximately 1,000%, providing us with additional acreage nearby to our flagship Topaz project, with similar geology that could potentially host helium accumulations,” said Thomas Abraham-James, President & CEO of Pulsar.

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