Contact:
Greg Jawski
(212)-880-5353
greg.jawski@ogilvypr.com
FOR
IMMEDIATE RELEASE
Lightbridge
Invents New Transformational Nuclear Fuel Technology
Company’s
Proprietary All-Metal Fuel Assembly to Significantly Advance Expansion and
Increase Competitiveness of Nuclear Power Versus Fossil Energy Sources for
Carbon Free Electricity Generation
MCLEAN,
VA. – June 23, 2010 - Lightbridge Corporation (NASDAQ: LTBR), the leading developer of
non-proliferative nuclear fuel technology and provider of comprehensive advisory
services for civil nuclear energy programs, today announced a major
technological breakthrough that has the potential to transform the nuclear power
industry. Lightbridge’s new fuel technology based on a proprietary
all-metal fuel assembly design could reduce both initial capital costs per
megawatt and annual operating costs per kilowatt-hour of nuclear power, making
it more competitive with other forms of electricity generation while
contributing to a significant reduction of CO2 emissions.
It is
expected that Lightbridge’s all-metal fuel technology could be applied to
currently operating or new light water reactors as well as small modular
reactors which provide the same benefits as in larger commercial nuclear power
plants. It is also highly synergistic with fast reactor fuel
designs.
One of
the key benefits of the Lightbridge-designed all-metal fuel technology is a
potential 30% increase in power output per reactor compared to reactors using
standard oxide nuclear fuel. This could translate into additional
revenue for a 1,600-MWe light water reactor of up to $250 million or more per
year, or nearly $16 billion over a 60-year expected lifetime of such
reactors. This increased power output is expected to lower operating
costs on a per kilowatt-hour basis and strengthen the economics of nuclear power
versus other forms of power generation. In addition, currently operating light
water reactors could also take advantage of this power uprate by switching to
Lightbridge’s all-metal fuel design.
The
Lightbridge-designed all-metal fuel design would provide enhanced proliferation
resistance and result in up to 23% less volume of used fuel per kilowatt-hour of
electricity generated and is expected to have improved fuel operation compared
to standard oxide fuel.
"When it
comes to meeting the ever increasing global demand for power generation,
innovation will be the key to a sustainable and safe solution for industry and
governments worldwide,” said Seth Grae CEO Lightbridge. “Our breakthrough
all-metal fuel technology builds upon over a decade of research and development
effort that has been underway on our seed-and-blanket fuel assembly
design. This transformational fuel technology also helps advance our
seed-and-blanket fuel assembly designs due to the synergies between the seed
fuel rods and the fuel rods used in the all-metal fuel assembly
design. We expect that our all-metal nuclear fuel technology will
provide significant economic incentives to nuclear utilities that make it
economically attractive to adopt this advanced fuel product.”
As was
previously announced, on June 10, 2010, Idaho National Laboratory approved a
Texas A&M University-led joint proposal with Lightbridge for irradiation
testing of this kind of metallic fuel in the Advanced Test
Reactor. The fuel demonstration in a test reactor environment is a
key stepping stone to demonstration and deployment of this fuel in commercial
Western-type light water reactors.
Sam
Vaidyanathan, a member of Lightbridge’s Technical Advisory Board with more than
30 years of experience with the development, testing, and engineering of nuclear
fuels, materials, and core components at major nuclear companies, added, “Simply
stated this development is a very significant one for the nuclear power
industry. For those of us who have been in this business for the last
few decades, this development without a doubt is
transformational. The tangible benefits are clear, measurable, and
will likely have a substantive impact on the future of the nuclear power
industry. We’re very pleased and excited about this technological
breakthrough.”
Over the
past decade, Lightbridge has completed significant development and testing
relating to this all-metal fuel technology. In particular,
Lightbridge has evaluated key operating parameters under various operating
conditions. Some of the key parameters that were evaluated include:
melting point, fission gas retention, surface heat flux, fuel swelling,
moderator-to-fuel ratio, cladding corrosion, and others. The results
of the evaluation performed to-date indicate that the fuel performance would
meet applicable criteria for safe operation.
About
Lightbridge Corporation
Lightbridge
is a U.S. nuclear energy company based in McLean, VA. with operations in Abu
Dhabi, Moscow and London. The Company develops non-proliferative nuclear fuel
technology and provides comprehensive advisory services for established and
emerging nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. Lightbridge's breakthrough
fuel technology is establishing new global standards for safe and clean nuclear
power and leading the way towards a sustainable energy future. 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. It
leverages those broad and integrated capabilities by offering their services to
commercial entities and governments with a need to establish or expand nuclear
industry capabilities and infrastructure.
Safe
Harbor Statement
This
press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements. Forward-looking statements
can be identified by the use of forward-looking terminology such as 'will,'
'believes,' 'expects' or similar expressions. Such information is based upon
expectations of our management that were reasonable when made but may prove to
be incorrect. All of such assumptions are inherently subject to uncertainties
and contingencies beyond our control and based upon premises with respect to
future business decisions, which are subject to change. We do not undertake to
update the forward-looking statements contained in this press release. For a
description of the risks and uncertainties that may cause actual results to
differ from the forward-looking statements contained in this press release, see
our most recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission ('SEC'), and our subsequent SEC filings. Copies of filings
made with the SEC are available through the SEC's electronic data gathering
analysis retrieval system at http://www.sec.gov
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