Lightbridge Corporation (LTBR)

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Lightbridge and Canadian Nuclear Laboratories Sign Comprehensive Agreement for Fabrication of Lightbridge Nuclear Fuel Samples
Lightbridge Corporation
20 minutes ago
GlobeNewswire

MCLEAN, Va., Sept. 14, 2015 (GLOBE NEWSWIRE) -- Lightbridge Corporation (LTBR), a U.S. nuclear energy company, today announced that it has signed a Comprehensive Nuclear Services Agreement with Canadian Nuclear Laboratories (CNL) for fabrication of Lightbridge’s patented next generation metallic nuclear fuel test samples at CNL facilities at Chalk River, Ontario, Canada. This enabling agreement provides the framework to proceed with Phases 2 and 3 of the test fuel sample fabrication at CNL’s facilities in Chalk River as envisioned in an October 2014 Initial Cooperation Agreement.

“With this agreement with Canada’s premier nuclear science and technology organization, Lightbridge has put in place the last key enabling agreement to execute our critical path work scope relating to research reactor irradiation under prototypic commercial reactor operating conditions,” said Lightbridge President and CEO Seth Grae. “Our agreement with CNL is keeping development of Lightbridge-designed metallic fuel on track to deliver innovative, proprietary fuel that can help global utilities safely generate more carbon-free electricity at improved operating margins from existing and new build reactors,” Grae added.

The initial scope of work under the comprehensive nuclear services agreement involves development of a fabrication plan in 2015. Subsequent activities will include fabrication and characterization in early 2016 of prototype fuel test samples using depleted uranium, to be followed by fabrication in late 2016 of irradiation fuel test samples using low enriched uranium for loop irradiation testing under prototypic commercial reactor operating conditions in a pressurized water loop of the 25MW nuclear research reactor operated by the Institute for Energy Technology at Halden, Norway.
http://finance.yahoo.com/news/lightbridge-canadian-nuclear-laboratories-sign-123000047.html