Agreement Signed at COP28 in Dubai, United
Arab Emirates
RESTON,
Va. and BETHESDA,
Md., Dec. 7, 2023 /PRNewswire/
-- Lightbridge Corporation ("Lightbridge") (Nasdaq: LTBR) and
Centrus Energy Corp. ("Centrus") (NYSE American: 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 Russell Microcap® Index. For more information, please visit
www.ltbridge.com.
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About Centrus Energy
Centrus Energy is a
trusted supplier of nuclear fuel and services for the nuclear power
industry. Centrus provides value to its utility customers
through the reliability and diversity of its supply sources –
helping them meet the growing need for clean, affordable,
carbon-free electricity. Since 1998, the Company has provided its
utility customers with more than 1,750 reactor years of fuel, which
is equivalent to 7 billion tons of coal. With world-class technical
and engineering capabilities, Centrus is also advancing
the next generation of centrifuge technologies so that America can
restore its domestic uranium enrichment capability in the future.
Find out more at www.centrusenergy.com.
Forward Looking Statements
This news release
contains "forward-looking statements" within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. In this context,
forward-looking statements mean statements related to future
events, which may impact our expected future business and financial
performance, and often contain words such as "expects",
"anticipates", "intends", "plans", "believes", "will", "should",
"could", "would" or "may" and other words of similar meaning. These
forward-looking statements are based on information available to
Lightbridge and Centrus as of the date of this news release and
represent their respective management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve known and unknown
risks, uncertainties, and other factors, which may be beyond our
control.
For Lightbridge Corporation, with the exception of historical
matters, the matters discussed herein are forward-looking
statements, including statements regarding the anticipated benefits
and results of the FEED study, the completion of the LPFFF, and
Lightbridge Fuel's™ ability to utilize HALEU in existing and future
reactors, including SMRs. 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: Lightbridge's ability to commercialize its nuclear fuel
technology; the degree of market adoption of Lightbridge's product
and service offerings; Lightbridge's ability to fund general
corporate overhead and outside research and development costs;
market competition; our ability to attract and retain qualified
employees; dependence on strategic partners; demand for fuel for
nuclear reactors; Lightbridge's ability to manage its business
effectively in a rapidly evolving market; the availability of
nuclear test reactors and the risks associated with unexpected
changes in Lightbridge's fuel development timeline; the increased
costs associated with metallization of Lightbridge's nuclear fuel;
public perception of nuclear energy generally; changes in the
political environment; risks associated with war in Europe; changes in the laws, rules and
regulations governing Lightbridge's business; development and
utilization of, and challenges to, Lightbridge's intellectual
property; risks associated with potential shareholder activism;
potential and contingent liabilities; as well as other factors
described in Lightbridge's filings with the Securities and Exchange
Commission (the "SEC"). Lightbridge does not assume any obligation
to update or revise any such forward-looking statements, whether as
the result of new developments or otherwise, except as required by
law. Readers are cautioned not to put undue reliance on
forward-looking statements.
A further description of risks and uncertainties can be found
in Lightbridge's Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, and in its
other filings with the SEC, including in the sections thereof
captioned "Risk Factors" and "Forward-Looking Statements", all of
which are available at http://www.sec.gov/ and
www.ltbridge.com.
For Centrus Energy Corp., particular risks and uncertainties
that could cause Centrus' actual future results to differ
materially from those expressed in Centrus' forward-looking
statements include but are not limited to the following which are,
and will be, and any worsening of the global business and economic
environment as a result; risks related to component failure which
prevent plant operations or HALEU production; risks related to the
government's inability to satisfy its obligations under the HALEU
Operation Contract including supplying government furnished
equipment under the HALEU Operation Contract and processing
security clearances due to a government shutdown or other reasons;
risks related to whether or when government funding or demand for
HALEU for government or commercial uses will materialize; risks
related to (i) Centrus' ability to perform and absorb costs under
our agreement with the DOE to deploy and operate a cascade of
centrifuges to demonstrate production of HALEU for advanced
reactors (the "HALEU Operations Contract"), (ii) Centrus' ability
to obtain contracts and funding to be able to continue operations
and (iii) Centrus' ability to obtain and/or perform under other
agreements; risks that (i) Centrus may not obtain the full benefit
of the HALEU Operation Contract and may not be able or allowed to
operate the HALEU enrichment facility to produce HALEU after the
completion of the HALEU Operation Contract or (ii) the HALEU
enrichment facility may not be available to Centrus as a future
source of supply; risks related to actions, including reviews, that
may be taken by the U.S. government, the Russian government, or
other governments that could affect Centrus' ability to perform
under its contractual obligations or the ability of Centrus'
sources of supply to perform under their contractual obligations to
Centrus; risks related to uncertainty regarding Centrus' ability to
commercially deploy a competitive enrichment technology; risks
related to the fact that Centrus faces significant competition from
major producers who may be less cost sensitive or are wholly or
partially government owned; risks related to the impact of
government regulation and policies including by the DOE and the
U.S. Nuclear Regulatory Commission; and other risks and
uncertainties discussed in this and Centrus' other filings with the
SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
news release. These factors may not constitute all factors that
could cause actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this news release and in both Centrus' and Lightbridge's
other filings with the SEC, including their respective Annual
report on Form 10-K for the year ended December 31, 2022, and other filings with the SEC
that attempt to advise interested parties of the risks and factors
that may affect their respective businesses. Centrus and
Lightbridge do not undertake to update any forward-looking
statements to reflect events or circumstances that may arise after
the date of this news release, except as required by law.
Lightbridge Contact:
Matthew
Abenante, IRC
Director of Investor Relations
Tel: +1 (347) 947-2093
ir@ltbridge.com
Centrus Contacts:
Investors: Dan
Leistikow at LeistikowD@centrusenergy.com
Media: Lindsey
Geisler at GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.