Lightbridge Corp (NASDAQ:LTBR) shares rallied as much as 90% in Monday’s trade after receiving approval for the key patent of the innovative fuel design. Before the latest rally, its shares were trading in a narrow range of $1.20 within the past six months. At the time of writing, the company’s stock was trading around $2.90 a share, up $1.43 per share from the previous close.

Trading volume increased to 23.94M shares in Monday trade, up 3541.85% from the average volume. With the market capitalization of $30 million, LTBR stock has the 52-week trading range of $0.86 to $3.33 per share. The latest rally has led the stock to hit the new 52-week high of $3.33 per share, compared to the previous high of $2.28 it had touched on June 6.

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The company’s advanced fuel technology is designed with an aim of enhancing the performance, economics and the safety of nuclear power plants. On the other side, the approval of patent improves Lightbridge’s global patent portfolio.

Lightbridge President and CEO Seth Grae said: “This particular patent focuses on the fuel assembly design, building on an earlier US patent involving metallic fuel rod design and other US patents for a different variant of the seed-and-blanket fuel assembly design.”

The company has been significantly expanding its market share in advanced fuel technology over the years. In the last twelve months, the company has secured patents related to innovative advanced fuel design in South Korea, China, and the European Union.

Lightbridge recently announced a joint venture with AREVA NP, which will allow it to develop nuclear fuel assemblies utilizing its proprietary metallic fuel designs.  Overall, the $30.93M company has been aggressively making big moves to display operation of its first Lightbridge fuel rod by 2021.

Moreover, Lightbridge is likely to announce the joint venture with Framatome to manufacture, develop and market metallic fuel for nuclear plants all over the globe. The strategy of expanding its position by making joint ventures seems to be working. Its stock soared after the announcement of the latest joint venture and patent approval, leading investors to increase the bullish bets on the Lightbridge stock.

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