Lightbridge Announces U.S. Department of Energy Award to MIT to Study the Deployment of Accident Tolerant Fuels in Small Modular Reactors
June 22 2022 - 8:00AM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, today announced that the Massachusetts
Institute of Technology (“MIT”) has been awarded approximately
$800,000 by the U.S. Department of Energy’s (“DOE”) Nuclear Energy
University Program R&D Awards to study the deployment of
Accident Tolerant Fuels in Small Modular Reactors. The project will
be funded in its entirety by the DOE, with the goal of bringing
collaborative teams together to solve complex problems to advance
nuclear technology and understanding. Among other objectives, the
project will simulate the fuel and safety performance of
Lightbridge Fuel™ inside a small modular reactor (“SMR”) designed
by industry leader NuScale Power (NYSE: SMR). An abstract of the
study can be found here:
https://neup.inl.gov/FY22%20Abstracts/CFA-22-27048_TechnicalAbstract_2022CFATechnicalAbstract22-27048.pdf
Seth Grae, President and CEO of Lightbridge
commented, “We are honored to have the opportunity to collaborate
with MIT’s prestigous Department of Nuclear Science &
Engineering (NSE) in this important study, where MIT will simulate
the usage and safety performance of Lightbridge Fuel™ inside of a
NuScale Power small modular reactor. Importantly, this research
dovetails with our strategic focus on fueling SMRs of the future
and the potential additional benefits Lightbridge Fuel rods will
bring to SMRs.”
José N. Reyes, Ph.D., Co-founder and Chief
Technology Officer of NuScale Power commented, ”NuScale is proud to
have our groundbreaking SMR technology as a part of this important
study. We share the goals of the DOE and the Nuclear Energy
University Program in expanding access to nuclear energy, the
nation's largest source of clean power, while collaborating with
the next generation of nuclear industry leaders at MIT.”
“SMR's enhanced safety features provide
flexibility in adoption of future advanced fuel technologies for
improved performance,” commented Koroush Shirvan, Principal
Investigator of the study and assistant professor in MIT’s
Department of Nuclear Science and Engineering.
“We also appreciate the lasting commitment
demonstrated by the DOE to support the development of advanced
nuclear technologies like Lightbridge Fuel. Previously, Lightbridge
had been awarded two GAIN vouchers by the DOE, relating to our fuel
and our proprietary manufacturing process, respectively. Today’s
announcement provides Lightbridge another non-dilutive opportunity
to advance our fuel development, while further strengthening our
association with the DOE,” concluded Mr. Grae.
About Lightbridge
CorporationLightbridge (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 large light-water
reactors, which significantly enhances safety, economics, and
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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www.ltbridge.com or click here to watch the video.
Forward Looking StatementsWith 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; risks associated
with war in Europe; risks associated with limited availability of
conversion and enrichment services for nuclear fuel production;
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 31, 2021, 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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