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Babcock & Wilcox Enterprises, Inc. (Symbol: BW) is a prominent player in the energy and environmental technologies sector, headquartered in Charlotte, N.C. With a robust global presence, Babcock & Wilcox (B&W) employs approximately 6,000 individuals worldwide and is dedicated to delivering cutting-edge solutions in power and industrial markets.
The company operates through three primary segments:
- B&W Renewable: This segment is committed to sustainable power and heat generation, focusing on renewable energy sources and technologies that promote environmental stewardship.
- B&W Environmental: Specializing in emissions control, this segment provides advanced solutions to minimize environmental impact, ensuring compliance with stringent regulatory standards.
- B&W Thermal: The largest revenue generator for the company, this segment deals with steam generation products and solutions for power plants, the oil and gas industry, and other industrial sectors.
Babcock & Wilcox’s customer base is extensive, encompassing industrial, electrical utility, and municipal industries. Their operations are predominantly located in the United States, Canada, Denmark, the United Kingdom, and other regions, with the U.S. contributing the majority of the company's revenue.
Recent achievements highlight the company's commitment to innovation and environmental sustainability. B&W has been actively engaged in numerous projects that enhance energy efficiency and reduce environmental footprint, underscoring its leadership in the industry.
Whether through pioneering renewable energy technologies or providing critical emissions control solutions, Babcock & Wilcox continues to set benchmarks in the energy sector, maintaining its status as a global leader in power generation and environmental solutions.
Babcock & Wilcox (NYSE: BW) has secured up to $10 million in funding from the West Virginia Department of Economic Development for developing a BrightLoop™ hydrogen production and carbon capture facility in Mason County. The project, operated through subsidiary Mountaineer C2H, will utilize coal and biomass to produce low-carbon-emissions hydrogen.
The funding will be released in phases based on project milestones. The agreement requires B&W to complete the project by 2030 and create 28 full-time local jobs, plus additional construction-related positions. The facility will employ B&W's proprietary BrightLoop chemical looping technology, which uses iron-oxide TranspO2rt™ particles to produce hydrogen while capturing carbon emissions more efficiently and at a lower cost than other technologies.
Babcock & Wilcox (NYSE: BW) announced several key leadership changes effective January 1, 2025. CFO Lou Salamone will retire after serving since November 2018, transitioning to a one-year consulting role. Cameron Frymyer, a 20-year company veteran, will succeed as CFO. Chris Riker becomes COO, Jimmy Morgan is appointed CCO focusing on ClimateBright™ and BrightLoop™ technologies, and Gillianne Hetrick is named SVP of Corporate Operations. These appointments aim to streamline operations, reduce costs, and expand new technologies across B&W's Thermal, Renewable and Environmental segments.
Babcock & Wilcox (NYSE: BW) has received full notice to proceed on a $246 million contract for converting AES Indiana's Petersburg Generating Station from coal to natural gas. The project involves converting two coal-fired boilers at the 1,160-megawatt plant, with B&W Thermal designing and installing the new natural gas system and air systems. The company's subsidiaries BWCC and FPS will handle construction and supply burners, ignitors, and controls respectively. The project, which began engineering earlier this year, is scheduled for completion in Q1 2027.
Babcock & Wilcox (BW) reported Q3 2024 results with revenue of $209.9 million, down from $239.4 million in Q3 2023. The company posted a net loss of $11.1 million ($0.16 per share), improving from a $12.3 million loss in Q3 2023. Adjusted EBITDA increased to $22.3 million from $20.0 million year-over-year.
Notable developments include receiving approval for a $246 million natural gas conversion project in Indiana and completing asset sales totaling $116 million in 2024. The company reported YTD implied bookings of $810.5 million, a 27% increase, and implied backlog of $628.2 million, up 48% compared to 2023.
Babcock & Wilcox (NYSE: BW) has secured a contract to conduct a feasibility study for implementing its SolveBright™ carbon capture technology at Mälarenergi AB's waste-to-energy plant in Västerås, Sweden. The project aims to capture 400,000 tonnes of CO2 emissions annually and achieve carbon neutrality by 2035. The study will focus on integrating the SolveBright system with the plant's operations, managing heat utilization, and optimizing facility efficiency. The waste-to-energy plant currently provides 50% of Västerås' district heating, and this initiative aligns with Sweden's net-zero emissions goals.
Babcock & Wilcox (NYSE: BW) has completed the previously announced sale of its Italian subsidiary SPIG S.p.A. and Swedish unit Babcock & Wilcox Vølund AB (formerly Götaverken Miljö AB) to AUCTUS Capital Partners AG for approximately $40 million, subject to customary adjustments and expenses. The company, headquartered in Akron, Ohio, continues to operate as a leader in energy and environmental products and services for power and industrial markets worldwide.
Babcock & Wilcox (NYSE:BW) has scheduled its third quarter 2024 conference call and webcast for Tuesday, November 12, 2024, at 5 p.m. ET. CEO Kenneth Young and CFO Louis Salamone will discuss the company's Q3 2024 results, which will be released after market close on the same day. The conference call will be accessible via live audio broadcast on B&W's Investor Relations website. U.S. participants can dial (833) 470-1428, Canadian participants (833) 950-0062, and international participants (929) 526-1599, using conference ID 883496.
Babcock & Wilcox Enterprises, Inc. (NYSE: BW) has announced an agreement to sell its Italy-based SPIG S.p.A. group and Sweden-based Babcock & Wilcox Vølund AB to funds managed by AUCTUS Capital Partners AG for approximately $40 million, subject to adjustments and expenses. The deal is expected to close at the end of October, pending customary closing conditions.
This divestment aligns with B&W's strategy to reduce long-term debt, improve its balance sheet, and increase liquidity. The company plans to focus on its core portfolio of technologies, including Thermal, Renewable, and Environmental solutions, as well as new technologies like BrightLoop™ and ClimateBright™. B&W is also supporting U.S. customers with coal-to-natural-gas conversions to meet emissions reduction needs while maintaining reliable baseload energy generation.
Babcock & Wilcox (NYSE: BW) has been awarded a contract to conduct front-end engineering and design (FEED) for Varme Energy's planned waste-to-energy with carbon capture and sequestration project in Alberta, Canada. The project, set to be Canada's first of its kind, will involve B&W engineering the plant's waste-fired boiler, emissions control technologies, and post-combustion carbon capture system.
The proposed facility, to be constructed northeast of Edmonton, would have the capacity to process up to 200,000 tons of waste per year. Following the FEED contract, B&W's anticipated scope includes design, supply, and construction of various plant components, including the combustion grate, boiler, economizer, air quality control system, and carbon capture systems.
Babcock & Wilcox (NYSE: BW) has secured an $8 million contract through its B&W Environmental segment to design and supply a cooling system for a U.K. renewable energy facility. The company will provide a SPIG® air-cooled condenser (ACC), which utilizes an advanced, high-efficiency design ideal for renewable energy applications. This system will support the plant in generating low-carbon baseload electricity.
The SPIG ACC technology offers several advantages, including high efficiency, low operating noise, and high corrosion resistance. It uses ambient air to condensate turbine exhaust steam without the need for water, making it an environmentally friendly solution. This contract underscores B&W's position as a trusted solutions provider in the U.K. renewable energy sector.
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