By Editors of Power Engineering
Areva and Lightbridge Corp. have agreed on key terms for a joint venture that will develop, manufacture, and commercialize fuel assemblies base on Lightbridge’s metallic nuclear fuel technology. The innovation is designed to improve the economics, efficiency, and safety of nuclear power plants.
The two companies signed a term sheet outlining key agreements for a U.S.-based joint venture to be equally owned by each company. The venture will encompass fuel assemblies for most types of light-water reactors, including pressurized water reactors (PWR), boiling water reactors (BWR), small modular reactors (SMR), and research reactors.
“We look forward to advancing nuclear fuel performance through this relationship, combining AREVA NP’s expertise in nuclear fuel design and fabrication with Lightbridge’s innovative metallic nuclear fuel concept,” said Lionel Gaiffe, senior executive vice president of the Fuel Business Unit for AREVA NP. “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.”
The companies expect to formalize the joint venture in the coming months.