CHARLOTTE, N.C., Oct. 15, 2013 (GLOBE NEWSWIRE) -- Babcock & Wilcox Nuclear Energy, Inc. (B&W NE), a subsidiary of The Babcock & Wilcox Company (NYSE:BWC), and Lightbridge Corporation (Nasdaq:LTBR) have signed a memorandum of understanding (MOU) to explore joint development of a pilot-scale facility to demonstrate fabrication of Lightbridge's innovative metallic nuclear fuel.
Lightbridge's nuclear fuel technology is designed to provide an increase in power output while simultaneously extending the operating cycle length in existing pressurized water reactors. The metallic fuel could provide improved safety and fuel performance benefits. B&W NE and Lightbridge will jointly identify a pilot fabrication facility to demonstrate the fuel rod fabrication capability. If the potential teaming arrangement proves feasible, Lightbridge and B&W could enter into a definitive agreement early next year.
"Our relationship with Lightbridge on this pilot project is a testament to B&W's reputation for excellence in operating nuclear facilities, and our commitment to pursuing innovation that can strengthen the commercial nuclear industry," said Joe Zwetolitz, President, B&W NE. "The nuclear fuel design concept that Lightbridge is developing has the potential to provide utilities with improved safety and performance, and is rooted in decades of proven operational excellence."
"Collaboration with B&W on the pilot-scale fuel fabrication facility study is another important milestone in the commercial advancement of our innovative, metallic nuclear fuel," said Seth Grae, Lightbridge President and Chief Executive Officer. "We hope the initial collaboration under the MOU can lead to a definitive agreement early next year."
Under the MOU, B&W and Lightbridge agree to perform scoping studies relating to the pilot fabrication facility and explore potential teaming arrangements in that area.
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com.
About Lightbridge Corporation
Lightbridge is a U.S. nuclear energy company based in McLean, Virginia with operations in Abu Dhabi, Moscow and London. The Company develops proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Lightbridge's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way to a sustainable energy future. Lightbridge consultants provide integrated strategic advice and expertise across a range of disciplines including regulatory affairs, nuclear reactor procurement and deployment, reactor and fuel technology and international relations. The Company leverages those broad and integrated capabilities by offering its services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure. Learn more at www.ltbridge.com.
Cautionary Statement Regarding Forward Looking Statements
This news release contains statements that are forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's competitive position and product and service offerings. 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; and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail 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.
CONTACT: B&W Media Contact: Aimee Mills Media Relations Lead The Babcock & Wilcox Company 980.365.4583 firstname.lastname@example.org B&W Investor Contact: Jenny Apker Vice President, Treasurer and Investor Relations The Babcock & Wilcox Company 704.625.4937 email@example.com Lightbridge Media and Investor Contact: Gary Sharpe Investor Relations and Corporate Communications Lightbridge Corporation 571.730.1213 firstname.lastname@example.org