Lightbridge Announces Long-Term Strategic Partnership with Idaho National Laboratory
December 12 2022 - 7:00AM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, has entered into landmark agreements with Idaho
National Laboratory (INL), in collaboration with the U.S.
Department of Energy (DOE), to support the development of
Lightbridge Fuel™. The framework agreements use an innovative
structure and consist of an “umbrella”
Strategic
Partnership Project Agreement (SPP) and an “umbrella”
Cooperative Research and Development Agreement
(CRADA), each with Battelle Energy Alliance, LLC (BEA),
DOE’s operating contractor for INL, with an initial duration of
seven years.
It is anticipated that the initial phase of work
under the two agreements will culminate in irradiation testing in
the Advanced Test Reactor (ATR) of fuel samples using enriched
uranium supplied by DOE. The initial phase of work aims to generate
irradiation performance data for Lightbridge’s delta-phase
uranium-zirconium alloy relating to various thermophysical
properties. The data will support fuel performance modeling and
regulatory licensing efforts for the commercial deployment of
Lightbridge Fuel.
It is anticipated that subsequent phases of work
under the two umbrella agreements will include post-irradiation
examination of the irradiated fuel samples, loop radiation testing
in the ATR, and post-irradiation examination of one or more
uranium-zirconium fuel rodlets, as well as transient experiments in
the Transient Reactor Test Facility (TREAT) at INL.
“U.S. nuclear power generation is more essential
than ever before in addressing climate change and achieving
net-zero carbon emissions,” stated Dr. Jess Gehin, Associate
Laboratory Director for Nuclear Science & Technology at INL.
“We are pleased to partner with American companies such as
Lightbridge to utilize our unique DOE national laboratory resources
to support the development of advanced nuclear fuel technologies
that enables U.S. leadership in nuclear energy.”
Seth Grae, President and CEO of Lightbridge,
said: “Today’s announcement marks a major milestone for Lightbridge
and our fuel development program. We look forward to working
closely with INL, which Congress has designated as the nation’s
lead nuclear energy research and development laboratory and is
DOE’s lead nuclear fuel testing laboratory. Securing a long-term
strategic relationship with INL, in collaboration with DOE, gives
Lightbridge access to state-of-the-art ATR and TREAT reactor test
facilities right here in the United States. It is encouraging to
see DOE demonstrating continued leadership in advancing nuclear
power, from extending the lives of existing reactors to funding
advanced nuclear technologies through programs like the GAIN
Voucher awards that we have been the recipient of twice. Entry into
these two framework agreements lays a strong foundation for
advancing our critical path fuel development efforts in the coming
years toward the commercial deployment of Lightbridge Fuel.
Additionally, we believe these agreements are an important
milestone in restoring America’s leadership in nuclear energy, and
demonstrate the innovation and progress taking place in meeting its
strategic goals relating to energy security and climate change for
the United States and its allies.”
For more information, please refer to
our 8-K filing with the Securities and Exchange
Commission.
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 (GAIN) 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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About Idaho National
LaboratoryBattelle Energy Alliance manages INL for the
U.S. Department of Energy’s Office of Nuclear Energy. INL is the
nation’s center for nuclear energy research and development, and
also performs research in each of DOE’s strategic goal areas:
energy, national security, science and the environment. For more
information, visit www.inl.gov. Follow us on social
media: Twitter, Facebook, Instagram and LinkedIn.
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; war in Europe;
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, 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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