US Nuclear Signs Agreement to Acquire an Interest in a Leading Fusion Power Developer and Rights to Manufacture and Sell Fusion Power Generators for the Electric Power Grid
Los Angeles, CA, April 23, 2019 (GLOBE NEWSWIRE) -- via
NEWMEDIAWIRE -- US Nuclear Corp. (OTC-UCLE) and Magneto-Inertial Fusion
Technologies, Inc. (MIFTI) have now signed an agreement which grants US
Nuclear 500,000 shares of Magneto-Inertial Fusion Technologies, Inc.
(MIFTI) stock, the option to acquire up to 10% (ten percent) of MIFTI, and
non-exclusive worldwide rights to manufacture and sell MIFTI’s patented
thermonuclear fusion power generator. MIFTI’s fusion power generator
can produce clean, base load electric power for the US and other power
grids and wherever small modular electric power sources are needed. The
worldwide energy market is estimated to reach $6 trillion by 2030.
Last year, US Nuclear signed a similar agreement with MIFTEC Labs for a revolutionary new way to produce medical radioisotopes from nuclear fusion power that has several cost and safety advantages over the current nuclear fission-based methods.
MIFTI and MIFTEC are sister companies under the same management and are developing and using the same “staged Z-PINCH fusion technology” for different applications and markets. MIFTI is developing thermonuclear fusion energy to power cities, transportation, space vehicles, military vehicles, and ships from fusion; and MIFTEC is developing a fusion-based generator for the abundant production of low-cost medical isotopes, which are currently in very short supply.
US Nuclear plans a series of future announcements relative to both MIFTEC and MIFTI developments.
Energy from nuclear fusion has been a dream for decades. It is the same nuclear energy that powers our sun and the stars. Fusion power is many times greater than the power derived from fossil fuels or even from our fission nuclear reactors, and is a source of clean energy since the fuel is derived from seawater rather than from radioactive uranium or the pollution generating, carbon-based fuels now in use. The development of fusion power has been elusive and the several-decade delay has created a common perception that fusion energy is still many decades in the future. However, recent experiments by MIFTI and MIFTEC at the highly regarded University of Nevada, Reno National Terawatt Facility (UNR/NTF), have achieved historic results that suggest harnessing the power of nuclear fusion may be closer than realized. There is great controversy over the effects of fossil fuels on global warming and climate change. If successful, fusion energy has the potential to usher in a new era of low cost, clean energy.
In the time since US Nuclear partnered with MIFTEC Labs, MIFTEC has succeeded, at the University of Reno Nevada National Terawatt Facility, in generating the most powerful neutron flux from fusion power ever achieved by a private company. Using a 1 MegaAmp machine, this experiment achieved a neutron flux in excess of 1010, demonstrating that they are doing things right. Next comes a larger 10 MegaAmp version of their machine that is expected to generate a neutron flux of 1012 which is clearly greater than the 1010 required to produce commercial quantities of critical, low-cost radioisotopes that are in short supply. Shortly thereafter, MIFTEC contracted with a leading design engineer from a National Lab and has already completed the plans for its first commercial machine called the Staged Z Pinch (SZP) LTD-X (linear transformer driver-X) 10 MegaAmp generator. U.S Nuclear and the MIFTI team now look forward to building the first machine.
Jerry Simmons, MIFTI and MIFTEC CEO, says, “Plans are underway for further testing to provide base load electricity to the power grid, and with the kind of results we have already achieved at an independent testing laboratory, we are confident that we have a solution to provide the world with safe, clean, low-cost energy. Other advantages of fusion power include no nuclear waste that can be used to proliferate nuclear weapons. In addition, MIFTI’s fusion generators are scalable and compact compared to all other energy production footprints.”
About US Nuclear
US Nuclear Corporation is a world leading manufacturer of advanced radiation and chemical detection and UAV instrumentation.
About MIFTI
MIFTI is a Department of Energy Advanced Research Projects Agency – Energy (DOE/ARPA-E) awardee and benefits from support by the National Nuclear Security Administration (NNSA). MIFTI also holds a fully executed work package agreement with Oak Ridge National Laboratory (ORNL), and is in negotiations for a work package agreement with Savannah River National Laboratory (SRNL). The National Aeronautics and Space Administration (NASA) has shown interest in using MIFTI thermonuclear fusion power devices for use in space craft propulsion systems. The U.S. Navy has also shown an interest in MIFTI’s fusion power device for use in nuclear submarines and aircraft carriers.
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Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com
CONTACT: CONTACT: US Nuclear Corp. (OTCBB: UCLE) Robert I. Goldstein, President, CEO, and Chairman Rachel Boulds, Chief Financial Officer (818) 883 7043 Email: info@usnuclearcorp.com
