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. |
