Business
Lightbridge Provides Business Update and Announces Fiscal Year 2022 Financial Results
Conference Call on Thursday, March 30, 2023, at 4 p.m. ET RESTON, Va., March 29, 2023 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced
About this update from Lightbridge Corporation
[{"type":"text","content":"Conference Call on Thursday, March 30, 2023, at 4 p.m. ET\nRESTON, Va., March 29, 2023 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, announced its financial results for the year ended December 31, 2022 and provided an update on the Company's continued progress. Significant Milestones in 2022 and year-to-date 2023 include: In February 2023, Lightbridge and Pacific Northwest National Laboratory (PNNL) announced the successful completion of work under the U.S. Department of Energy’s (DOE) Gateway for Accelerated Innovation in Nuclear (GAIN) voucher program to demonstrate Lightbridge’s nuclear fuel casting process using depleted uranium, a key step in manufacturing Lightbridge Fuel™. In February 2023, Lightbridge announced that a recently published peer-reviewed technical paper on the disposition of weapons-grade plutonium revealed that a Lightbridge-designed fuel rod significantly outperforms traditional mixed-oxide (MOX) fuel in consuming plutonium in a computer simulation, consuming 5.5 times more plutonium, making the Lightbridge-designed rods well-suited for consuming excess weapons-grade plutonium. In December 2022, Lightbridge entered into agreements with Idaho National Laboratory (INL), in collaboration with the U.S. Department of Energy, to support the development of Lightbridge Fuel. The framework agreements use an innovative structure and consist of an “umbrella” Strategic Partnership Project Agreement (SPP) and an “umbrella” Cooperative Research and Development Agreement (CRADA), each with Battelle Energy Alliance, LLC (BEA), DOE’s operating contractor for INL. In June 2022, the Massachusetts Institute of Technology (MIT) was awarded approximately $800,000 by the U.S. Department of Energy’s Nuclear Energy University Program R&D Awards to study the deployment of Accident Tolerant Fuels in Small Modular Reactors. The project simulates the fuel and safety performance of Lightbridge Fuel inside a small modular reactor (“SMR”) designed by industry leader NuScale Power. Lightbridge was awarded patents covering various aspects of Lightbridge Fuel from patent offices in Eurasia, Canada, and Korea. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “2022 was an important year for Lightbridge, with significant progress across the fuel dev...