Lightbridge Comments on Historic Nuclear Fuel Working Group Report
April 23 2020 - 12:17PM
Lightbridge Corporation (“Lightbridge,” or the “Company”) (NASDAQ:
LTBR), an advanced nuclear fuel technology company, commented today
on the Nuclear Fuel Working Group’s (NFWG) Report: Restoring
America’s Competitive Nuclear Advantage: A Strategy to Assure U.S.
National Security. The NFWG was established by President Trump in
July 2019 after a meeting held in the White House in February 2019
with nuclear industry leaders that included Lightbridge CEO Seth
Grae. The original goal of the NFWG was to develop recommendations
for reviving and expanding domestic nuclear fuel production, and
the recommendations in the report issued today are more
far-reaching.
Commitments towards funding research and
development for advanced fuels and high-assay low-enriched uranium
(HALEU) are major initiatives covered in the report, which are
necessary to meet industry and defense needs in the coming decade.
Most next-generation reactors and advanced fuels, including
Lightbridge Fuel™, require HALEU. HALEU production for Lightbridge
Fuel™ could lead to HALEU production that will be necessary for
advanced reactor designs that follow. In December, Lightbridge was
awarded a Gateway for Accelerated Innovation in Nuclear (GAIN)
program voucher, showing U.S. Department of Energy (DOE) support
for our technology, providing a strategic advantage upon which to
build.
Seth Grae, President and CEO of Lightbridge
Corporation said: “This report from the Nuclear Fuel Working Group
represents a breakthrough moment for the U.S. nuclear industry. Not
in at least a generation has there been a document with such
potential to restore America’s leadership in nuclear energy. I was
proud to be one of 10 industry leaders who met with President Trump
last year and participated in the discussion that helped lead to
forming the NFWG.
“It’s not a coincidence that our technology can
enable many of the policies outlined in the report. Lightbridge and
the NFWG have many of the same goals. Over the years, America has
gradually ceded its leadership position in nuclear energy to Russia
and China, which threatens American competitiveness and national
security. The policies outlined in the report will reverse this
trend, invigorating U.S. innovation to propel America back into
global leadership in nuclear energy.
“U.S. nuclear companies bring American
nonproliferation standards, as Lightbridge has done in our work in
the United Arab Emirates and as Lightbridge Fuel™ will convey
nonproliferation advantages because of its design. Lightbridge
Fuel™ is designed to improve the safety and economics of the
current large reactors as well as advanced small modular reactors
(SMRs). Our most recent investor presentation contains a slide that
shows just how large the market can be for new nuclear, and how
SMRs with our fuel present a big opportunity for Lightbridge.
“We look forward to commencing on our important
work under the GAIN voucher at Idaho National Laboratory in the
coming days and toward the enactment of the policies in the NFWG
report. The timing couldn’t be better for Lightbridge to leverage
its technology to advance these historic federal government
initiatives,” concluded Mr. Grae.
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is an advanced
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. Lightbridge
invented, patented and has independently validated the technology.
The Company has assembled a world class development team including
veterans of leading global fuel manufacturers. Four large electric
utilities that generate about half the nuclear power in the US
advise Lightbridge on fuel development and deployment. The Company
plans to operate under a licensing and royalty model, independently
validated and based on the increased power generated by
Lightbridge-designed fuel and high ROI for operators of existing
and new reactors. 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 timing and outcome of research
and development activities, other steps to commercialize
Lightbridge Fuel™ and future governmental support for nuclear
energy. 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
Company’s ability to commercialize its nuclear fuel technology; 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;
changes in the political environment; risks associated with the
further spread of COVID-19, including the ultimate impact of
COVID-19 on people, economies, and the Company’s ability to access
capital markets.
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, 2019 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at http://www.sec.gov/ and www.ltbridge.com .
Investor Relations Contact:
Porter, LeVay & Rose, Inc.Matthew AbenanteTel: 212-564-4700
ir@ltbridge.com
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