Under the MoU, both the parties agree to perform scoping studies relating to the pilot fabrication facility and evaluate potential teaming arrangements in that area.
The parties could enter into a definitive agreement in 2014, if the potential teaming arrangement of Lightbridge and B&W proves feasible.
The nuclear fuel technology, developed by Lightbridge, is designed to enhance power production while simultaneously extending the operating cycle length in existing pressurized water reactors.
B&W NE president Joe Zwetolitz said,"Our relationship with Lightbridge on this pilot project is a testament to B&W’s reputation for excellence in operating nuclear facilities, and our commitment to pursuing innovation that can strengthen the commercial nuclear industry.
"The nuclear fuel design concept that Lightbridge is developing has the potential to provide utilities with improved safety and performance, and is rooted in decades of proven operational excellence."
Lightbridge president and CEO Seth Grae said, "Collaboration with B&W on the pilot-scale fuel fabrication facility study is another important milestone in the commercial advancement of our innovative, metallic nuclear fuel.
"We hope the initial collaboration under the MOU can lead to a definitive agreement early next year."
