Thorium Power Ltd. (OTCBB: THPW) develops non-proliferative nuclear fuel technology and comprehensive advisory services for emerging nuclear programs. The company today announced two new agreements that will enable the company to boost revenue while continuing efforts with the United Arab Emirates (UAE). Thorium will receive an aggregate of $17 million, according to the agreement.
“Thorium is committed to supporting the UAE nuclear energy program for the long term, and we are proud of their confidence in our company as reflected in these new five-year agreements. We are advising the UAE on the design, development and management of the key organizations required to implement a nuclear energy program according to the highest international standards. Since last year we have worked closely with senior decision makers in the UAE government to develop a roadmap for the country’s potential future nuclear energy program and more recently to manage critical path activities for the program.” Seth Grae, CEO of Thorium stated in the press release.
In accordance with the UAE policy published in April 2008, Thorium will provide strategic advice for the structure and launch of Emirates Nuclear Energy Corp. (ENEC), the branch of the government of the Emirate of Abu Dhabi, which will develop and oversee energy development. This falls in line with the UAE’s policy to evaluate and implement peaceful nuclear energy.
For the second agreement, Thorium will provide strategic advice for the development and launch of an independent nuclear regulatory agency in the UAE – Federal Authority for Nuclear Regulation (FANR).
“Nuclear” may be associated with the end of the world, but Thorium’s technologies target existing and future reactors designed to address concerns regarding nuclear power. With a seasoned management team, the company uses this approach to secure relationships around the world and to attain short and long-term goals.
“The two new agreements provide a long-term platform for our consulting business launched in 2007. Our strategic advisory services are based on unique and innovative expertise integrated across a wide range of competence areas and with particular emphasis on non-proliferation, safety and long term economics. Our consulting business gives us the opportunity to generate revenue early in the nuclear renaissance while simultaneously pursuing longer term upside from our technology licensing business,” Erik Hallstrom, COO of Thorium stated.
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