Lightbridge Applauds Approval of Norway 123 Agreement
December 21 2016 - 7:30AM
Lightbridge Corporation (NASDAQ:LTBR), a U.S.
nuclear fuel technology company, today announced that the U.S.
government has approved renewal of a 123 Agreement between the
United States and Norway, which enables commercial nuclear energy
deals and clears the way for Lightbridge-designed fuel samples
manufactured using US-origin enriched uranium material to use
Norway’s 20-megawatt Halden research reactor.
Following votes by Congress, President Obama signed the
U.S.-Norway 123 Agreement legislation on Dec. 16. Proactive
Congressional approval of the 123 Agreement is unusual and marks
significant bipartisan support for this cooperation – normally such
accords are automatically sanctioned after 90 legislative days
unless a resolution of disapproval is adopted by Congress during
that time period.
Over the past year, Lightbridge has been collaborating with the
Institute of Energy Technology in preparation for testing of its
metallic nuclear fuel, which promises improved economics and safety
margins for nuclear power plants, in the Halden research reactor in
Norway. When the Norwegian Radiation Protection Authority approved
the Lightbridge fuel for testing in January 2016 it noted the
safety and performance advantages of the design.
Seth Grae, President & Chief Executive Officer of
Lightbridge Corporation, commented, “The approval of the 123
Agreement with Norway is good news for the U.S. nuclear energy
sector, especially for Lightbridge which will be using the Halden
research reactor to test our next-generation nuclear fuel. Halden’s
state-of-the-art facility can help us ensure that Lightbridge’s
innovative fuel technology achieves its high expectations for
delivering significantly improved economic and safety performance
for nuclear power plants around the world.”
In early 2016, Lightbridge and leading nuclear fuel manufacturer
AREVA announced a joint venture for the development, manufacturing
and commercialization of Lightbridge fuel. The companies agreed to
key terms in November and expect to finalize the joint venture in
the coming months.
About Lightbridge Corporation
Lightbridge (NASDAQ:LTBR) is a nuclear fuel technology company
based in Reston, Virginia, USA. The Company develops proprietary
next generation nuclear fuel technologies for current and future
reactors. The technology significantly enhances the economics and
safety of nuclear power, operating about 1000° C cooler than
standard fuel. Lightbridge invented, patented and has independently
validated the technology, including successful demonstration of the
fuel in a research reactor with near-term plans to demonstrate the
fuel under commercial reactor conditions. The Company has assembled
a world class development team including veterans of leading global
fuel manufacturers. Four large electric utilities that generate
about half the nuclear power in the US already advise Lightbridge
on fuel development and deployment. The Company operates under a
licensing and royalty model, independently validated and based on
the increased power generated by Lightbridge-designed fuel and high
ROI for operators of existing and new reactors. The economic
benefits are further enhanced by anticipated carbon credits
available under the Clean Power Plan. Lightbridge also provides
comprehensive advisory services for established and emerging
nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. For more
information please visit: www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the
matters discussed in this news release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the Company's
competitive position, the timing of demonstration testing and
commercial production, the Company's entry into agreements with
nuclear fuel manufacturers and the timing thereof, the potential
impact of the U.S. Clean Power Plan and similar regulations, the
Company's anticipated financial resources and position, the
Company's product and service offerings, the expected market for
the Company's product and service offerings. These statements
are based on current expectations on the date of this news release
and involve a number of risks and uncertainties that may cause
actual results to differ significantly from such estimates. The
risks include, but are not limited to, the degree of market
adoption of the Company's product and service offerings; market
competition; dependence on strategic partners; demand for fuel for
nuclear reactors; the Company's ability to manage its business
effectively in a rapidly evolving market; as well as other factors
described in Lightbridge's filings with the Securities and Exchange
Commission. Lightbridge does not assume any obligation to
update or revise any such forward-looking statements, whether as
the result of new developments or otherwise. Readers are
cautioned not to put undue reliance on forward-looking
statements.
Investor Relations Contact:
David Waldman/Natalya Rudman
Crescendo Communications, LLC
Tel. +1 855-379-9900
ltbr@crescendo-ir.com
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