Seth Grae, President & Chief executive Officer of Lightbrige Corporation, this Tuesday, March 29, at 6 am ET in Dubai, United Arab Emirates, participated in a panel discussion on The Role of Nuclear Energy in a Just Transition.
The agenda of the year sets in The Atlantic Council Global Energy Forum. It is an international gathering for governments, industry, and leaders. This year the group will be focusing on the net-zero pathway. There will be three key issues areas. The counting impact of the pandemic on energy, the current energy crunch, and the geopolitics of climate action.
More about Lightbridge Corporation.
This corporation is a developer of advanced nuclear fuel. It enables carbon-free energy applications, which are essential to prevent climate change. They are committed to helping the planet through their projects. As a result they are developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for Small Modular Reactors. Also, the existing light-water reactors significantly enhance reactor safety, economics, and fuel proliferation resistance. has The U.S. awarded Lightbridge twice. Department of Energy’s Gateway for Accelerated Innovation in Nuclear program to support the development of Lightbridge Fuel™.
Lightbridge also provides business update and announces the fiscal Year 2021 financial results.
They gave us an update on their continuing progress; the company´s report showed no debt at the end of 2021.
An increase of $3.2 million in cash equivalent compared to the past year. It was $24.7 million on December 31, 2021, compared to the $21.5 million of the previous year. The following are examples of why the increase happened:
- Cash used in operating activities went from $8.6 million in 2020 to $11.0 million in 2021.
- Cash used in their investing activities during the 2021 period decreased by approximately $0.2 million compared to 2020. This result came from a decrease in trademark cost
- Cash provided by financing activities increased $1.8 million from $12.4 million in 2020 to $14.2 million in 2021.
Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We achieved important milestones in our fuel development work in 2021 and continue to make excellent progress in executing our strategy despite the war in Europe and continued impacts of the COVID-19 pandemic.” He also said, “Lightbridge is the only company working to reinvent nuclear fuel for existing types of reactors. Our innovative nuclear fuel designs are backed by a global patent portfolio that covers both the design and manufacturing method of the fuel.”
He closed his statement by saying, “As we look to 2022, Lightbridge well-position indicates a strong year. We are reporting one of the strongest balance sheets in our history. We remain focused on leveraging our technical expertise and industry relationships to advance our fuel development program and position Lightbridge for long-term growth.”
