Lightbridge and Pacific Northwest National Laboratory Complete Work Under U.S. Energy Department GAIN Voucher to Advance a Critical Stage in Lightbridge Fuel Manufacturing Process
February 27 2023 - 8:00AM
Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel
technology company, announced today that it has successfully
completed work under the U.S. Department of Energy’s (DOE) Gateway
for Accelerated Innovation in Nuclear (GAIN) voucher program to
support the development of Lightbridge Fuel, in collaboration with
Pacific Northwest National Laboratory (PNNL).
Working in collaboration with PNNL, the project
scope was to demonstrate Lightbridge’s nuclear fuel casting process
using depleted uranium, a key step in manufacturing Lightbridge
Fuel. Several castings were performed throughout the project, and
the cast ingots were analyzed. In an iterative process, the casting
methodology was modified based on the characterization results as
part of the process was a demonstration to achieve acceptable
results with PNNL’s existing equipment. The results of this work
will help Lightbridge determine a final process suitable to produce
fuel material coupons for our upcoming irradiation tests in the
Advanced Test Reactor.
Ali Zbib, PNNL nuclear industry program manager,
commented, “One of our missions at PNNL is to support U.S. nuclear
industry partners in advancing their technology. Working on this
GAIN-funded project was an excellent opportunity to use national
laboratory resources and expertise on these fuel development
efforts for light water reactors.”
Seth Grae, President and CEO of Lightbridge,
commented, “Completing the work under our second GAIN voucher
advances our ability to develop, demonstrate, and optimize the
manufacturing processes for Lightbridge Fuel.”
“I want to thank the teams at Lightbridge and
PNNL for their collaborative efforts. Our successful collaboration
with the GAIN Office at the U.S. Department of Energy and access to
U.S. national laboratories’ teams of experts and world-class
facilities enabled Lightbridge to make meaningful progress in our
fuel development program,” concluded Mr. Grae.
The PNNL report is titled ‘Casting and
Characterization of U-50Zr.’
About Lightbridge
CorporationLightbridge Corporation (NASDAQ: LTBR) is
focused on developing advanced nuclear fuel technology essential
for delivering abundant, zero-emission, clean energy and providing
energy security to the world. The Company is developing Lightbridge
Fuel™, a proprietary next-generation nuclear fuel technology for
existing light water reactors and pressurized heavy water reactors,
significantly enhancing reactor safety, economics, and
proliferation resistance. The Company is also developing
Lightbridge Fuel for new Small Modular Reactors (SMRs) to bring the
same benefits plus load-following with renewables on a zero-carbon
electric grid. Lightbridge has secured a long-term strategic
partnership with Idaho National Laboratory (INL), the United
States’ lead nuclear energy research and development laboratory, in
collaboration with the U.S. Department of Energy (DOE). DOE’s
Gateway for Accelerated Innovation in Nuclear (GAIN) program has
twice awarded Lightbridge to support the development of Lightbridge
Fuel. An extensive worldwide patent portfolio backs Lightbridge’s
innovative fuel technology. Lightbridge is included in the Russell
Microcap® Index. For more information, please visit
www.ltbridge.com.
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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; 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 (347) 947-2093
ir@ltbridge.com
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