RESTON, Va., Nov. 28, 2017 (GLOBE NEWSWIRE) -- Seth Grae, CEO of Lightbridge Corporation (NASDAQ:LTBR), a nuclear fuel technology company, said today that the speed and scope of innovations will determine the global market prospects for nuclear energy at the Future of Energy Summit in Shanghai hosted by Bloomberg New Energy Finance. Lightbridge is making steady progress in developing an advanced fuel technology to improve the efficiency and cost-competitiveness of both existing and new nuclear power plants.
Lightbridge CEO Seth Grae said: "Despite rapid expansion of nuclear energy in Asia, nuclear power plants in some markets are under increasing pressure to become more efficient and cost-competitive with other sources, making innovative ideas essential to keeping existing nuclear plants operating and paving the way for new ones. Lightbridge's metallic fuel technology is aimed squarely at preserving improving the efficiency and economics of both existing and new nuclear power plants."
Moderated by Chris Gadomski, BNEF's head of nuclear, the panel also included Anton Moskvin, vice president, marketing and business development at Rosatom; Nobuo Tanaka, chairman of the Sasakawa Peace Foundation; Jimmy Wang, senior vice president and chief representative in China at TerraPower; and Ning Le, professor at Xiamen University.
Lightbridge and AREVA NP, a leader in nuclear fuel, components and reactor services, have formed a joint venture to develop and commercialize Lightbridge's metallic nuclear fuel technology; they expect to finalize the JV by the end of 2017. Since announcing plans to form the partnership in March 2016, the two companies have signed several agreements, the latest allowing them to immediately begin development work.
Meanwhile, Lightbridge is completing preliminary work to start testing fuel samples at the Halden research reactor in Norway.
Representatives from four leading U.S. nuclear utilities have advised Lightbridge since 2011 on the development of its fuel technology. One U.S. utility has signed a letter of intent to demonstrate Lightbridge fuel at a commercial nuclear power plant.
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. The technology 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 near-term 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. 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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