Lightbridge Vice President Dr. Aaron Totemeier Appointed to the Advanced Nuclear Energy Technologies Working Group of the Virginia Nuclear Energy Consortium
July 11 2022 - 7:00AM
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 Advanced Nuclear Energy
Technologies Working Group (the “Working Group”) of the Virginia
Nuclear Energy Consortium (VNEC) effective immediately.
VNEC was created to represent stakeholders
invested in the development of nuclear energy, including the state
of Virginia, institutions of higher education, nuclear energy
companies, suppliers, and local organizations who support the
advancement of the nuclear industry. The Advanced Nuclear Energy
Technologies Working Group materialized from Virginia House Bill
894 signed by Virginia Governor Glenn Youngkin to “convene a
stakeholder work group to identify strategies and any needed public
policies, including statutory or regulatory changes, for promoting
the development of advanced small modular reactors in localities in
the Commonwealth.”
The first meeting of the working group will take
place today, Monday, July 11 in Richmond, VA, and will include Dr.
Kathryn Huff, Assistant Secretary for Nuclear Energy at the U.S.
Department of Energy.
Dr. Aaron Totemeier commented: “I am excited to
join this important Working Group on behalf of Lightbridge.
Momentum continues to build in our industry, as well as the public
sector, towards accelerating the advancement of next-generation
nuclear technologies, including small modular reactors and the
fuels that support them. Lightbridge is developing Lightbridge
Fuel™ to increase the operational efficiencies and benefits of
future SMRs, along with existing reactors. Expanding nuclear power
is central to tackling climate change and strengthening energy
security, and I am very pleased to join my esteemed colleagues in
this critical initiative for Virginia.”
Current VNEC members include Lightbridge,
Dominion Energy Services, GE Hitachi Nuclear Energy, Liberty
University, Newport News Shipbuilders, Virginia Commonwealth
University (VCU), and Virginia Tech.
About the Virginia Nuclear Energy
Consortium (VNEC)
The Virginia Nuclear Energy Consortium (VNEC)
established by Virginia statute in 2013 and created in 2015, seeks
to facilitate, encourage and advance the nuclear industry in
Virginia through collaboration among industry participants,
colleges and universities and not-for-profits in areas of need and
interest to its members. To learn more about VNEC please go to
www.virginianuclear.org.
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 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 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; 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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