Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR) and Centrus
Energy Corp. (“Centrus”) (NYSE American: LEU) today announced a
contract to conduct a front-end engineering and design (FEED) study
to add a dedicated Lightbridge Pilot Fuel Fabrication Facility
(LPFFF) at the American Centrifuge Plant in Piketon, Ohio.
The FEED study will identify infrastructure and licensing
requirements as well as the estimated cost and construction
schedule for the LPFFF. Centrus’ wholly-owned subsidiary,
American Centrifuge Operating, LLC, will lead the study, which is
expected to be completed in 2024.
“Centrus is proud to join forces with
Lightbridge to work towards creating high-assay low-enriched
uranium (HALEU) based fuels that have the potential to power both
existing as well as new reactors,” said Centrus President and CEO
Daniel B. Poneman. “Our plant in Ohio is the only HALEU production
plant in the world outside of Russia and would be an ideal site for
Lightbridge’s proposed facility. Since Lightbridge Fuel has the
potential to bring HALEU and its benefits to the existing fleet of
reactors, this partnership holds the potential to significantly
expand the market for HALEU.”
Seth Grae, President & Chief Executive
Officer of Lightbridge, commented, “This agreement with Centrus
marks a landmark moment for Lightbridge as we take concrete steps
towards establishing a pilot-scale facility to manufacture
Lightbridge Fuel. This facility will be instrumental in paving the
way for cleaner, safer, and more efficient nuclear energy by
bringing HALEU to existing reactors as well as to new reactors,
large and small. At COP28, the United States joined other countries
in pledging to triple nuclear power globally by 2050. We expect the
added power produced by reactors upgraded with Lightbridge Fuel—and
new small reactors powered by our fuel—to be key to meeting that
goal. We are thrilled to partner with Centrus, leveraging
their deep expertise and infrastructure to bring this vision to
life.”
About Lightbridge
CorporationLightbridge Corporation (NASDAQ: LTBR) is
focused on developing advanced nuclear fuel technology essential
for delivering abundant, zero-emission, clean energy and providing
energy security to the world. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
existing light water reactors and pressurized heavy water reactors,
significantly enhancing reactor safety, economics, and
proliferation resistance. The Company is also developing
Lightbridge Fuel for new small modular reactors (SMRs) to bring the
same benefits plus load-following with renewables on a zero-carbon
electric grid.
Lightbridge has entered into two long-term
framework agreements with Battelle Energy Alliance, LLC, the United
States Department of Energy’s (DOE) operating contractor for Idaho
National Laboratory (INL), the United States' lead nuclear energy
research and development laboratory. DOE’s Gateway for Accelerated
Innovation in Nuclear (GAIN) program has twice awarded Lightbridge
to support the development of Lightbridge Fuel over the past
several years. Lightbridge is participating in two university-led
studies through the DOE Nuclear Energy University Program at
Massachusetts Institute of Technology and Texas A&M University.
An extensive worldwide patent portfolio backs Lightbridge’s
innovative fuel technology. Lightbridge is included in the Russell
Microcap® Index. For more information, please visit
www.ltbridge.com.
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About Centrus
EnergyCentrus Energy is a trusted supplier of nuclear
fuel and services for the nuclear power
industry. Centrus provides value to its utility customers
through the reliability and diversity of its supply sources –
helping them meet the growing need for clean, affordable,
carbon-free electricity. Since 1998, the Company has provided its
utility customers with more than 1,750 reactor years of fuel, which
is equivalent to 7 billion tons of coal. With world-class technical
and engineering capabilities, Centrus is also advancing
the next generation of centrifuge technologies so that America can
restore its domestic uranium enrichment capability in the future.
Find out more at www.centrusenergy.com.
Forward Looking StatementsThis
news release contains "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
In this context, forward-looking statements mean statements related
to future events, which may impact our expected future business and
financial performance, and often contain words such as "expects",
"anticipates", "intends", "plans", "believes", "will", "should",
"could", "would" or "may" and other words of similar meaning. These
forward-looking statements are based on information available to
Lightbridge and Centrus as of the date of this news release and
represent their respective management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve known and unknown
risks, uncertainties, and other factors, which may be beyond our
control.
For Lightbridge Corporation, with the exception
of historical matters, the matters discussed herein are
forward-looking statements, including statements regarding the
anticipated benefits and results of the FEED study, the completion
of the LPFFF, and Lightbridge Fuel’s™ ability to utilize HALEU in
existing and future reactors, including SMRs. 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: Lightbridge’s ability to
commercialize its nuclear fuel technology; the degree of market
adoption of Lightbridge’s product and service offerings;
Lightbridge’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;
Lightbridge’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 Lightbridge’s
fuel development timeline; the increased costs associated with
metallization of Lightbridge’s nuclear fuel; public perception of
nuclear energy generally; changes in the political environment;
risks associated with war in Europe; changes in the laws, rules and
regulations governing Lightbridge’s business; development and
utilization of, and challenges to, Lightbridge’s 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 (the “SEC”). 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 31, 2022, and in its other filings with
the SEC, 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.
For Centrus Energy Corp., particular risks and
uncertainties that could cause Centrus’ actual future results to
differ materially from those expressed in Centrus’ forward-looking
statements include but are not limited to the following which are,
and will be, and any worsening of the global business and economic
environment as a result; risks related to component failure which
prevent plant operations or HALEU production; risks related to the
government's inability to satisfy its obligations under the HALEU
Operation Contract including supplying government furnished
equipment under the HALEU Operation Contract and processing
security clearances due to a government shutdown or other reasons;
risks related to whether or when government funding or demand for
HALEU for government or commercial uses will materialize; risks
related to (i) Centrus’ ability to perform and absorb costs under
our agreement with the DOE to deploy and operate a cascade of
centrifuges to demonstrate production of HALEU for advanced
reactors (the "HALEU Operations Contract"), (ii) Centrus’ ability
to obtain contracts and funding to be able to continue operations
and (iii) Centrus’ ability to obtain and/or perform under other
agreements; risks that (i) Centrus may not obtain the full benefit
of the HALEU Operation Contract and may not be able or allowed to
operate the HALEU enrichment facility to produce HALEU after the
completion of the HALEU Operation Contract or (ii) the HALEU
enrichment facility may not be available to Centrus as a future
source of supply; risks related to actions, including reviews, that
may be taken by the U.S. government, the Russian government, or
other governments that could affect Centrus’ ability to perform
under its contractual obligations or the ability of Centrus’
sources of supply to perform under their contractual obligations to
Centrus; risks related to uncertainty regarding Centrus’ ability to
commercially deploy a competitive enrichment technology; risks
related to the fact that Centrus faces significant competition from
major producers who may be less cost sensitive or are wholly or
partially government owned; risks related to the impact of
government regulation and policies including by the DOE and the
U.S. Nuclear Regulatory Commission; and other risks and
uncertainties discussed in this and Centrus’ other filings with the
SEC.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which apply only as
of the date of this news release. These factors may not constitute
all factors that could cause actual results to differ from those
discussed in any forward-looking statement. Accordingly,
forward-looking statements should not be relied upon as a predictor
of actual results. Readers are urged to carefully review and
consider the various disclosures made in this news release and in
both Centrus’ and Lightbridge’s other filings with the SEC,
including their respective Annual report on Form 10-K for the year
ended December 31, 2022, and other filings with the SEC that
attempt to advise interested parties of the risks and factors that
may affect their respective businesses. Centrus and Lightbridge do
not undertake to update any forward-looking statements to reflect
events or circumstances that may arise after the date of this news
release, except as required by law.
Lightbridge Contact:Matthew
Abenante, IRCDirector of Investor Relations Tel: +1 (347) 947-2093
ir@ltbridge.com
Centrus
Contacts:Investors: Dan
Leistikow at LeistikowD@centrusenergy.com Media: Lindsey
Geisler at GeislerLR@centrusenergy.com
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