Lightbridge Corporation announced that the Massachusetts Institute of Technology (“MIT”) has been awarded approximately $800,000 by the U.S. Department of Energy’s (“DOE”) Nuclear Energy University Program R&D Awards to study the deployment of Accident Tolerant Fuels in Small Modular Reactors. The project will be funded in its entirety by the DOE, with the goal of bringing collaborative teams together to solve complex problems to advance nuclear technology and understanding. Among other objectives, the project will simulate the fuel and safety performance of Lightbridge Fuel inside a small modular reactor (“SMR”) designed by industry leader NuScale Power (NYSE: SMR).
Seth Grae, President and CEO of Lightbridge commented, “We are honored to have the opportunity to collaborate with MIT’s prestigous Department of Nuclear Science & Engineering (NSE) in this important study, where MIT will simulate the usage and safety performance of Lightbridge Fuel™ inside of a NuScale Power small modular reactor. Importantly, this research dovetails with our strategic focus on fueling SMRs of the future and the potential additional benefits Lightbridge Fuel rods will bring to SMRs.”
José N. Reyes, Ph.D., Co-founder and Chief Technology Officer of NuScale Power commented, ”NuScale is proud to have our groundbreaking SMR technology as a part of this important study. We share the goals of the DOE and the Nuclear Energy University Program in expanding access to nuclear energy, the nation's largest source of clean power, while collaborating with the next generation of nuclear industry leaders at MIT.”
“SMR's enhanced safety features provide flexibility in adoption of future advanced fuel technologies for improved performance,” commented Koroush Shirvan, Principal Investigator of the study and assistant professor in MIT’s Department of Nuclear Science and Engineering.
“We also appreciate the lasting commitment demonstrated by the DOE to support the development of advanced nuclear technologies like Lightbridge Fuel. Previously, Lightbridge had been awarded two GAIN vouchers by the DOE, relating to our fuel and our proprietary manufacturing process, respectively. Today’s announcement provides Lightbridge another non-dilutive opportunity to advance our fuel development, while further strengthening our association with the DOE,” concluded Mr. Grae.
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