Lightbridge, AREVA NP sign agreement for U.S. JV
Lightbridge and AREVA NP in North America signed a binding Heads of Terms Agreement for a joint venture, or JV, that summarizes all material terms and conditions to develop, manufacture and commercialize Lightbridge's advanced metallic fuel technology. Lightbridge is a U.S. nuclear fuel development company and AREVA NP is a leader in servicing and fueling today's reactor fleet and advancing the future of nuclear energy. The parties agreed that the cash and non-cash contributions to the JV will be balanced and that the JV will be owned on a 50-50 basis. The result will be equal economics for the respective JV owners. The JV will be the exclusive vehicle through which Lightbridge and AREVA NP will research, develop, demonstrate, fabricate, license, market and sell nuclear fuel assemblies that utilize Lightbridge's proprietary metallic fuel designs and other advanced nuclear fuel intellectual property contributed by both Lightbridge and AREVA NP.