Enfission and Lightbridge Announce Successful Demonstration of Patented Manufacturing Process and Fabrication of Lightbridge ...
September 23 2019 - 8:30AM
Lightbridge Corporation (NASDAQ: LTBR) and Enfission, LLC, a joint
venture between Lightbridge and Framatome, today announced
successful demonstration of the manufacturing process and
fabrication of Lightbridge Fuel™ surrogate rods in a length that
could be usable in NuScale Power’s small modular reactors (SMR).
The demonstration included the production of several coextruded
rods using an internally developed and patented coextrusion
process. The fuel rod design is expected to increase core
performance, extend core life, lessen the number of refueling
outages, and offer reduced levelized cost of electricity.
The NuScale length Lightbridge Fuel™ rods (i.e., 6 feet in
length) were coextruded from billets contained in a zirconium
canister and resulted in a bonded cladding surrounding the
surrogate fuel material core. The surrogate materials were designed
to simulate the flow stresses, including temperatures and extrusion
pressures, expected in the manufacture of the Lightbridge Fuel™
rods utilizing a uranium-zirconium alloy.
Seth Grae, President & Chief Executive Officer of
Lightbridge Corporation and Enfission, commented, “This successful
demonstration marks a major milestone for Lightbridge and our
Enfission joint venture, as it represents first reduction to
practice for our proprietary manufacturing process and confirms rod
fabrication feasibility to 6 feet in length as a first step.
It also represents a leap forward towards commercial production of
Lightbridge Fuel™. It is important to note that these
surrogate rods were produced in the United States using our
patented technology and processes. We are now moving rapidly
towards a similar demonstration of full-length (i.e., 12 feet)
coextruded rods for the existing US fleet of large commercial
nuclear power plants and we look forward to providing further
updates.”
“We at NuScale look forward to exploring applications for
Lightbridge fuel in our groundbreaking NuScale Power Module (NPM),”
said Dr. Jose Reyes, co-founder and Chief Technology Officer for
NuScale Power. “We look forward to advancing this research
collaboration and Lightbridge’s ongoing progress in this
space.”
Demonstration of the coextrusion manufacturing process follows a
Memorandum of Understanding between NuScale and Enfission in May
2019, whereby the parties agreed to collaborate on the development
of research and testing programs to explore the application of the
Lightbridge Fuel™ technology in NuScale’s natural circulation SMR
design.
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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About Enfission
Enfission is a US-based 50-50 joint venture between Lightbridge
Corporation and Framatome. Enfission was established January 25,
2018 to complete the development, regulatory licensing, and
commercial deployment worldwide of nuclear fuel assemblies based on
multi-lobe metallic twisted fuel technology. Enfission will produce
Lightbridge Fuel™ assemblies initially for operators of U.S.
commercial nuclear power plants, then follow with production of
Lightbridge Fuel™ assemblies for other types of reactors and for
markets around the world. Additional information about the Company
is available at: www.enfission.net.
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 timing and outcome of research
and development activities and other steps to commercialization of
Lightbridge Fuel™. 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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