RESTON, Va., Nov 27 (Bernama-GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR) and AREVA NP
signed three binding agreements that allow the companies to immediately
advance development of Lightbridge’s innovative metallic fuel
technology and protect all associated intellectual property while they
finalize their joint venture. Lightbridge is a U.S. nuclear fuel
development company and AREVA NP is a leader in servicing and fueling
today’s reactor fleet and advancing the future of nuclear energy.
The
three agreements include a Research and Development Services Agreement,
a Co-Ownership Agreement and an Intellectual Property Annex. These
agreements are an integral part of the contemplated joint venture and
document the final agreement on intellectual property rights. The joint
venture is expected to launch in the first quarter of 2018.
Lightbridge’s
innovative fuel technology is designed to significantly improve the
economics and safety of existing and new nuclear power plants. The three
agreements govern joint research and development activities, and
ownership of intellectual property, including a grant of royalty-based
rights of use to existing intellectual property and co-ownership (on a
50-50 basis) of new intellectual property resulting from future joint
fuel development activities.
Seth Grae, President and CEO of
Lightbridge, said: “With each passing day, the call for innovative
solutions to improve nuclear energy’s economics and competitiveness only
becomes louder. The agreements we announced today enable us to
immediately advance development of Lightbridge’s innovative metallic
fuel and represent the first concrete step toward monetization of our
intellectual property. Lightbridge’s innovative fuel technology is
designed to make existing reactors significantly more competitive with
other sources of energy, which is needed now more than ever as we
witness well-run U.S. nuclear plants close early and new construction
projects canceled.”
Gary Mignogna, President and CEO of AREVA
Inc., said: “These agreements are an important step forward in
establishing our joint venture with Lightbridge to bring their
state-of-the-art metallic fuel technology to market. Partnerships like
this are vital to ensure that today’s nuclear energy facilities have the
technologies they need to operate efficiently for decades to come and
can continue to provide needed low-carbon and reliable electricity.”
Lionel
Gaiffe, Senior Executive Vice President of the Fuel Business Unit at
AREVA NP, said: “These agreements pave the way to accelerate the design,
licensing and fabrication work. Our teams and experts from engineering
and manufacturing are fully mobilized and very excited about this
project. We are looking forward to the introduction of lead test
assemblies of this promising technology. I am very proud to see an
international team, both from Europe and the United States, fully
integrated and working together with the team of our Lightbridge
partner.”
On Sept. 6, 2017, Lightbridge and AREVA Inc. (AREVA NP
in North America) announced a binding Heads of Terms Agreement, which
will form the basis of the Joint Venture Operating Agreement. That final
agreement is expected to be signed in the fourth quarter of 2017 and
will establish the joint venture.
Since 2011, Lightbridge has
received valuable feedback on its fuel technology development through
its Nuclear Utility Fuel Advisory Board, comprised of four leading U.S.
nuclear utilities. Lightbridge also signed a letter of intent with a
U.S. nuclear utility to demonstrate its fuel at a commercial nuclear
power plant.
About AREVA NP
AREVA NP is a
major international player in the nuclear energy market focused on
designing, building, maintaining and advancing the global nuclear fleet.
In North America, AREVA NP (AREVA Inc.) combines U.S. and Canadian
leadership to deliver innovative solutions and value-added technologies
to support the operation of the commercial nuclear fleet and prepare for
the next generation of nuclear power plants. Leveraging the expertise
of its 2,300 North American employees, AREVA NP is helping its customers
improve the safety and performance of their nuclear plants and achieve
their economic and societal goals.
Join the energy conversation with AREVA Inc. on Twitter: @AREVA_NP_US, Facebook: AREVAinc, and our other social media channels.
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. The
Company operates under a licensing and royalty model, independently
validated and based on the increased power generated by
Lightbridge-designed fuel and high ROI for operators of existing and new
reactors. The economic benefits are further enhanced by anticipated
carbon credits available under the Clean Power Plan. 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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AREVA NP Press Contact:
Karen Heinold
(434) 856-6560
media.relations@areva.com
Lightbridge Contact:
David Waldman/Natalya Rudman
Crescendo Communications, LLC
Tel. +1 855-379-9900
ir@ltbridge.com
SOURCE : Lightbridge Corporation
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