LTBR - Lightbridge and Centrus Energy Enter into a Contract to Conduct a FEED Study for a Lightbridge Pilot Fuel Fabrication Facility in Piketon Ohio | Benzinga
RESTON, Va. and BETHESDA, Md., Dec. 07, 2023 (GLOBE NEWSWIRE) -- Lightbridge Corporation ("Lightbridge") (NASDAQ:LTBR) and Centrus Energy Corp. ("Centrus") (NYSE:LEU) today announced a contract to conduct a front-end engineering and design (FEED) study to add a dedicated Lightbridge Pilot Fuel Fabrication Facility (LPFFF) at the American Centrifuge Plant in Piketon, Ohio. The FEED study will identify infrastructure and licensing requirements as well as the estimated cost and construction schedule for the LPFFF. Centrus' wholly-owned subsidiary, American Centrifuge Operating, LLC, will lead the study, which is expected to be completed in 2024.
"Centrus is proud to join forces with Lightbridge to work towards creating high-assay low-enriched uranium (HALEU) based fuels that have the potential to power both existing as well as new reactors," said Centrus President and CEO Daniel B. Poneman. "Our plant in Ohio is the only HALEU production plant in the world outside of Russia and would be an ideal site for Lightbridge's proposed facility. Since Lightbridge Fuel has the potential to bring HALEU and its benefits to the existing fleet of reactors, this partnership holds the potential to significantly expand the market for HALEU."
Seth Grae, President & Chief Executive Officer of Lightbridge, commented, "This agreement with Centrus marks a landmark moment for Lightbridge as we take concrete steps towards establishing a pilot-scale facility to manufacture Lightbridge Fuel. This facility will be instrumental in paving the way for cleaner, safer, and more efficient nuclear energy by bringing HALEU to existing reactors as well as to new reactors, large and small. At COP28, the United States joined other countries in pledging to triple nuclear power globally by 2050. We expect the added power produced by reactors upgraded with Lightbridge Fuel—and new small reactors powered by our fuel—to be key to meeting that goal. We are thrilled to partner with Centrus, leveraging their deep expertise and infrastructure to bring this vision to life."
About Lightbridge Corporation
Lightbridge Corporation (NASDAQ:LTBR) is focused on developing advanced nuclear fuel technology essential for delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light water reactors and pressurized heavy water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors (SMRs) to bring the same benefits plus load-following with renewables on a zero-carbon electric grid.
Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance, LLC, the United States Department of Energy's (DOE) operating contractor for Idaho National Laboratory (INL), the United States' lead nuclear energy research and development laboratory. DOE's Gateway for Accelerated Innovation in Nuclear (GAIN) program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. Lightbridge is participating in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University. An extensive worldwide patent portfolio backs Lightbridge's innovative fuel technology. Lightbridge is included in the ...