Lightbridge Awarded Patents in Europe and Eurasia for CANDU Metallic Nuclear Fuel Assembly
11 July 2019 - 11:00PM
Lightbridge Corporation (NASDAQ: LTBR), a nuclear fuel developer,
announced today that it has separately received Notices of
Allowance from the European Patent Office and the Eurasian Patent
Convention, which includes Russia and other territories across
Eurasia, for another key patent relating to its innovative metallic
fuel design. These new patent allowances are the latest addition to
the Company's growing intellectual property portfolio and follows
similar approvals in other markets worldwide.
These latest patents provide protection in
Europe and Eurasia for a fuel assembly design incorporating
multi-lobe metallic fuel rods for use in CANDU heavy water
reactors. According to the World Nuclear Association, there are 49
CANDU-type pressurized heavy water reactors currently in use around
the world.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “We continue to
aggressively expand our intellectual property portfolio around the
world. Both Europe and Eurasia represent key markets for our
proprietary technology, which is designed to enhance the operating
safety and efficiency of existing reactors as well as new reactors.
We recently received similar patents in the United States and China
for CANDU-type pressurized heavy water reactors and these patents
are an important addition to our rapidly expanding global patent
estate.”
About Lightbridge
Corporation
Lightbridge (NASDAQ: LTBR) is a nuclear fuel
technology development company based in Reston, Virginia, USA. The
Company develops proprietary next generation nuclear fuel
technologies for current and future reactors, which significantly
enhances the economics and safety of nuclear power, operating about
1000° C cooler than standard fuel. In January 2018, Lightbridge and
Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to
develop, license, manufacture, and sell nuclear fuel assemblies
based on Lightbridge-designed metallic fuel technology and other
advanced nuclear fuel intellectual property. Enfission has the
exclusive rights to this technology and is responsible for the
development of manufacturing processes and fuel assembly designs
for pressurized water reactors (PWRs), boiling water reactors
(BWRs), water-cooled small modular reactors, and water-cooled
research reactors developed around this intellectual property. PWRs
and BWRs constitute the most widely used reactor types in the
world. Four large electric utilities that generate about half the
nuclear power in the US already advise Lightbridge on fuel
development and deployment. In addition to distributions from
Enfission based on the parties’ ownership interest in the joint
venture, Lightbridge anticipates receiving future licensing
revenues in connection with sales by Enfission of nuclear fuel
incorporating its intellectual property. Lightbridge also provides
comprehensive advisory services for established and emerging
nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. For more
information please visit: www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the
matters discussed in this news release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the Company's
joint venture operating agreement and other binding agreements with
Framatome, the expected cooperation between Framatome and the
Company, the ability of commercial nuclear utilities to generate
more electricity from their nuclear power plants using Lightbridge
fuel, and that the economic and safety benefits of our fuel will
encourage greater use of nuclear power. 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 degree of market adoption of
the Company's product and service offerings; market competition;
dependence on strategic partners; demand for fuel for nuclear
reactors; the Company's ability to manage its business effectively
in a rapidly evolving market; 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. Readers are cautioned not to put undue
reliance on forward-looking statements.
Investor Relations Contact:
David Waldman/Natalya Rudman Tel. +1 855-379-9900
ir@ltbridge.com
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