6 Oct :Over the last three days, the U.S. Senate approved the landmark US-India Civilian Nuclear Cooperation Agreement and Senators Hatch and Reid introduced the “Thorium Energy Independence and Security Act of 2008.” The former opens the way for U.S. companies to seek opportunities in India’s $150 billion nuclear market while the latter paves the way for thorium-fueled nuclear reactors in the United States, allocating $250 million over five years for thorium fuel research at the U.S. Department of Energy. Following are remarks by Thorium Power, Ltd. (OTCBB: THPW) on this week’s legislative milestones:
Seth Grae, Thorium Power’s President and CEO, stated: “This is a historically significant week for the U.S. and global nuclear industries. We applaud the Senate’s approval of the landmark US-India civilian nuclear cooperation agreement. We also recognize Senators Hatch and Reid for introducing bipartisan legislation that promises to advance the nuclear renaissance here in the United States. From Washington, DC to New Delhi, there is growing support for innovative, nuclear fuel designs that practically address increasing energy demands while adhering to the highest non-proliferation standards.”
Amb. Dennis Hays, Thorium Power’s Vice President and Director of Government Affairs, added: “We are greatly encouraged by the recent congressional actions. These legislative milestones highlight the increasing interest in non-proliferative solutions and the many benefits of the thorium fuel cycle. As such, they directly support our ongoing mission to implement safe, smart nuclear power while establishing a new standard in non-proliferation. India is an exciting new market with a longstanding interest in thorium fuel. We look forward to accelerating our ongoing discussions with key Indian entities.”
Secretary Rice is expected to sign the “123 Agreement,” which will operationalize the deal, during her visit to New Delhi this weekend.