MCLEAN, Va., Aug. 11, 2014 (GLOBE NEWSWIRE) -- Lightbridge Corporation (Nasdaq:LTBR) and Lloyd's Register Energy, a division of Lloyd's Register, the London-based global engineering, technical and business services organization, have been awarded a multi-year contract to provide quality assurance, safety and construction inspection services in support of the in-house inspection team of the Federal Authority for Nuclear Regulation (FANR), the independent nuclear regulatory agency overseeing construction of four nuclear power plants in the United Arab Emirates. The scope of contracted work is expected to be determined in the fourth quarter of 2014.
"We are pleased to expand Lightbridge's service to FANR and to team with Lloyd's Register Energy, a diversified safety and risk consultancy with a global reputation for excellence in project management with the highest standards of safety," said Lightbridge President and Chief Executive Officer Seth Grae.
FANR has contracted with Lloyd's Register Energy and Lightbridge for a series of work packages involving project management, construction inspection and oversight services, including design verification, quality assurance and vendor inspection during construction, installation and commissioning of four nuclear power plants at Barakah, Abu Dhabi. The first power plant is scheduled to begin delivering electricity to the UAE grid in 2017. The remaining three reactors are scheduled to be online by 2020 and to produce approximately 25% of UAE electricity. Energy demand in the UAE is reported to be growing at an annual rate of about 9%, three times the global average.
Under separate contracts, Lightbridge has been providing FANR with comprehensive advisory services since 2009. "Our strategic planning and ongoing support to the UAE's nuclear regulatory agency have helped guide that nuclear program to the highest standards or safety, security and safeguards," Grae said.
About Lightbridge Corporation
Lightbridge is a U.S. nuclear energy that is developing patent-protected, proprietary, proliferation resistant, next generation nuclear fuel technologies for current and future nuclear reactor systems. The Company also provides comprehensive advisory services in several countries around the world 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, carbon-free 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.
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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.
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