Lightbridge Signs Cooperative R&D Agreement with the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nucl...
July 19 2021 - 8:00AM
Lightbridge Corporation (“Lightbridge,” or the “Company”) (NASDAQ:
LTBR), an advanced nuclear fuel technology company, is pleased to
announce that it has executed a Cooperative Research and
Development Agreement (CRADA) with the Battelle Memorial Institute,
Pacific Northwest Division, the operating contractor of the Pacific
Northwest National Laboratory (PNNL), in collaboration with the
U.S. Department of Energy (DOE). The principal goal of this
agreement is to advance a critical stage in the manufacturing
process of Lightbridge Fuel™ by demonstrating a casting process
using depleted uranium-zirconium material. The total project value
of the CRADA is approximately $663,000, with three-quarters of this
amount funded by DOE for the scope performed by PNNL.
Seth Grae, President & CEO of Lightbridge
Corporation, commented, “We are excited to kick off our second
R&D initiative through the DOE and the GAIN program. The GAIN
program continues to be a superb opportunity for Lightbridge to
partner with the US government to gain access to world-class
personnel and facilities. Partnering with the GAIN program enables
us to save the high costs of time and capital to create these
experiments ourselves while retaining our intellectual property and
fast-tracking our R&D efforts. We hope to further our efforts
to partner with the DOE and the US government in advancing US
nuclear technology development, which in combination with
renewables helps address climate change and ensure the U.S.
maintains a global leadership position in nuclear technology.”
Ali Zbib, Manager of Nuclear Power Systems at
PNNL stated, “The partnership with Lightbridge will leverage PNNL’s
capabilities and expertise in nuclear fuels, particularly in
advanced uranium alloy casting to advance their Lightbridge Fuel™
technology.”
About Lightbridge
Corporation
Lightbridge (NASDAQ: LTBR) is an advanced
nuclear fuel technology development company positioned to enable
carbon-free energy applications that will be essential in
preventing climate change. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
Small Modular Reactors, as well as existing light-water reactors,
which significantly enhances reactor safety, economics, and fuel
proliferation resistance. To date, Lightbridge has been awarded
twice by the U.S. Department of Energy’s Gateway for Accelerated
Innovation in Nuclear program to support development of Lightbridge
Fuel™. Lightbridge’s innovative fuel technology is backed by an
extensive worldwide patent portfolio. Lightbridge is included in
the Russell Microcap® Index. For more information, please visit:
www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the
matters discussed herein are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the timing and outcome of research
and development activities, other steps to commercialize
Lightbridge Fuel™ and future governmental support and funding for
nuclear energy. 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
Company’s ability to commercialize its nuclear fuel technology; the
degree of market adoption of the Company's product and service
offerings; the Company’s ability to fund general corporate overhead
and outside research and development costs; market competition; our
ability to attract and retain qualified employees; dependence on
strategic partners; demand for fuel for nuclear reactors, including
small modular reactors; the Company's ability to manage its
business effectively in a rapidly evolving market; the availability
of nuclear test reactors and the risks associated with unexpected
changes in the Company’s fuel development timeline; the increased
costs associated with metallization of our nuclear fuel; public
perception of nuclear energy generally; changes in the political
environment; risks associated with the further spread of COVID-19,
including the ultimate impact of COVID-19 on people, economies, and
the Company’s ability to access capital markets; changes in the
laws, rules and regulations governing the Company’s business;
development and utilization of, and challenges to, our intellectual
property; risks associated with potential shareholder activism;
potential and contingent liabilities; 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, except as required by law.
Readers are cautioned not to put undue reliance on forward-looking
statements.
A further description of risks and uncertainties
can be found in Lightbridge’s Annual Report on Form 10-K for the
fiscal year ended December 31st, 2020, and in its other filings
with the Securities and Exchange Commission, including in the
sections thereof captioned “Risk Factors” and “Forward-Looking
Statements”, all of which are available at http://www.sec.gov/ and
www.ltbridge.com.
Investor Relations Contact:Matthew Abenante,
IRCDirector of Investor Relations Tel: +1 (646) 828-8710
ir@ltbridge.com
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