Lightbridge Receives Patent Approval for Advanced Metallic Fuel Rod and Fuel Assembly Design in Japan
June 28 2018 - 7:00AM
Lightbridge Corporation (NASDAQ:LTBR), a nuclear fuel developer,
today announced today that it has received a Notice of Allowance
for a new patent in Japan related to Lightbridge's innovative
metallic fuel rod and fuel assembly design. This patent is the
latest addition to the Company's growing intellectual property
portfolio and follows similar approvals in other markets worldwide.
The new patent is based on Lightbridge's 2014
Patent Cooperation Treaty (PCT) application and covers an
alternative embodiment of a multi-lobe fuel rod design; an
all-metal pressurized water reactor (PWR) fuel assembly design
incorporating multi-lobe fuel rods based on the alternative
embodiment; and an all-metal PWR fuel assembly design incorporating
multi-lobe fuel rods arranged into a mixed grid pattern, thereby
covering the all-metal fuel assembly design after the most recent
optimization.
Seth Grae, President & Chief Executive Officer of
Lightbridge Corporation, commented, “Japan represents an important
market for our fuel. In particular, our fuel is designed to
operate up to 1000 degrees C cooler and therefore does not reach
temperatures to produce hydrogen during a design-basis
loss-of-coolant accident. In addition, our fuel improves the
operating economics of existing plants through increased power
output and longer refueling cycles. As a result, we believe
Lightbridge fuel will play an important role in Japan’s nuclear
plant restart efforts.”
According to World Nuclear Association, Japan has 42 operable
nuclear reactors, with a combined net capacity of 40 GWe. At the
beginning of 2018, only five reactors had been brought back online,
with a further 21 in the process of restart approval following the
Fukushima accident in 2011. In the past, nuclear power accounted
for 30% of the country's electricity.
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
855-379-9900ir@ltbridge.com
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