Lightbridge Corp (NASDAQ:LTBR) launched Enfission in a 50-50 collaboration with Framatome, a leader in nuclear, components and reactor services. Together the two companies will develop, license, and sell nuclear fuel assemblies.
The collaboration will develop Enfission using the Lightbridge-designed metallic fuel technology along with other advanced nuclear fuel intellectual property. The two companies already have started joint fuel development and regulatory licensing work after signing agreements initiated in March 2016. The collaboration is a Delaware-based limited liability company.
According to the Chairman of the Managing Board and CEO of Framatome, Bernard Fontana, this is an exciting period of growth for Framatome and they are proud to be a part of this joint venture and to work on Enfission with Lightbridge. Fontana stated that together through this joint venture both the companies are developing an innovative fuel technology.
It will help their customers to generate more electricity using their nuclear power plants and compete in a much better way in the marketplace thereby benefitting the customers significantly. Fontana revealed that his company provides its next generation of fuel assembly designs to over 100 of around 260 light water reactors globally and through this venture, Framatome is expecting to help its customers meet their operational goals without compromising on the safety issues.
The CEO of Framatome further added that they are confident that their strategic partnership with Lightbridge on Enfission will strengthen his company’s position as a key international player in the global fuel market.
Joint Venture To Fill The Need For New And Existing Nuclear Plants
The Lightbridge president and CEO, Seth Grae said that with the world seeking more economical, reliable, and carbon-free baseload power, the innovative metallic fuel technology from his company will help both new and existing nuclear plants to fill their need. According to Grae, Framatome is the ideal partner having established manufacturing capabilities and an impeccable reputation as a supplier of nuclear fuel with a large global footprint.
Lightbridge Corporation is a U.S. nuclear fuel development company with a focus on proprietary next generation nuclear fuel technologies for future and current reactors.