Benzinga | Jul 19, 2021 10:18AM EDT

Lightbridge Inks Cooperative R&D Agreement With US Department Of Energy's GAIN Program

* Lightbridge Corp (NASDAQ:LTBR) 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 agreement will help advance a critical stage in the manufacturing process of Lightbridge Fuel 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.

* "Partnering with the GAIN (Accelerated Innovation in Nuclear) 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," commented Seth Grae, President & CEO of Lightbridge.

* Price action: LTBR shares are trading higher by 1.40% at $5.78 on the last check Monday.