Lightbridge Vice President Dr. Aaron Totemeier Appointed to the Small Modular Reactors Working Group of the U.S. Department of Commerce International Trade Administration
January 04 2022 - 8:00AM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, is pleased to announce that Lightbridge Vice
President of Fuel Cycle Technology and Fuel Fabrication Dr. Aaron
Totemeier has been appointed to the Small Modular Reactors (SMR)
Working Group of the U.S. Department of Commerce International
Trade Administration (ITA) effective immediately. As a member of
the SMR Working Group, Dr. Totemeier participates in targeted
briefings on relevant U.S. and European government activities and
policies and will be provided information on export opportunities
for prospective SMR markets in Europe.
“I am excited to join the esteemed SMR Working
Group and to support the important mission of the International
Trade Administration,” commented Dr. Totemeier. “Small modular
reactors represent a breakthrough technology that has the potential
to generate massive amounts of nuclear power, with the versatility
to be scaled up or down to meet energy demands and help power areas
where larger plants are not needed. As Europe faces rising energy
costs, importing SMRs and advanced nuclear technologies from the
United States can be an important step towards increasing Europe’s
energy security and diversifying its energy sources.”
Seth Grae, President and CEO of Lightbridge,
commented, “In early 2021, Lightbridge prioritized its fuel
development program towards powering the SMRs of the future,
because this is where the industry is heading. We believe that
Lightbridge Fuel™ can provide SMRs all the benefits that our
technology brings to large reactors, but with a more significant
and meaningful economic case for deploying and scaling SMRs. This
includes greater power upgrades, more efficient load following to
support renewables, and added economic benefits from its safety
enhancements. Therefore, we wholeheartedly support Aaron and the
SMR Working Group’s efforts to export this important technology
throughout Europe.”
The SMR Working Group will bring U.S. industry
and U.S. Government together through quarterly meetings with the
goal of expediting SMR deployment in European markets, positioning
U.S. companies to succeed in those markets, and working with the
European Commission and other European governments to expand
opportunities for collaboration with the U.S. Government and U.S.
industry. The SMR Working Group will provide members with sector
knowledge of European markets and networking opportunities with
prospective European customers, including European government
officials.
About Lightbridge
Corporation
Lightbridge (NASDAQ: LTBR) is an advanced
nuclear fuel technology development company positioned to enable
carbon-free energy applications that will be essential in
preventing climate change. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
Small Modular Reactors, as well as existing light-water reactors,
which significantly enhances reactor safety, economics, and fuel
proliferation resistance. To date, Lightbridge has been awarded
twice by the U.S. Department of Energy’s Gateway for Accelerated
Innovation in Nuclear program to support development of Lightbridge
Fuel™. Lightbridge’s innovative fuel technology is backed by an
extensive worldwide patent portfolio. Lightbridge is included in
the Russell Microcap® Index. For more information, please visit:
www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the
matters discussed herein 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 and funding 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; the Company’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, including
small modular reactors; the Company'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 the Company’s fuel development timeline; the increased
costs associated with metallization of our nuclear fuel; public
perception of nuclear energy generally; 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; changes in the
laws, rules and regulations governing the Company’s business;
development and utilization of, and challenges to, our 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. 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 31st, 2020 and in its other filings with
the Securities and Exchange Commission, 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.
Investor Relations Contact:Matthew Abenante,
IRCDirector of Investor Relations Tel: +1 (646) 828-8710
ir@ltbridge.com
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