Business
Lightbridge Provides Business Update and Announces Fiscal Year 2021 Financial Results
RESTON, Va., March 24, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial
About this update from Lightbridge Corporation
[{"type":"text","content":"RESTON, Va., March 24, 2022 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the year ended December 31, 2021, and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We achieved important milestones in our fuel development work in 2021 and continue to make excellent progress in executing our strategy despite war in Europe and continued impacts of the COVID-19 pandemic. Our working relationship with the U.S. government, including the Department of Energy (DOE), and its national labs, helps validate our technology in the industry and underscores the potential economic value of Lightbridge Fuel™. DOE awarded Lightbridge a second Gateway for Advanced Innovation in Nuclear (GAIN) voucher before we completed work on our first GAIN voucher, which is a rare accomplishment.” “Lightbridge is the only company that is working to reinvent nuclear fuel for existing types of reactors. Our innovative nuclear fuel designs are backed by a global patent portfolio that covers both the design and manufacturing method of the fuel. We received three key patents from the U.S. Patent and Trademark Office in the fourth quarter related to our innovative metallic nuclear fuel assembly. We continue developing new intellectual property around all aspects of our fuel.” “Lightbridge aims to play a central role in the expansion of nuclear power globally. Governments around the world recognize that if they want to reach the energy and emissions targets that they've set, they can't even come close to doing it only with renewables. To have reliable baseload carbon-free energy, you have to include nuclear in the diversified energy mix. In late 2021, China announced plans to build up to 150 new nuclear reactors in the next 15 years. In addition, we are seeing broad interest in small modular reactor (SMR) technology, with several well-funded companies taking serious steps toward building these reactors. We are developing our fuel to work in the existing large reactors and in SMRs. The nuclear power industry has been more vocal about its role in decarbonization because it is imperative to bring tremendous amounts of new clean energy onto the system to meet energy and climate goals and to...