Benzinga | Jul 19, 2021 08:03AM EDT

Lightbridge Signs Cooperative R&D Agreement with the U.S. Department of Energy's Gateway for Accelerated Innovation in Nuclear Program

Lightbridge Corporation ("Lightbridge," or the "Company") (NASDAQ:LTBR), an advanced nuclear fuel technology company, is pleased to announce that it has executed a Cooperative Research and Development Agreement (CRADA) with the Battelle Memorial Institute, Pacific Northwest Division, the operating contractor of the Pacific Northwest National Laboratory (PNNL), in collaboration with the U.S. Department of Energy (DOE). The principal goal of this agreement is to advance a critical stage in the manufacturing process of Lightbridge Fuel(tm) by demonstrating a casting process using depleted uranium-zirconium material. The total project value of the CRADA is approximately $663,000, with three-quarters of this amount funded by DOE for the scope performed by PNNL.

Seth Grae, President & CEO of Lightbridge Corporation, commented, "We are excited to kick off our second R&D initiative through the DOE and the GAIN program. The GAIN program continues to be a superb opportunity for Lightbridge to partner with the US government to gain access to world-class personnel and facilities. Partnering with the GAIN program enables us to save the high costs of time and capital to create these experiments ourselves while retaining our intellectual property and fast-tracking our R&D efforts. We hope to further our efforts to partner with the DOE and the US government in advancing US nuclear technology development, which in combination with renewables helps address climate change and ensure the U.S. maintains a global leadership position in nuclear technology."

Ali Zbib, Manager of Nuclear Power Systems at PNNL stated, "The partnership with Lightbridge will leverage PNNL's capabilities and expertise in nuclear fuels, particularly in advanced uranium alloy casting to advance their Lightbridge Fuel(tm) technology."