IBC Signs Memorandum of Understanding With Ceramic Tubular Products to Advance Nuclear Fuel Technologies
October 27 2011 - 9:00AM
Marketwired
IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF)(PINK
SHEETS:IAALF) ("IBC" or the "Company") and Ceramic Tubular
Products, LLC ("CTP") signed a memorandum of understanding to
jointly advance and develop their respective nuclear fuel
technologies to address operational and performance issues with
light water reactor ("LWR") fuel systems. IBC and CTP's nuclear
fuel technologies are very complementary and have the potential to
deliver significant fuel performance improvements and operational
safety benefits to the nuclear industry.
CTP, based in Rockville, MD and Lynchburg, VA, has been
developing an advanced nuclear fuel ceramic cladding, known as
silicon carbide triplex cladding, primarily for existing Light
Water Reactors (LWRs). This advanced technology aims to improve the
economics of the nuclear industry by increasing safety margins and
overall fuel performance. 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 that could contribute by facilitating the
cladding to achieve its full potential in commercial service.
"We look forward to working with IBC and their advanced nuclear
fuel R&D program," said Herb Feinroth, CEO of Ceramic Tubular
Products. "Our respective technologies not only complement each
other from a technological and commercial perspective, but are also
very timely, given recent developments in the nuclear industry
after the accident of the Fukushima LWR reactors in Japan. CTP's
longstanding relationships with the Department of Energy, industry
regulators and other industry partners," continued Feinroth,
"reinforce our belief that a partnership with IBC offers great
promise for our respective companies and the nuclear fuel
industry."
Pursuant to the MOU, IBC and CTP will collaborate to develop,
test and potentially commercialize their combined respective
technologies. IBC, with Purdue ("Purdue") and Texas A&M ("Texas
A&M") universities, will assist in analyzing how IBC's
beryllium oxide (BeO) enhanced UO2 fuel supports CTP's technology,
and how it responds and performs in LWRs. IBC's BeO nuclear fuels
project is focused on developing a high thermal conductivity BeO
nuclear fuel for current and future nuclear power reactors that is
more efficient and safer than existing nuclear fuels, which is
complementary to CTP's cladding technology.
"IBC is excited to develop and collaborate with CTP on
alternative nuclear fuel technologies that directly address
economic performance and industry safety," said Anthony Dutton,
President and CEO of IBC Advanced Alloys. "IBC's objective is to
commercialize its BeO enhanced fuel and to position itself as an
essential part of the nuclear industry's supply chain. Our work
with CTP will provide both parties with an opportunity to
contribute to improved margins and cost efficiencies for the
nuclear industry."
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals
(beryllium) based alloys and related products serving a variety of
industries including nuclear energy, automotive, telecommunications
and a range of industrial applications. IBC has 80 employees and is
headquartered in Vancouver, Canada with production facilities in
Indiana, Massachusetts, Pennsylvania and Missouri. Additionally,
IBC owns prospective beryllium properties in the Western US
covering approximately 9,500 hectares. IBC is creating a dynamic
global beryllium and advanced alloys company. IBC's common shares
are traded on the TSX Venture Exchange under the symbol "IB" and on
the OTCQX under the symbol "IAALF".
This news release was prepared by management of IBC, which takes
full responsibility for its contents.
This disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control including: the
impact of general economic conditions in the areas in which the
Company operates, industry conditions, changes in laws and
regulations including the adoption of new environmental laws and
regulations and changes in how they are interpreted and enforced,
increased competition, the lack of availability of qualified
personnel or management, fluctuations in commodity prices, foreign
exchange or interest rates, stock market volatility and obtaining
required approvals of regulatory authorities. In addition there are
risks and uncertainties associated with manufacturing activities
therefore the Company's future results, performance or achievements
could differ materially from those expressed in these
forward-looking statements. All statements included in this press
release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based
on assumptions made by the Company based on its experience,
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: IBC Advanced Alloys Corp. Ian Tootill Director of
Corporate Communications (604) 685-6263 ext
110itootill@ibcadvancedalloys.comwww.ibcadvancedalloys.com
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