RESTON, Va., May 09, 2016 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear energy company, today announced that it received a Notice of Allowance for a key divisional patent covering its multi-lobe helically twisted metallic fuel rod and fuel assembly designs, and a method for manufacturing extruded metallic fuel rods in Japan. The actual grant of the patent is contingent upon payment of the issuance fee which has since been paid by Lightbridge. As a result, the patent is expected to be issued within two months.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “This patent allowance is a significant milestone for Lightbridge, especially following the 5th anniversary of the Fukushima nuclear accident that caused Japan to suspend operation of its nuclear reactor fleet. According to the World Nuclear Association, Japan currently has 42 reactors that are operable and potentially able to restart, with 24 of these reactors in the process of restart approvals. The first two of these reactors restarted in August and October 2015. Currently, Japan needs to import about 84% of its energy. Last April, the Japanese government announced that it wanted its baseload power generation sources to return to providing 60% of the country’s power by 2030, with about one-third of this coming from nuclear.”
“We believe Lightbridge metallic fuel’s safety advantages, coupled with the significant economic benefits of our fuel for reactor operators, will be particularly beneficial and attractive to Japan. Lightbridge’s proprietary nuclear fuel technology enhances reactor safety during normal operation and off-normal events due to the significantly improved heat transfer capabilities and lower fuel temperature during operation. Our fuel provides dramatic safety advantages, as evidenced by about a 1,000°C reduction in fuel operating temperature, compared to conventional uranium dioxide pellet fuel.”
About Lightbridge Corporation
Lightbridge is a nuclear energy company based in Reston, Virginia, USA. The Company develops proprietary next generation nuclear fuel technologies for current and future nuclear reactor systems. 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. 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 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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Investor Relations Contact: David Waldman/Natalya Rudman Crescendo Communications, LLC Tel. + 1 855-379-9900 Ltbr@crescendo-ir.com