3 Oct :Thorium Power, Ltd. (OTCBB: THPW), the leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs, today welcomed the bipartisan action by the Congress of the United States to approve the Peaceful Uses of Nuclear Energy Agreement, also known as the "123 Agreement" between the United States and India. Once signed by the President, this Agreement will permit full civil nuclear energy cooperation between the parties and allow American companies to undertake exchanges of technology, to work together with Indian companies and scientists on joint research and development efforts and to form joint ventures in the civilian nuclear energy field.
Seth Grae, the President and CEO of Thorium Power, stated: "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."
Grae continued: "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. 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."
Grae concluded by noting: "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."