Lightbridge Corp. (Nasdaq: LTBR) signed a joint development agreement with Areva NP for fuel assemblies for Lightbridge's next generation metallic nuclear fuel technology.
The companies will work together to assess establishing a joint venture in 2016 to develop, manufacture and commercialize the fuel assemblies. They will share the cost of the work scope to be performed under the agreement, with Areva NP contributing in-kind for its share of the costs.
As part of the joint venture, Areva NP and Lightbridge will agree on terms and conditions to complete the remaining scope of work to demonstrate and commercialize the fuel assemblies based on Lightbridge's metallic nuclear fuel, and a technology licensing arrangement and other agreements needed to form and operate the joint venture company. The agreement will remain in force until the formation of the joint venture or December 31, 2016 at the latest.
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