Lightbridge CEO Seth Grae Named to Nuclear Energy Institute Board of Directors
RESTON, Va., May 22, 2018 (GLOBE NEWSWIRE) -- The U.S. Nuclear Energy Institute (NEI) has named Seth Grae, CEO of Lightbridge Corporation (NASDAQ:LTBR), to its board of directors at its annual Nuclear Energy Assembly held this year in Atlanta. NEI’s board comprises senior executives and representatives from 20 utilities, suppliers and organizations involved in nuclear energy sector.
Lightbridge is developing innovative metallic fuel technology designed to make existing and new nuclear power plants significantly more efficient and cost competitive with other energy sources. Lightbridge and Framatome, a leader in nuclear fuel, components and reactor services, officially launched a joint venture in January to commercialize and produce fuel assemblies for nuclear plant operators around the world based on Lightbridge’s fuel designs. Lightbridge also offers consulting services related to nuclear energy to commercial and government entities worldwide.
Lightbridge CEO Grae said: “Serving on NEI’s board of directors is an honor for me as well as a serious responsibility at this critical moment for the U.S. nuclear energy industry. America’s nuclear energy sector finds itself at an inflection point—nuclear could play a leading role in meeting the world’s growing energy needs while preventing catastrophic climate change, yet the U.S. industry could find itself sidelined in this vitally important technology if we cannot better position ourselves for the future. As an NEI board member, I look forward to helping push for changes to make America’s nuclear energy industry more innovative, more competitive and a stronger global player.”
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, which significantly enhances the economics and safety of nuclear power, operating about 1000° C cooler than standard fuel. In January 2018, Lightbridge and Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to develop, license, manufacture, and sell nuclear fuel assemblies based on Lightbridge-designed metallic fuel technology and other advanced nuclear fuel intellectual property. Enfission has the exclusive rights to this technology and is responsible for the development of manufacturing processes and fuel assembly designs for pressurized water reactors (PWRs), boiling water reactors (BWRs), water-cooled small modular reactors, and water-cooled research reactors developed around this intellectual property. PWRs and BWRs constitute the most widely used reactor types in the world. Four large electric utilities that generate about half the nuclear power in the US already advise Lightbridge on fuel development and deployment. In addition to distributions from Enfission based on the parties’ ownership interest in the joint venture, Lightbridge anticipates receiving future licensing revenues in connection with sales by Enfission of nuclear fuel incorporating its intellectual property. 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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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 joint venture operating agreement and other binding agreements with Framatome, the expected cooperation between Framatome and the Company, the ability of commercial nuclear utilities to generate more electricity from their nuclear power plants using Lightbridge fuel, and that the economic and safety benefits of our fuel will encourage greater use of nuclear power. 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; 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.
Investor Relations Contact:
David Waldman/Natalya Rudman
Tel. +1 855-379-9900
Released May 22, 2018