Thorium Power Ltd. (OTCBB: THPW) develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programs as well. The company today announced its favorable view regarding Congress’ action to approve the Peaceful Uses of Nuclear Energy Agreement between the United States and India.
The “123 Agreement” will allow for full civil nuclear energy cooperation between the two nations and permit American companies to collaborate with Indian companies and scientists on research and development efforts, as well as enabling joint ventures in the civilian nuclear energy field.
The agreement represents an industry movement toward establishing a partnership between both nations, paving the way for additional nuclear energy research and progress.
“We are very appreciative of the efforts of the president and the Congress to bring this Agreement into force. The strong bipartisan support for this measure is indicative of the recognition by the Congress that India can be a strong ally and valued partner in developing safe civilian nuclear power for both our nations’ continued economic development,” Seth Grae, the president and CEO of Thorium Power stated in the press release.
According to Grae, Thorium Power has been involved in India’s private and governmental activities for quite some time. The agreement will allow the company to continue current collaborations and negotiate more.
“India is in the forefront of the world in recognizing the distinct advantages of using thorium in the nuclear fuel cycle while Thorium Power is the world leader in developing non-proliferative, low waste thorium nuclear fuels. There is much we can learn from each other and much we can do together,” Grae stated. “We have engaged various entities in India’s private and governmental sectors for many years. This agreement allows us to hold advanced discussions with some of the leading entities and we anticipate that these business opportunities will move forward.”
Thorium Power sees the agreement as having more than an immediate impact between the two nations, or even as an opportunity for the company itself, but as a move toward global nuclear diplomacy.
“India will become a significant player on the international nuclear market given the nation’s great number of highly skilled nuclear engineers and scientists, and successful and far reaching multinational corporations. We at Thorium Power believe the 123 Agreement affords a unique opportunity to combine India’s great strengths with innovative American technology to significantly advance the world-wide nuclear renaissance,” Grae concluded.
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