MCLEAN, Va., Jan. 23, 2012 /PRNewswire/ -- Lightbridge Corporation (NASDAQ: LTBR), a leading innovator of next-generation nuclear fuel designs and provider of nuclear energy consulting services to commercial and governmental organizations, today announced that the company has added a senior fuel manager of Southern Company (NYSE: SO) to the Lightbridge Nuclear Utility Fuel Advisory Board. Lightbridge advisory board members provide input into Lightbridge's nuclear fuel development and commercialization efforts.
"Top fuel managers from four of the six largest nuclear utilities in the U.S. are now participating on our Nuclear Utility Fuel Advisory Board," said James P. Malone, Chief Nuclear Fuel Development Officer of Lightbridge. "These utilities are anxious to better understand the benefits and applicability of the Lightbridge fuel designs especially as it relates to power uprates, longer fuel cycles and increased nuclear operating safety."
Ronald G. Cocherell, Nuclear Fuel Director at Southern Nuclear Operating Company, a unit of The Southern Company, is the newest member of the Lightbridge Nuclear Utility Fuel Advisory Board. Mr. Cocherell joins Kenneth S. Petersen, Vice President Nuclear Fuels, Exelon Generation Company, LLC, a unit of Exelon Corporation (NYSE: EXC); David Culp, acting Vice President of Nuclear Engineering, Duke Energy Corporation (NYSE: DUK); and Kerry Basehore, Director, Nuclear Analysis and Fuel, Dominion Resources (NYSE: D). According to data compiled by the Nuclear Energy Institute, Exelon, Southern, Duke and Dominion operate 38 of the 104 nuclear utility reactors in the U.S. today.
"The benefits of the Lightbridge metallic fuel design are compelling," Mr. Cocherell said. "This fuel development program continues to advance and the prospect is real for meaningful power uprates, longer fuel cycles and increased safety."
Nuclear fuel technologies being developed by Lightbridge would help increase the electricity-generating capacity of currently operating and new-build Light Water Reactors (LWRs) through power uprates of up to 17% and 30% respectively, extend operating cycle length in existing reactors from 18 to 24 months, dramatically improve the lifecycle economics of existing and new-build nuclear power generation, and reduce spent-fuel volume per kilowatt-hour of electricity generated.
Lightbridge's metallic fuel technology also could support operation of Boiling Water Reactors (BWRs) and Pressurized Heavy Water Reactors (PHWRs). The specific enhancements for these reactor types will advance as the technology continues to mature.
About Lightbridge Corporation
Lightbridge is a U.S. nuclear energy company based in McLean, VA, with operations in Abu Dhabi, Moscow and London. The Company develops proprietary, proliferation resistant, next-generation nuclear fuel technologies for current and future nuclear reactor systems. 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's breakthrough fuel technology is establishing new global standards for safe and clean nuclear power and leading the way towards a sustainable energy future. 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. It 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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Safe Harbor Statement
This news release may include forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as 'will,' 'believes,' 'expects' or similar expressions. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and based upon premises with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this news release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this news release, see the most recent Lightbridge Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system at http://www.sec.gov.
Lightbridge Corporation Gary Sharpe (571) 730-1213 ir@Ltbridge.com
SOURCE Lightbridge Corporation