Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today (Dec 10) that one of its subsidiaries has signed an agreement for funding of up to $10 million from the West Virginia Department of Economic Development for the development of a BrightLoop hydrogen production and carbon capture facility in Mason County, W. Va.
The memorandum of agreement between B&W's wholly-owned Mountaineer C2H, LLC subsidiary and the state provides performance-based financial and economic development assistance for the development of a low-carbon-emissions hydrogen production facility that uses B&W's BrightLoop chemical looping technology and is powered by coal and biomass. The $10 million in funding will be phased in upon achievement of project milestones.
"This is a tremendous win for West Virginia, Mason County, and our entire state," West Virginia Governor Jim Justice said. "Babcock & Wilcox's decision to bring its technology and expertise here is a testament to our state's growing reputation as a hub for innovation and forward-thinking energy solutions. This investment not only creates jobs but also positions West Virginia to continue being the leader in the energy industry."
"We are grateful to the state of West Virginia and the Department of Economic Development for their support of B&W's cutting-edge energy technology that will utilize coal and biomass from West Virginia while simultaneously capturing and sequestering the CO2 emissions to create low carbon intensity hydrogen," said Jimmy Morgan, B&W Executive Vice President and Chief Operating Officer. "We're seeing tremendous interest in our BrightLoop hydrogen production technology from potential customers and partners across the U.S. and globally, and we're excited to begin development of this project in West Virginia as we pursue additional financing and equity partners to complete this project."
"Demand for hydrogen is growing rapidly across many sectors, and we look forward to developing a facility that will have a major economic impact in West Virginia," Morgan added. "The clean hydrogen generated by this project could be used for a variety of purposes, including power generation and industrial applications. B&W has a long history of energy projects in West Virginia and we are committed to further job growth to support these projects."
"The total financial commitment by the State of West Virginia requires B&W to complete the project by 2030 and produce 28 full-time, high-paying local jobs. The project is also expected to result in numerous additional jobs for skilled laborers and craftspeople supporting construction," Morgan said. "This is a true partnership with West Virginia and we're excited to be a part of the energy transition and economic growth within the state."
B&W's BrightLoop technology utilizes a proprietary iron-oxide TranspO2rt particle and produces hydrogen by splitting water molecules while simultaneously capturing carbon emissions more efficiently, at a lower cost per kilogram and with a wider range of fuels - including solid and gaseous fuels - than other technologies. The process reduces the amount of energy input needed to create hydrogen while doing so with a carbon-neutral or net-negative impact.
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.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to a memorandum of agreement for funding of up to $10 million from the West Virginia Department of Economic Development for the development of a BrightLoop hydrogen production and carbon capture facility. 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
For more information
13024 Ballantyne Corporate Place, Suite 700
Charlotte North Carolina
United States 28277
www.babcock.com
