Lightbridge Receives Notice of Allowance on Key Patent for its Metallic Nuclear Fuel in South Korea
July 19 2017 - 7:00AM
Lightbridge Corporation (NASDAQ:LTBR), a U.S.
nuclear energy company, today announced that it has received a
Notice of Allowance from the Korean Intellectual Property Office
(“KIPO”) for a key divisional patent covering two major inventions:
(1) Lightbridge’s innovative metallic fuel assembly design for
Western-type pressurized water reactors incorporating four-lobe,
helically twisted metallic fuel rods, and (2) the company’s
proprietary manufacturing method for metallic fuel rods using
powder metallurgy. The patent is expected to be issued once the
registration fee has been paid by Lightbridge.
Lightbridge’s growing patent assets in the U.S., European Union,
China and South Korea, among other nuclear markets, are another
milestone towards the full-scale deployment of fuel assemblies
based on the Lightbridge metallic fuel design.
“This latest patent expands the scope of our patent protection
in South Korea, an important world nuclear market and a global
supplier of nuclear technology,” said Seth Grae, President and CEO
of Lightbridge Corporation. “South Korea remains the world’s
fifth-largest user of nuclear energy, with more than 22 gigawatts
of installed capacity producing about a third of its electricity.
By expanding Lightbridge’s worldwide patent portfolio, including in
South Korea, Lightbridge is positioning itself to meet the fuel
demands of the world’s major nuclear markets.”
South Korea has 24 nuclear power reactors in operation—including
Shin Kori 3, the country’s newest unit, an APR1400 that went online
in December 2016. Three additional APR1400 units are under
construction in South Korea. In the United Arab Emirates, a
consortium led by Korea Electric Power Corporation is constructing
four APR1400 units, the first of which was completed in May 2017.
KEPCO is also in advanced negotiations to pursue the construction
of APR1400 units in the United Kingdom, according to recent media
reports.
“Lightbridge metallic fuel could be particularly attractive in
South Korea. It can produce up to 30 percent more power than
existing fuel in new reactor designs, while reducing operating
costs and enhancing the safety of existing nuclear reactors,” Grae
said.
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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