RESTON, Va., Aug. 30, 2016 (GLOBE NEWSWIRE) — Lightbridge Corporation (NASDAQ:LTBR), a U.S. nuclear fuel development company, today announced that the Company’s CEO, Seth Grae, provided a keynote address to Chinese business leaders at an event held in Beijing on August 25, 2016 organized by Lightbridge’s newly appointed Co-Chairman, Mr. Xingping Hou.
During his keynote speech, Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, stated, “At Lightbridge, we are developing and commercializing a new nuclear energy technology that will significantly improve the economics and safety of existing nuclear reactors and new reactors. With Mr. Hou’s leadership, we are confident of success across Asia and around the world.”
Following the event, Mr. Grae further commented, “We appreciate the opportunity to meet with business leaders from around China and introduce Lightbridge’s advanced nuclear fuel technology. China represents a significant market for Lightbridge metallic fuel for deployment in both existing and new-build reactors. According to the most current data compiled by the World Nuclear Association, China represents the largest growth market in the world for nuclear power with 32 nuclear power reactors currently in operation and 22 under construction with more reactors planned representing a three-fold increase in nuclear capacity by 2021.”
A 30% power uprate capability offered by Lightbridge metallic fuel could be particularly attractive to new-build nuclear power plants in China, resulting in an estimated 13% reduction in upfront capital costs. Based on an estimated capital cost of $4,500 per kilowatt of generating capacity, the 13% reduction in upfront capital costs could translate to approximately $85 billion in total cost savings to China for an additional 150 GWe of nuclear generating capacity through 2050.
Photos from the event are available on the Company’s website at: http://ir.ltbridge.com/events.cfm.
About Lightbridge Corporation
Lightbridge is a nuclear fuel development 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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Forward Looking Statements
With the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s competitive position, the timing of demonstration testing and commercial production, the Company’s entry into agreements with nuclear fuel manufacturers and the timing thereof, the potential impact of the U.S. Clean Energy Plan and similar regulations, the Company’s anticipated financial resources and position, the Company’s product and service offerings and the expected market for the Company’s 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; demand for fuel for nuclear reactors; and the Company’s ability to manage its business effectively in a rapidly evolving market, as well as other factors described 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. Readers are cautioned not to put undue reliance on forward-looking statements.
CONTACT: Investor Relations Contact: David Waldman/Natalya Rudman Crescendo Communications, LLC Tel. +1 855-379-9900 [email protected]