MIT fuel performance report supports BeO and SiC fuel technology
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2013) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) ("IBC" or the "Company") reports that the Massachusetts Institute of Technology ("MIT") has completed its initial review and delivered a fuel performance report validating the feasibility of IBC's patented beryllium oxide ("BeO") nuclear fuel technology combined with Ceramic Tubular Products, LLC ("CTP") silicon carbide cladding. As reported in June 2012, IBC entered into a sponsored research agreement with MIT to analyze the performance of the BeO enhanced fuel and how it would perform with the addition of silicon carbide ("SiC) cladding.
IBC's partnerships with CTP and MIT regarding a SiC based ceramic composite cladding complement IBC's ongoing nuclear fuel R&D being conducted at Purdue and Texas A&M universities. The fuel performance report validates the characteristics of the fuel technology and further demonstrates how IBC's BeO enhanced fuel, combined with CTP's SiC cladding, could result in reduced fuel operating temperature and improve fuel operating characteristics leading to a safer and more accident tolerant fuel.
As a result of recent events in the nuclear industry, especially the well known issues at Fukushima in 2011, industry officials and governments are developing alternative strategies and increasingly reviewing the safety benefits of accident tolerant fuels. Because of this increasing industry awareness, the Company is in discussions with a number of potential nuclear industry partners, including Japanese fuel cycle suppliers, to explore and discuss the next phase of R&D including irradiation requirements and testing of the fuel in test reactors.
"We are very encouraged with the conclusions of the MIT fuel performance report about the beneficial characteristics and capability of the enhanced BeO fuel in combination with the SiC cladding technology," said Jim Malone, IBC's Vice President of Nuclear Fuel. "IBC is working diligently with Purdue, Texas A&M, CTP and and other industry participants to take the next step of a full irradiation trial in a test reactor to further understand and evaluate the advantages of BeO enhanced fuel as a next generation accident tolerant fuel."
The IBC sponsored research at MIT is led by Dr. Mujid Kazimi, the MIT Tokyo Electric Power Company ("TEPCO") Professor in Nuclear Engineering. Dr. Kazimi is also an MIT Professor of Mechanical Engineering and the Director of the Center for Advanced Nuclear Energy Systems ("CANES"). Dr. Kazimi is an expert on fuel performance, safety and power density with a substantial body of peer-reviewed publications as well as numerous academic awards and nuclear industry honors. In addition to his MIT responsibilities, Dr. Kazimi is also a member of the Nuclear Energy Advisory Committee at the US Department of Energy.
As previously reported, IBC has extended its research agreements with Purdue and Texas A&M, to advance its BeO nuclear fuels R&D until December 2013. IBC's nuclear fuel program is focused on developing an accident tolerant high thermal conductivity BeO nuclear fuel for both current and future nuclear power reactors that is more efficient and safer than existing nuclear fuels. The project's objective is to commercialize the intellectual property and to position IBC as an essential part of the nuclear industry's supply chain.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of sectors including aerospace, automotive, telecommunications and a range of industrial applications. IBC has 86 employees and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global advanced alloys company. IBC's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQX under the symbol "IAALF".
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.