Business
Lightbridge Provides Business Update and Announces Fiscal Year 2020 Financial Results
Conference Call on Thursday, March 25, 2021 at 4pm ET RESTON, Va., March 24, 2021 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, March 25, 2021 at 4pm ET\nRESTON, Va., March 24, 2021 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, announced financial results for the fiscal year ended December 31, 2020 and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “Despite the challenges faced in 2020 during the COVID-19 pandemic, I’m happy with the progress Lightbridge has made throughout the year. In summary, throughout 2020, Lightbridge has taken steps to reduce many of the risks associated with our business. One major step in 2020 included securing US government support for our fuel development program through our GAIN voucher award from the U.S. Department of Energy. We believe that the federal government's ongoing commitment to supporting advanced nuclear technology companies like Lightbridge positions us to further enhance our fuel development efforts.” “Importantly, we also came to terms on a settlement agreement with Framatome that resolves all disputes between the companies and terminates all agreements pertaining to the Enfission joint venture, freeing all intellectual property rights to their respective background technology. I believe this settlement agreement is the best result for all sides, allowing Lightbridge to pursue various promising opportunities in the nuclear sector, now unencumbered by any constraints on our Lightbridge Fuel™ technology platform. “Finally, we have taken the critical step of prioritizing our fuel development program towards powering Small Modular Reactors (SMRs) of the future. SMRs are expected to have much lower capital costs per module than larger reactor designs, making their deployment easier to finance and support by private and government sectors. In addition, we expect SMR plants with Lightbridge Fuel to have the ability to load follow renewables, helping to expand markets for renewables and SMRs together as countries seek to decarbonize energy generation. We believe that Lightbridge Fuel’s™ most significant economic benefit to SMRs will be to provide a 30% power uprate that will allow SMRs greater flexibility in power levels. “We want to position Lightbridge as an essential company for the world to meet its climate goals. While existing large...