Lightbridge Gets Allowance Notice For Key Patent in Europe For Metallic Nuclear Fuel

Lightbridge Corporation LTBR received a Notice of Allowance from the European Patent Office for a key patent covering its metallic nuclear fuel rod design. According to the company, the patent is expected to be issued this quarter.

Lightbridge said it would seek patent validation in key countries in the EU region. This included France, the United Kingdom, Sweden, and other key countries, which already have a significant amount of nuclear generating capacity.

The company's president and CEO, Seth Grae, commented, "Europe represents a significant market for Lightbridge's metallic fuel with 101 reactors currently in operation in key EU countries we are targeting, according to the World Nuclear Association's nuclear reactor database. Moreover, Europe has been a major focus for our fuel development and partnership initiatives."

He continued, "Importantly, the EU depends heavily on nuclear power for more than one-quarter of its electricity needs, and a higher proportion of its base-load power. In fact, nuclear provides over half of all of Europe's low-carbon electricity. Given the fact our fuel improves the operating economics and enhances the safety of nuclear reactors, we believe our technology will be central to Europe meeting both its baseload energy requirements and climate change goals in the years and decades to come."

Following the news, the stock traded 10 percent higher on Tuesday.