MCLEAN, Va., Oct. 15, 2009 (GLOBE NEWSWIRE) -- 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 that it has entered into an agreement with Russian Limited Liability Research and Development Company ("SOSNY"). SOSNY will serve as Lightbridge's prime contractor in Russia to manage the research and development activities related to the lead test assembly ("LTA") program for Russian-designed VVER-1000 reactors. SOSNY is a leading Russian commercial nuclear entity specializing in front-end and back-end nuclear fuel cycle management and logistics services.
This agreement is another important milestone for Lightbridge's nuclear fuel development program, as this work will lead the way to the insertion and operation of full-scale lead test assemblies in a commercial VVER-1000 nuclear power plant over the next several years. Lightbridge is also separately developing fuel for Western-designed PWR reactors.
Seth Grae, CEO, Lightbridge, commented, "This agreement with SOSNY is a key strategic step in the evolution of our proprietary nuclear fuel technology. Demonstration of our fuel designs in a VVER-1000 reactor will move us closer to the commercial deployment of our thorium-based fuel technology. Our nuclear fuel designs offer major benefits including significantly reduced volume and long-term radio-toxicity of spent fuel, enhanced proliferation resistance and improved fuel cycle economics."
To date, Lightbridge has completed preliminary analysis that validates neutronic, thermal-hydraulic, mechanical design and safety analysis aspects of its fuel designs for an 18-month fuel cycle in VVER-1000 reactors. This ensures Lightbridge's seed and blanket fuel designs meet all applicable safety criteria and meet the requirements of the Russian VVER-1000 nuclear power plants that are scheduled to transition from the current 12-month fuel cycle to an 18-month fuel cycle over the next several years. Lightbridge intends to submit preliminary licensing documentation for expert review in Russia before year-end. The arrangement with SOSNY will assign all new intellectual property rights that may be created under the agreement to Lightbridge.
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.
Further information is available on Lightbridge's website at: http://www.Ltbridge.com
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