Lightbridge Receives Notice of Allowance for Another Key Patent in China for its Metallic Nuclear Fuel
May 30 2017 - 8:15AM
Lightbridge Corporation (NASDAQ:LTBR), a U.S.
nuclear energy company, today announced that it has received a
Notice of Allowance in the People’s Republic of China for another
key patent covering a tri-lobe variant of its extruded metallic
fuel rods used in Russian-type VVER reactors. The actual grant of
the patent is contingent upon payment of the issuance fee which has
since been paid by Lightbridge. The patent is expected to be
issued in the coming weeks.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “This latest patent
expands the scope of our patent protection in China by adding
coverage for Russian-type VVER reactors, which are the dominant
type of reactors currently under construction worldwide. China has
two VVER-1000 reactors in operation at the Tianwan site, with two
more VVER-1000 units under construction and an additional two
VVER-1200 reactors being proposed for construction at the same
site. With our previously issued patents covering Western-type PWR
reactors, we have built a robust patent portfolio in China, which
represents a significant market for Lightbridge metallic fuel for
deployment in both existing and new-build reactors.”
China has 36 nuclear power reactors currently in
operation and 21 under construction. Additional reactors are
planned, to give more than a three-fold increase in nuclear
capacity to at least 58 GWe by 2020-21, then up to 150 GWe by 2030,
and much more by 2050, making China the largest growth market in
the world for nuclear power, according to the most current data
compiled by the World Nuclear Association.
“Lightbridge metallic fuel could be particularly
attractive in China, to offer a 30% power uprate capability to
new-build PWR and VVER nuclear power plants, resulting in an
estimated 13% reduction in upfront capital costs to build the
plants. Based on an estimated capital cost of $4,500 per kilowatt
of generating capacity, the capital cost savings could total
approximately $85 billion to deploy an additional 150 GWe of
nuclear power through 2050,” added Grae.
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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