While we wait for Lockheed & others read this again, do it VANCOUVER, BC – October 31, 2013 – IBC Advanced Alloys Corp. (TSX-V:IB; OTCQX: IAALF) ("IBC" or the “Company”) is pleased to announce that it has signed a memorandum of understanding (the “MOU”) with Global Nuclear Fuel – Americas, LLC (“GNF-A”) and Ceramic Tubular Products, LLC (“CTP”) toexplore opportunities to collaborate on nuclear fuel research. The MOU was signed following meetings at the recent American Nuclear Society’s annual Top Fuels conference where IBC presented recent R&D developments on its beryllium oxide (“BeO”) nuclear fuel focused on developing a safer and more accident tolerant nuclear fuel.
Under the terms of the agreement, the parties will enter into discussions regarding a potential joint collaborative effort to develop and analyze the benefits of increased cooperation and interaction regarding the development and commercialization of the advanced beryllium oxide-silicon carbide (“BeO-SiC”) fuel technology. The parties have also agreed to explore available opportunities for government or industry partner funding for accident tolerant fuel R&D initiatives.
Based in Wilmington, N.C., GNF-A is a joint venture of General Electric, Hitachi Ltd. and Toshiba Corporation and is a leading fabricator and supplier of Boiling Water Reactors (“BWR”) fuel and services. GNF-A strives to continually advance fuel technologies to meet the demands of today’s power reactors and to support a strong nuclear industry. CTP, based in Rockville, MD is developing advanced silicon carbide nuclear fuel cladding which will improve both industry economics and safety. CTP has been awarded multiple grants, including one from the US Department of Energy, to further research, identify and evaluate complementary fuel forms, such as IBC's BeO enhanced fuel.
IBC recently reported that the Massachusetts Institute of Technology (“MIT”) completed a fuel performance study supporting IBC’s BeO nuclear fuel technology combined with CTP’s silicon carbide cladding. The MIT report validates how IBC’s BeO enhanced fuel and CTP’s SiC cladding could reduce fuel operating temperatures and improve fuel operating characteristics leading to a safer and more accident tolerant fuel. The report, along with other recent findings from Texas A&M and Purdue Universities, was presented at the Top Fuels conference.
“We are very pleased to have signed this MOU with IBC and CTP which could have significant fuel cycle benefits for plant operators,” said Chet Akiri, COO of GNF-A. “The potential benefits of the improved thermal conductivity fuel, combined with CTP’s cladding technology, include lower fuel operating temperatures that deliver the same energy to the reactor system. GNF is committed,” continued Akiri, “to pursuing new technologies that will improve fuel performance and result in important benefits for our utility customers.”
Herb Feinroth, CEO of Ceramic Tubular Products, echoed Akiri’s sentiments and said, “the tests of CTP’s TRIPLEX Silicon Carbide cladding have already shown the potential for hundreds of times lower heat release and hydrogen release during severe accidents as compared to the current metal cladding now used in commercial reactors. The combination of CTP’s cladding technology with IBC’s enhanced BeO fuel,” continued Feinroth, “could mark a significant step in the development of more accident tolerant nuclear fuels and we look forward to working with IBC and GNF to advance this important initiative.”
As a result of recent nuclear industry events, industry officials and governments are supporting alternative advanced fuel designs including increased R&D initiatives for more accident tolerant fuels. Because of this increasing industry awareness the parties to the agreement look forward to entering into discussions with a number of potential nuclear industry partners to explore and discuss the next phase of R&D including irradiation requirements and testing of the fuel in test reactors.
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