This agreement reinforces IBC’s dedication to strengthening its R&D portfolio and to working with leading companies to develop and promote emerging technologies, particularly in the energy sector.”
Vancouver, B.C. (Vocus/PRWEB) February 17, 2011
IBC Advanced Alloys Corp. (TSX-V: IB) (“IBC” or the “Company”) announces that it has signed a Memorandum of Understanding (the “MOU”) with Global Nuclear Fuel America (“GNF-A”) to improve the efficiency of nuclear fuel by adding Beryllium Oxide. Based in Wilmington, N.C., GNF is a NYSE listed GE joint venture with Hitachi Ltd. and Toshiba Corporation. GNF is the nuclear industry’s leading fabricator and supplier of Boiling Water Reactors (“BWR”) fuel and services. The IBC sponsored R&D initiative is led by Purdue and Texas A&M universities.
“We are excited to work with IBC to help evaluate this innovative advanced oxide process to enhance the thermal performance of our BWR fuel, which in turn would result in fuel cycle benefits for plant operators,” said Nicole Holmes, President and CEO of GNF. “The potential benefits of the improved thermal conductivity fuel include lower operating temperatures for the fuel while delivering the same energy to the reactor system. “The bottom line,” continued Holmes, “is that GNF is committed to developing innovative new technologies to improve our fuel performance resulting in important benefits for our utility customers.”
Under the terms of the MOU, the parties have agreed to jointly complete an industry study on the application of the beryllium oxide technology to BWR fuel. The new MOU calls for GNF to assist in study completion by applying the advanced oxide process to uranium fuel pellets produced by GNF’s Wilmington fuel fabrication plant. Central to the project will be IBC’s patent pending technology for the use of BeO to improve the thermal conductivity of BWR fuel. This technology is currently being developed at Purdue and Texas A&M universities under an IBC sponsored research program.
“IBC Advanced Alloys Corp. is pleased to sign this agreement with GNF-A and to support a technology with so much potential,” said Anthony Dutton, President and CEO of IBC. “The initial work conducted at Purdue University for IBC, augmented by the work at Texas A&M, provided IBC with encouraging data. IBC used the information to present the technology to GNF-A and GNF has provided useful feedback and suggestions for further research. This agreement,” continued Dutton, “reinforces IBC’s dedication to strengthening its R&D portfolio and to working with leading companies to develop and promote emerging technologies, particularly in the energy sector.”
GNF provides nuclear fuel to BWRs globally, and continues to advance their technology to meet the challenges posed by the high performance of today’s power reactors. The application of the BeO technology to GNF-A fuel will be another advance in GNF-A’s drive for continuous improvement.
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 Pennsylvania, Indiana, Massachusetts 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”. See IBC on Facebook.
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
This news release was prepared by management of IBC, which takes full responsibility for its contents. 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.
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This disclosure contains certain forward-looking statements including expectations about future operating results and the benefits of IBC’s business 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 operations, research and development, and mineral exploration, 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.