BABBITT— Pulsar Helium is beginning to make big moves as it advances its Topaz helium project here in the expectation of moving to full commercial production by late next year.
With the new state law, passed by the Legislature back in May, the regulatory framework for helium production in the state is now in process and, for Pulsar, that means interest from investors is increasing. Earlier this month, the company reported that it raised $25.5 million in gross proceeds from its fundraising placement, with funds earmarked for its Topaz project. That increases the total number of shares in the company to 25.4 million.
The company recently concluded its Jetstream exploration and appraisal program and is now obtaining quotes for the drilling of up to four new production wells to supplement two production-ready wells already drilled. All of the wells drilled to date have encountered helium gas at very high pressure.
The company has also announced this month that it has purchased 1,360 acres of land located in and around its project area for $2.48 million from Wolf Lands, Inc. The property, which includes Pulsar’s Jetstream No. 7 well, lies above the mineral rights that the company holds under an agreement with a separate private owner.
“This acquisition, driven by our intention to develop Topaz into a significant primary helium producer, builds on growing momentum at the project as we move decisively toward production readiness,” said company CEO Thomas Abraham-James in a statement. “It also follows recent legislative progress updating Minnesota’s permitting framework for helium extraction.
Company officials say the land purchase “further strengthens long-term operational control as Pulsar advances toward production readiness.” That includes greater certainty over the location of future infrastructure needed for the project, including facilities for the liquefaction of helium and the capture of CO, another major component of Pulsar’s gas discovery, which the company can capture and sell in addition to helium.
The company also announced that it has signed binding letters of intent for the construction of liquefaction and carbon capture facilities designed to capture 300 tons per day of CO2, equivalent to approximately 109,500 tons per year assuming a 365-day operating basis. The company expects helium liquefaction capacity of approximately 22,560 liters per day or about 8.2 million liters per year, before allowing for a variety of variables. On a gaseous helium equivalent basis, the helium liquefaction capacity represents approximately 0.6 million cubic feet per day or approximately 219 million cubic feet per year.
“This is not a small pilot plant,” noted Abraham-James. “It is the type of infrastructure that can move Pulsar into meaningful commercial production.” The equipment package associated with the facilities comes with an estimated price tag of $78.7 million. The companies were hoping to have their definitive agreement concluded for the purchase by July 31.
Auspicious timing
Pulsar officials note that their recent developments come amid a sharp tightening of global helium supplies, driven by disruption to the Strait of Hormuz, drone and missile attacks on QatarEnergy’s Ras Laffan facilities (Qatar supplies approximately 35 percent of the world’s helium), and new Russian export controls in place through the end of 2027.
In the United States, some helium customers have already been subject to allocation measures and surcharge notices from major industrial gas suppliers, underscoring the urgent need for secure, domestic, primary helium supply.
The company has not only discovered helium, it has discovered helium-3, an exceedingly rare and valuable commodity here on Earth. According to the company, the isotope is highly sought after for a range of advanced technological applications, including ultra-low temperature cooling systems required for quantum computing. It commands astonishing prices, of approximately $2,500 per liter and is so rare on Earth that companies have been weighing extracting the material on the Moon.
Pulsar President Cliff Cain, at a recent conference, called that potentially unnecessary. “Before the world spends billions launching rockets to extract helium-3 from the Moon, Minnesota offers a practical opportunity here on Earth,” Cain told attendees at Quantum Tech World 2026. “Our verified helium-3 discovery demonstrates the potential for domestic production of a rare and strategically important resource that could support next-generation technologies.”