Lightbridge Successfully Demonstrates High Temperature Co-Extrusion of Lightbridge Fuel™ Surrogate Rods for Commercial Scal...
September 24 2019 - 10:07AM
Lightbridge Corporation (NASDAQ: LTBR), a nuclear fuel
developer, and Enfission, LLC, a joint venture of Lightbridge
and Framatome, today announced successful demonstration of the
manufacturing process for 12-foot, commercial-length Lightbridge
Fuel™ rods using surrogate materials. The demonstration of
Lightbridge’s fuel manufacturing process utilizes an internally
developed and patented, high-temperature coextrusion process.
Lightbridge Fuel™ is designed to significantly enhance the
economics and safety of nuclear power, by extending core life,
increasing power output, lessening the number of refueling outages,
and operating about 1000° C cooler than standard fuel.
Seth Grae, President & Chief Executive Officer of
Lightbridge Corporation and Enfission, commented, “Production of
commercial-length coextruded rods, designed for the majority of
water-cooled reactors, marks another major milestone for our
Company. This is the first time our process has been demonstrated
for full length commercial reactors, and follows our recent
announcement that we had successfully demonstrated the process to
produce fuel rods at a length designed for small modular reactors.
The market for pressurized water reactors, boiling water reactors,
and pressurized heavy water reactors includes over 350 reactors
worldwide. The average annual fuel spend per reactor, per year is
approximately $50 million, which we estimate equates to a $20
billion addressable global market. Importantly, the 97 commercial
reactors in the US today produce nearly 60 percent of U.S.
emission-free electrical generation. Moreover, when comparing
statistics published by the U.S. Energy Information Administration
to an independent report on our fuel prepared by Siemens’ U.S.
subsidiary, Pace Global, we believe adding electricity generation
with our fuel will represent the lowest levelized cost of
electricity–even compared to natural gas.
“Lightbridge Fuel™ is designed for existing and new reactors,
improving their economics by increasing power output and enabling
longer fuel cycles. Lightbridge fuel adds non-carbon-emitting
baseload electricity with improved reactor safety. Lightbridge
invented and patented the technology, and has near-term plans to
demonstrate the fuel in a commercial reactor and in research
reactors.
“We are pleased to advance this project with our partner
Framatome, the world’s largest nuclear fuel manufacturer, through
our Enfission joint venture. We plan to manufacture the fuel in the
U.S for both domestic use and international export. Lightbridge and
Framatome plan to form Enfission Europe to serve the European
market. The technology is patented in all major markets around the
world including the U.S., Europe, China, Russia and other key
markets, which we believe will enable our fuel to far surpass the
competition due to the economic and other benefits.”
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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