Lightbridge Awarded U.S. Patent for Metallic Nuclear Fuel Assembly Design
June 20 2018 - 7:52AM
Lightbridge Corporation (NASDAQ:LTBR), a nuclear fuel technology
company, today announced it was awarded a key patent from the U.S.
Patent and Trademark Office related to its metallic nuclear fuel
assembly design. Design advantages of Lightbridge’s advanced
metallic fuel technology include:
- improved reactor operating
economics (increased power output and longer refueling
cycles);
- enhanced safety (1000 degrees C
cooler and does not reach temperatures to produce hydrogen);
- reduced waste and increased
proliferation resistance of spent fuel;
- ability to load follow for pairing
with renewable energy sources;
- extended licensed reactor
life.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented: “With this key
patent now granted in the United States, we are moving forward
aggressively with plans to commence testing of our fuel in a U.S.
research reactor by 2020, as well as deploy a lead test rod in a
U.S. commercial reactor by 2021. We are grateful and encouraged by
the industry support for our fuel technology, which has allowed us
to accelerate our commercial deployment timeline.”
“The segmented rod in a commercial reactor will
allow us to demonstrate and test different variants of the fuel
with one commercial-length rod, rather than with several smaller
rodlets in the Halden research reactor. The combination of the lead
test rod and irradiation testing in U.S. research reactors will
allow us to conduct the entire testing program in the United
States. We expect later this year or early next year to announce
formal arrangements for the lead test rod program with a U.S.
nuclear utility.”
This latest patent extends Lightbridge’s patent
portfolio coverage in the United States to cover an entire metallic
fuel assembly design for Western-type pressurized water reactors,
which comprise two-thirds of those in operation worldwide.
Lightbridge’s metallic fuel designs can also be adapted for use in
nearly all other types of power reactors around the world.
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, which significantly
enhances the economics and safety of nuclear power, operating about
1000° C cooler than standard fuel. In January 2018, Lightbridge and
Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to
develop, license, manufacture, and sell nuclear fuel assemblies
based on Lightbridge-designed metallic fuel technology and other
advanced nuclear fuel intellectual property. Enfission has the
exclusive rights to this technology and is responsible for the
development of manufacturing processes and fuel assembly designs
for pressurized water reactors (PWRs), boiling water reactors
(BWRs), water-cooled small modular reactors, and water-cooled
research reactors developed around this intellectual property. PWRs
and BWRs constitute the most widely used reactor types in the
world. Four large electric utilities that generate about half the
nuclear power in the US already advise Lightbridge on fuel
development and deployment. In addition to distributions from
Enfission based on the parties’ ownership interest in the joint
venture, Lightbridge anticipates receiving future licensing
revenues in connection with sales by Enfission of nuclear fuel
incorporating its intellectual property. 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
joint venture operating agreement and other binding agreements with
Framatome, the expected cooperation between Framatome and the
Company, the ability of commercial nuclear utilities to generate
more electricity from their nuclear power plants using Lightbridge
fuel, and that the economic and safety benefits of our fuel will
encourage greater use of nuclear power. 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 RudmanTel. +1 855-379-9900
ir@ltbridge.com
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