BLACK HILLS CORP. AND BABCOCK & WILCOX
Black Hills Energy Selects Babcock & Wilcox BrightLoop^TM Hydrogen Generation Technology for Wyoming Clean Energy and CO2 Capture Project Development

• Project to produce clean hydrogen from coal, while CO2 is captured for beneficial use or sequestration
• Project will enhance energy security, help combat climate change and creates clean energy jobs for the region

"As the United States and much of the world transitions to near-zero emissions fuels, our BrightLoop^TM technology - which captures CO2 and other pollutants while producing hydrogen - can provide a vital pathway to utilize our abundant natural resource of coal in a net-zero world," said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan.

"We are excited to utilize our highly experienced U.S. engineering team to work with BHE to develop a solution that will help them achieve their goals of creating and preserving jobs, diversifying Wyoming's energy production and establishing new markets for the state's natural resources," Morgan said. "We thank BHE for this opportunity and for the confidence they have shown in B&W's BrightLoop^TM technology."

Mark Stege, Black Hills Energy's Vice President of Wyoming Operations agreed, adding, "Over 30 years of research has led us to this opportunity to unite clean energy technology with Wyoming's important and abundant energy resources. We appreciate the partnership with B&W and the prospect of leveraging innovative hydrogen technology to deliver efficient energy to customers."

B&W's BrightLoop^TM chemical looping technology is part of its ClimateBright^TM suite of decarbonization and hydrogen technologies. The BrightLoop^TM 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 selection of its BrightLoop hydrogen generation technology for the feasibility study of a proposed 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