Lightbridge Awarded US Department of Energy GAIN Voucher to Support Irradiation Testing of Lightbridge Fuel™
21 December 2019 - 12:30AM
Lightbridge Corporation (NASDAQ: LTBR), a nuclear fuel developer,
today announced that it was awarded a voucher from the U.S.
Department of Energy’s (DOE) Gateway for Accelerated Innovation in
Nuclear (GAIN) program to support development of Lightbridge Fuel
in collaboration with Idaho National Laboratory (INL). The scope of
the project includes experiment design for irradiation of
Lightbridge metallic fuel material samples in the Advanced Test
Reactor (ATR) at INL. The project is anticipated to commence in the
first half of 2020. The total project value is approximately
$846,000, with three-quarters of this amount funded by DOE for the
scope performed by INL.
Seth Grae, President & Chief Executive
Officer of Lightbridge Corporation, commented, “This nuclear energy
voucher from DOE GAIN is a key step in our pathway to perform
critical material irradiation testing in a US test reactor. We look
forward to working closely with INL, which brings unique
capabilities and expertise to perform work essential to our fuel
qualification. I’m also happy to highlight that this is the very
first direct award to Lightbridge from the DOE, which demonstrates
its commitment to funding nuclear energy innovation from American
companies.”
Additional information about the GAIN voucher is available
at:
https://gain.inl.gov/SiteAssets/2020VoucherAbstracts-1stRound/Announcements/GAIN2020_1stRoundNEVoucherAnnouncement.pdf
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. Lightbridge invented, patented
and has independently validated the technology, including
successful demonstration of the fuel in a research reactor with
plans to demonstrate the fuel under commercial reactor conditions.
The Company has assembled a world class development team including
veterans of leading global fuel manufacturers. Four large electric
utilities that generate about half the nuclear power in the US
already advise Lightbridge on fuel development and deployment. The
Company operates under a licensing and royalty model, independently
validated and based on the increased power generated by
Lightbridge-designed fuel and high ROI for operators of existing
and new reactors. 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
In addition to historical information, this
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. We use words such as “believe,” “intend,”
“expect,” “anticipate,” “plan,” “may,” “will,” “should,”
“estimate,” “potential,” “project” and similar expressions to
identify forward-looking statements. Such forward looking
statements include, among others, statements regarding the timing
and outcome of research and development activities and other steps
to commercialization of Lightbridge Fuel™, the Company's
anticipated financial resources and position, and other statements
that are not historical facts. These statements are based on the
current beliefs and expectations of the management of the Company
and are subject to significant risks and uncertainties outside of
the Company’s control These risks and uncertainties may cause
actual results to differ significantly from such estimates. These
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 the Company's filings with the Securities and Exchange
Commission. Given the risks and uncertainties surrounding
forward-looking statements, you should not place undue reliance on
these statements. Many of these factors are beyond our ability to
control or predict. Our forward-looking statements speak only as of
the date of this release. Other than as required by law, the
Company does not assume any obligation to update or revise any such
forward-looking statements, whether as the result of new
developments, future events or otherwise. Readers are cautioned not
to put undue reliance on forward-looking statements.
Investor Relations Contact:
David Waldman/Natalya RudmanTel. +1 855-379-9900
ir@ltbridge.com
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