Lightbridge (LTBR) 28th Annual Needham Growth Conference Virtual summary

Technology and innovation

• Developed a new nuclear fuel for existing and new reactors, aiming to increase power output and safety, with samples currently being tested at Idaho National Laboratory.

• Fuel design features a zirconium alloy cladding and a graphite displacer, keeping the center of the rod significantly cooler than current fuels, enhancing safety.

• The new fuel eliminates the need for spacer grids, improving water flow and heat transfer, enabling higher reactor power uprates.

• Advanced fuel allows for longer refueling cycles, potentially moving from 18 to 24 months, increasing reactor uptime and revenue.

• Robust global patent portfolio and ongoing innovation in both fuel design and production methods.

Strategic partnerships and industry collaboration

• Strong partnerships with Idaho National Laboratory and the U.S. Department of Energy, providing access to facilities and enriched uranium for testing.

• Collaboration with Oklo to explore co-location of fuel fabrication facilities and recycling technologies, leveraging shared needs despite different end products.

• Feasibility studies underway for CANDU reactors in Romania, expanding potential market reach.

• Participation in the HALEU Consortium alongside major industry players to secure future uranium enrichment supply.

Market drivers and industry trends

• Global surge in electricity demand, especially from data centers, AI, and electrification of industry, is driving utilities to seek higher power output and reliability.

• Nuclear power's high capacity factor and reliability make it attractive for modern industry compared to coal and natural gas.

• U.S. and global policy shifts, including bipartisan support and pledges to triple or quadruple nuclear capacity by 2050, are accelerating industry momentum.

• Coal-to-nuclear transition and repurposing of former coal plant sites for small modular reactors present significant growth opportunities.