Lightbridge Reports Initial Testing and Demonstration of its Advanced Metallic Nuclear Fuel to be Conducted in the United Sta...
June 27 2018 - 2:28PM
Shifts Plans from Halden Reactor in Norway to
U.S. Sites
Lightbridge Corporation (NASDAQ:LTBR), a nuclear fuel technology
company, today announced that it plans to conduct the initial
testing and demonstration of its advanced metallic nuclear fuel in
the United States, in lieu of the Halden Reactor in Norway, at
sites the Company plans to announce later this year or in early
2019. The Company also reaffirmed plans to commence testing
of its 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.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “We are making
tremendous headway on both the commercial and regulatory
fronts. As a result, we are on track 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. In
anticipation of today’s announcement by Institute for Energy
Technology (IFE) about the planned closure and decommissioning of
the Halden research reactor in Norway, we previously shifted our
focus towards testing in the U.S. While we may conduct tests
at sites in Europe or other countries with suitable test
facilities, we are extremely pleased with the strong and growing
support in the U.S. at both the commercial and governmental
levels. We look forward to announcing formal arrangements for
irradiation testing of our fuel samples in a U.S. research reactor
and our lead test rod program with a U.S. nuclear utility later
this year or early next year.”
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.
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.
Forward Looking StatementsWith
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
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lightbridge (NASDAQ:LTBR)
Historical Stock Chart
From Sep 2023 to Sep 2024