Lightbridge and AREVA NP Sign Agreements to Immediately Advance Fuel Development
November 15 2017 - 8:00AM
Lightbridge Corporation (NASDAQ:LTBR) and AREVA NP signed three
binding agreements that allow the companies to immediately advance
development of Lightbridge’s innovative metallic fuel technology
and protect all associated intellectual property while they
finalize their joint venture. Lightbridge is a U.S. nuclear fuel
development company and AREVA NP is a leader in servicing and
fueling today’s reactor fleet and advancing the future of nuclear
energy.
The three agreements include a Research and
Development Services Agreement, a Co-Ownership Agreement and an
Intellectual Property Annex. These agreements are an integral part
of the contemplated joint venture and document the final agreement
on intellectual property rights. The joint venture is expected to
launch in the first quarter of 2018.
Lightbridge’s innovative fuel technology is
designed to significantly improve the economics and safety of
existing and new nuclear power plants. The three agreements govern
joint research and development activities, and ownership of
intellectual property, including a grant of royalty-based rights of
use to existing intellectual property and co-ownership (on a 50-50
basis) of new intellectual property resulting from future joint
fuel development activities.
Seth Grae, President and CEO of Lightbridge,
said: “With each passing day, the call for innovative solutions to
improve nuclear energy’s economics and competitiveness only becomes
louder. The agreements we announced today enable us to immediately
advance development of Lightbridge’s innovative metallic fuel and
represent the first concrete step toward monetization of our
intellectual property. Lightbridge’s innovative fuel technology is
designed to make existing reactors significantly more competitive
with other sources of energy, which is needed now more than ever as
we witness well-run U.S. nuclear plants close early and new
construction projects canceled.”
Gary Mignogna, President and CEO of AREVA Inc.,
said: “These agreements are an important step forward in
establishing our joint venture with Lightbridge to bring their
state-of-the-art metallic fuel technology to market. Partnerships
like this are vital to ensure that today’s nuclear energy
facilities have the technologies they need to operate efficiently
for decades to come and can continue to provide needed low-carbon
and reliable electricity.”
Lionel Gaiffe, Senior Executive Vice President
of the Fuel Business Unit at AREVA NP, said: “These agreements pave
the way to accelerate the design, licensing and fabrication work.
Our teams and experts from engineering and manufacturing are fully
mobilized and very excited about this project. We are looking
forward to the introduction of lead test assemblies of this
promising technology. I am very proud to see an international team,
both from Europe and the United States, fully integrated and
working together with the team of our Lightbridge partner.”
On Sept. 6, 2017, Lightbridge and AREVA Inc.
(AREVA NP in North America) announced a binding Heads of Terms
Agreement, which will form the basis of the Joint Venture Operating
Agreement. That final agreement is expected to be signed in the
fourth quarter of 2017 and will establish the joint venture.
Since 2011, Lightbridge has received valuable
feedback on its fuel technology development through its Nuclear
Utility Fuel Advisory Board, comprised of four leading U.S. nuclear
utilities. Lightbridge also signed a letter of intent with a U.S.
nuclear utility to demonstrate its fuel at a commercial nuclear
power plant.
About AREVA NP
AREVA NP is a major international player in the
nuclear energy market focused on designing, building, maintaining
and advancing the global nuclear fleet. In North America, AREVA NP
(AREVA Inc.) combines U.S. and Canadian leadership to deliver
innovative solutions and value-added technologies to support the
operation of the commercial nuclear fleet and prepare for the next
generation of nuclear power plants. Leveraging the expertise of its
2,300 North American employees, AREVA NP is helping its customers
improve the safety and performance of their nuclear plants and
achieve their economic and societal goals.
Join the energy conversation with AREVA Inc. on
Twitter: @AREVA_NP_US, Facebook: AREVAinc, and our other social
media channels.
About Lightbridge
Corporation
Lightbridge (NASDAQ:LTBR) is a nuclear fuel
technology development 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.
To receive Lightbridge Corporation updates via
e-mail, subscribe at http://ir.ltbridge.com/alerts.cfm.
Lightbridge is on Twitter. Sign up to follow
@LightbridgeCorp at http://twitter.com/lightbridgecorp.
AREVA NP Press Contact:
Karen Heinold(434) 856-6560
media.relations@areva.com
Lightbridge Contact:David
Waldman/Natalya RudmanCrescendo Communications, LLCTel. +1
855-379-9900ir@ltbridge.com
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Apr 2023 to Apr 2024