RESTON, Va., May 11, 2016 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear energy company, today announced that it has received a Notice of Allowance for a key patent covering its metallic nuclear fuel assembly design and a method for manufacturing extruded metallic fuel rods in the People’s Republic of China. The actual grant of the patent is contingent upon payment of the issuance fee which has since been paid by Lightbridge. The patent is expected to be issued this month.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “China represents a significant market for Lightbridge metallic fuel for deployment in both existing and new-build reactors. China has 32 nuclear power reactors currently in operation and 22 under construction. Additional reactors are planned, to give more than a three-fold increase in nuclear capacity to at least 58 GWe by 2020-21, then up to 150 GWe by 2030, and much more by 2050, making China the largest growth market in the world for nuclear power, according to the most current data compiled by the World Nuclear Association. A 30% power uprate capability offered by the Lightbridge metallic fuel could be particularly attractive to new-build nuclear power plants in China, resulting in an estimated 13% reduction in upfront capital costs. Based on an estimated capital cost of $4,500 per kilowatt of generating capacity, the 13% reduction in upfront capital costs could translate to approximately $85 billion in total cost savings to China for an additional 150 GWe of nuclear generating capacity through 2050.”
China could also benefit from power uprates of existing water-cooled reactors using Lightbridge’s metallic fuel. Siemens Industry Inc. issued a report on the Technology Value Proposition of Lightbridge for existing reactors that is available at the following link: http://goo.gl/sfsyA6
About Lightbridge Corporation
Lightbridge is a nuclear energy company based in Reston, Virginia, USA. 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.
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Forward Looking Statements
With the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's competitive position, the timing of demonstration testing and commercial production, the Company’s entry into agreements with nuclear fuel manufacturers and the timing thereof, the potential impact of the U.S. Clean Energy Plan and similar regulations, the Company’s anticipated financial resources and position, the Company’s product and service offerings and the expected market for the Company’s 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; demand for fuel for nuclear reactors; and the Company's ability to manage its business effectively in a rapidly evolving market, as well as other factors described 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. Readers are cautioned not to put undue reliance on forward-looking statements.