Lightbridge Welcomes Passage of the ADVANCE Act, Landmark Legislation to Expedite Commercial Deployment of Advanced Nuclear Fuel and Other Advanced Nuclear Technologies
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RESTON, Va., June 25, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, applauds the passage of the ADVANCE Act, or the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act, which aims to accelerate the deployment of advanced nuclear energy in the United States. Earlier this year, the U.S. House of Representatives passed the bill on a 365-36 vote, and the U.S. Senate overwhelmingly voted 88-2 to approve the legislation.
The ADVANCE Act focuses on streamlining the regulatory process at the Nuclear Regulatory Commission (NRC), supporting the development and deployment of new nuclear technologies, and strengthening the domestic nuclear supply chain.
Seth Grae, President & CEO of Lightbridge Corporation, commented, "We are thrilled to see the ADVANCE Act pass with such overwhelming support in both the House and the Senate. While the Act does not remove all hurdles facing deployment of advanced nuclear technologies, this landmark legislation marks a significant step forward for the nuclear industry and reinforces the critical role of advanced nuclear technologies in our clean energy future. By streamlining regulatory processes, supporting the development of innovative nuclear technologies, and strengthening the domestic supply chain, the ADVANCE Act paves the way for a more financially sustainable and competitive nuclear energy landscape in the United States.”
"We are particularly encouraged by the expedited NRC licensing process for advanced nuclear fuel technologies. The Act directs the NRC to establish an initiative to enhance preparedness and coordination with respect to qualification and licensing of advanced nuclear fuel. The Act also specifically calls for government agency coordination relating to enabling the testing and demonstration of accident tolerant fuels for existing commercial nuclear reactors and also directs the NRC to assess the preparedness of the NRC to review and qualify use of accident tolerant fuel and high-assay low-enriched uranium fuels. The NRC’s inclusion of Lightbridge Fuel? on its website under Longer Term Accident Tolerant Fuel Technologies (https://www.nrc.gov/reactors/power/atf/technologies/longer-term.html) is a testament to the innovative potential of our fuel technology. We expect this accelerated pathway will lead to expediting licensing of Lightbridge Fuel for commercial use when it is in the NRC licensing process," concluded Mr. Grae.
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.