BLACK HILLS ENERGY
Babcock & Wilcox and Black Hills Energy Receive State of Wyoming Grant to Develop a Low-Carbon Hydrogen Facility Using BrightLoop Technology

The plant design intends to use B&W's BrightLoop technology to produce clean energy from coal, while CO2 emissions will be sequestered, or put to beneficial use. As designed, the plant will be capable of producing 15 tons of clean hydrogen per day utilizing the BrightLoop process, which is a patented chemical looping technology.

"We're excited that this important project is advancing to the next phase of development, and we thank the State of Wyoming and the Wyoming Energy Authority for supporting our efforts," said B&W Chief Technology Officer, Brandy Johnson. "We look forward to working closely with our partner, Black Hills Energy, as we complete engineering, begin construction, and move toward completion of this commercial-scale project. This project supports Wyoming's efforts to utilize an abundant and affordable natural resource to produce clean energy, while showing the flexibility and versatility of B&W's BrightLoop technology."

"We've successfully worked with Black Hills Energy on many projects over the years and appreciate the opportunity to work with them again on what will be one of the most impactful collaborations our companies have ever undertaken," Johnson said. "Together we will be forging a new path for Wyoming's and America's clean energy future, helping combat climate change while supporting jobs in Wyoming's energy industry."

"Black Hills Energy is proud to partner with B&W and we're excited about this project's potential," said Mark Lux, Vice President of Power Delivery for Black Hills Energy. "We're committed to supporting the advancement of emerging technologies that create solutions for a reliable, cost-effective, cleaner energy future."

B&W's BrightLoop chemical looping technology is part of its ClimateBright suite of decarbonization and hydrogen technologies. The BrightLoop process uses a proprietary, regenerable particle and has been demonstrated to effectively separate CO2 while producing hydrogen, steam and/or syngas.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

About Black Hills Energy

Black Hills Energy is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. More information is available at www.blackhillsenergy.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of a grant from the State of Wyoming to fund development of a project to produce clean hydrogen from coal and capture CO2 emissions at a power plant in Wyoming. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Contacts

Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
investors@babcock.com

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
rscornell@babcock.com