U.S. nuclear fuel developer Lightbridge Corporation and French component and reactor services company AREVA NP, which has wide-spread presence in the nuclear industry, have agreed to create a new joint venture that will focus on development, manufacture and commericalization of fuel assemblies based on Lightbridge's metallic nuclear fuel technology, the companies said Wednesday.
The two companies signed a term sheet on Oct. 31, 2016, outlining key agreements for a U.S.-based joint venture to be equally owned by each company and covers fuel assemblies for most types of light water reactors, including pressurized water reactors (PWR) and boiling water reactors (BWR), small modular reactors and research reactors. The companies plan to formalize the join venture “in the coming months,” the companies said.
Said Lightbridge Chief Executive Officer Seth Grae, “Lightbridge CEO Seth Grae said: “This agreement with AREVA NP on key terms for a joint venture company creates a viable and well-defined commercialization path for our patented metallic nuclear fuel technology in the global market, including in the United States, Europe and Asia. Lightbridge fuel holds the promise of enhancing the safety and economics of nuclear power plants and will allow utilities to generate more carbon-free electricity, qualifying for Emission Rate Credits under the U.S. Clean Power Plan.”
“Next-generation fuel technology has significant potential to help sustain existing nuclear energy assets, which will serve as the foundation for a clean energy portfolio worldwide,” said Lionel Gaiffe, senior executive vice president of the Fuel Business Unit for AREVA NP.