Lightbridge Signs Cooperative R&D Agreement with the U.S. Department of Energy’s Gateway for Accelerated Innovation in Nucl...
27 April 2020 - 10:00PM
Lightbridge Corporation (“Lightbridge,” or the “Company”) (NASDAQ:
LTBR), an advanced nuclear fuel technology company, is pleased to
announce that it has entered into a Cooperative Research and
Development Agreement (CRADA) with the Battelle Energy Alliance,
LLC, the operating contractor of the Idaho National Laboratory
(INL), in collaboration with the U.S. Department of Energy (DOE).
The principal goal of this agreement is to design an experiment for
irradiation of Lightbridge metallic fuel material samples in the
Advanced Test Reactor (ATR) at INL. The experiment will allow
Lightbridge to measure the thermo-physical properties of
Lightbridge Fuel™ material samples. The total project value of the
CRADA is approximately $845,000, with three-quarters of this amount
funded by DOE for the scope performed by INL.
Seth Grae, President & CEO of Lightbridge
Corporation, commented, “We are delighted to achieve this
milestone, entering into our first CRADA under the GAIN initiative.
DOE is a forward-thinking agency that has committed to supporting
nuclear energy innovations from American companies. Through the
GAIN program, Lightbridge will have the opportunity to collaborate
with and access the world-class nuclear research capabilities at
INL. We believe the work we accomplish with INL under this CRADA
will further validate our Lightbridge Fuel™ technology, positioning
the Company to advance in our development and commercialization
efforts,” concluded Mr. Grae.
Lightbridge and INL will establish the test plan
for measuring key thermo-physical properties of Lightbridge Fuel™
material both before and after irradiation in the ATR. INL will
then perform the detailed design and establish the safety case for
the experiment in the ATR. This will include the control of
parameters such as thermal hydraulic capacity, maximum sample
temperature, neutron fluence, and the physical location of the test
capsules within the ATR. The output of this project will be the
complete design and safety case needed for insertion of the
experiment into the ATR. The timeline for the CRADA is 12 months
from project initiation.
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is an advanced nuclear fuel
technology development company based in Reston, Virginia, United
States. The Company is developing Lightbridge Fuel™, a proprietary
next-generation nuclear fuel technology for current and future
reactors, which significantly enhances the economics, safety, and
proliferation resistance of nuclear power. Lightbridge invented,
patented, and has independently validated its technology, with
goals of preventing climate change and enhancing national security.
The Company has assembled a world-class development team. Four
large electric utilities that generate about half of America’s
nuclear power advise Lightbridge on fuel development and
deployment. The Company plans to operate under a licensing and
royalty model, and based on the increased power generated by
Lightbridge-designed fuel expects to offer high ROI for operators
of existing and new reactors. 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 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; 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;
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; the outcome of the arbitration with the Company’s
former joint venture partner and dissolution of the Enfission joint
venture; as well as other factors described in Lightbridge's
filings with the U.S. 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, 2019 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at http://www.sec.gov/ and www.ltbridge.com.
Investor Relations Contact:
Porter, LeVay & Rose, Inc.Matthew AbenanteTel: 212-564-4700
ir@ltbridge.com
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