Formal Expression of Interest in Lightbridge Metallic Fuel Submitted to U.S. Nuclear Regulatory Commission by Four Major U.S....
May 18 2015 - 9:00AM
The U.S. Nuclear Regulatory Commission (NRC) disclosed today that
four U.S. electric utility companies representing nearly 50% of the
nation's nuclear generation have formally asked the Commission to
prepare to review the patented metallic fuel design of Lightbridge
Corporation (Nasdaq:LTBR), citing opportunities for this fuel
product to "significantly improve safety and fuel cycle economics"
of nuclear power plants. The NRC relies on communications from U.S.
utilities to adjust Commission staffing levels and budgets in
anticipation of regulatory review of licensing applications.
The utilities said their joint letter was being submitted in
advance of an expected application to the NRC in 2017 for use of
Lightbridge fuel lead test assemblies in an "operating U.S.
pressurized water reactor as early as 2020." The Commission posted
the utilities' expression of interest in Lightbridge's fuel and
supporting documents on its official web site at
http://pbadupws.nrc.gov/docs/ML1513/ML15134A092.pdf
"Lightbridge is developing the first truly next generation
commercial fuel design that can provide significant fuel
performance and economic benefits to nuclear utilities," said Seth
Grae, Lightbridge President and Chief Executive Officer. "This
expression of interest by major U.S. utilities is the strongest
endorsement to date of Lightbridge fuel by potential
customers. The Company believes it remains well positioned to
realize high-margin revenue streams from technology licensing fees
and royalties from a growing $25 billion annual global market for
nuclear fuel."
The advantages of Lightbridge's metallic fuel design were
confirmed in independent third-party analyses published in 2012 and
2013, he added. These reports, which include a peer-reviewed
article published in Nuclear Technology, are available for download
at http://ir.ltbridge.com/. Grae said the indicated benefits
of Lightbridge's fuel include:
- A 1,000°C reduction in average fuel operating temperature,
compared to conventional uranium dioxide pellet fuel, resulting in
dramatic safety improvements;
- Improved heat transfer and fluid flow, increased structural
strength, and improved performance during transients and
accidents;
- 10% more power and longer fuel cycles or up to 17% more power
with the same fuel cycle length for existing pressurized water
reactors (PWRs);
- Up to 30% more power with the same fuel cycle length for new
build PWRs;
- Increased revenue and improved profit margins for existing
nuclear power units;
- Lower total levelized cost per kilowatt-hour for new build
reactors;
- Increased competitiveness of nuclear power versus fossil or
renewable energy sources;
The commercial nuclear energy industry is projected to grow
rapidly at a time of rising global demand for reliable,
carbon-free, base load electric power. There are currently 437
operable civil nuclear reactors in 30 countries around the world,
with 65 reactors under construction and 481 on order, planned or
proposed, according to the World Nuclear Association. By 2040,
the International Energy Agency projects a 58% increase in nuclear
capacity from a combination of power uprates and reactor
construction.
"Lightbridge staff and capital are keenly focused on the
Company's nuclear fuel development program," Grae said. "We
are confident that this focus on near-term catalysts in fuel
technology development will lead to long-term value creation for
Lightbridge shareholders."
The nuclear fuel managers at Dominion Generation (NYSE:D), Duke
Energy (NYSE:DUK), Exelon Generation (NYSE:EXC) and Southern
Company (NYSE:SO) comprise the Nuclear Utility Fuel Advisory Board
(NUFAB). The board told the Commission that it intends to
advise Lightbridge throughout its remaining, ongoing fuel tests and
the regulatory review process.
About Lightbridge Corporation
Lightbridge is a nuclear energy company based in McLean,
Virginia. The Company develops proprietary next generation
nuclear fuel technologies for current and future nuclear reactor
systems. Lightbridge's breakthrough fuel technology is
establishing new global standards for safe and clean nuclear power
and leading the way to a sustainable energy future. The
Company also provides comprehensive advisory services for
established and emerging nuclear programs based on a philosophy of
transparency, non-proliferation, safety and operational
excellence. Lightbridge consultants provide integrated
strategic advice and expertise across a range of disciplines
including regulatory affairs, nuclear reactor procurement and
deployment, reactor and fuel technology and international
relations. The Company leverages those broad and integrated
capabilities by offering its services to commercial entities and
governments with a need to establish or expand nuclear industry
capabilities and infrastructure.
Important milestones achieved by Lightbridge in 2014 include
U.S. Patent and Trademark Office (USPTO) approval and issuance in
February of the key patent (#8,654,917) covering the Company's
multi-lobed metallic fuel rod design and fuel assemblies. In
July, the Company was issued its first international patent on its
fuel rod design by the Commonwealth of Australia Patents Office.
A provisional patent application was filed in the U.S.
relating to use of the Company's metallic fuel in CANDU-type power
reactors.
Lightbridge is on Twitter. Sign up to follow
@LightbridgeCorp at http://twitter.com/lightbridgecorp.
Forward Looking Statements
This news release contains statements that are forward-looking
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the Company's
competitive position and product and service offerings. 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;
and the Company's ability to manage its business effectively in a
rapidly evolving market. Certain of these and other risks are
set forth in more detail 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.
CONTACT: Gary Sharpe
Investor Relations and Corporate Communications
Lightbridge Corporation
1-571-730-1213
gsharpe@ltbridge.com
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