B&W Renewable Signs Agreement to Jointly Develop Innovative Biomass-to-Hydrogen Clean Energy Project in Australia Using BrightLoopTM Technology

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) announced a partnership with Port Anthony Renewables Limited to develop a biomass-to-hydrogen clean energy project in Victoria, Australia. This project will utilize B&W's BrightLoop technology within the ClimateBright suite, aiming to facilitate the largest green hydrogen hub in southeastern Australia. BrightLoop can convert various fuels into zero-carbon hydrogen while capturing CO₂ for sequestration. The initiative aligns with the growing demand for decarbonization in the Asia-Pacific region.

Positive

• Partnership with Port Anthony Renewables to develop clean energy project.
• BrightLoop technology converts multiple fuels into clean hydrogen.
• Project positioned to be part of the largest green hydrogen hub in southeastern Australia.

Negative

• None.

- Proven BrightLoop is part of B&W’s ClimateBright^TM suite of decarbonization technologies

- BrightLoop can convert various fuels, including woody biomass, into clean, zero-carbon hydrogen fuel

- Project will be part of the largest green hydrogen hub in southeastern Australia

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has entered into an agreement with Port Anthony Renewables Limited to jointly develop a biomass-to-hydrogen clean energy project in Port Anthony, Victoria, Australia utilizing B&W’s BrightLoop^TM technology. When completed, the plant is expected to be part of the largest green hydrogen hub in southeastern Australia.

BrightLoop technology is part of B&W’s ClimateBright^TM suite of decarbonization technologies. It utilizes a proprietary regenerable oxide particle to generate hydrogen from a variety of fuels, including biomass, natural gas, petroleum coke, coal, municipal solid waste for waste-to-energy and syngas while creating a concentrated stream of carbon dioxide (CO₂) for sequestration or utilization.

“The need for clean energy and decarbonization solutions in the Asia-Pacific region is significant, and our ClimateBright technologies will play a key role in the growth of our business,” said Jimmy Morgan, B&W Chief Operating Officer. “Net-zero greenhouse gas emissions through the use of low-carbon fuels such as hydrogen is an achievable goal being embraced by governments and industries worldwide and we’re excited to have proven technologies, such as BrightLoop, to meet this need.”

Ben Anthony, Managing Director & Chief Executive Officer of Port Anthony Renewables said, “Port Anthony Renewables is pleased to have Babcock & Wilcox, a world-renowned technology leader and supplier of advanced technology for renewable energy and environmental protection join the development of the Port Anthony Green Energy Hub.”

“The jointly developed project with Port Anthony Renewables at the Port Anthony Hydrogen Hub is a game changer not only for our project but also for the decarbonization of the Victorian and, in turn, the Australian economy,” Anthony said. “We believe the future of all forms of transport in Australia is changing and hydrogen will play a key role alongside of battery electric vehicles in achieving our 2050 net zero targets.”

About Babcock & Wilcox

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

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of an agreement to jointly develop a biomass-to-hydrogen clean energy project in Australia, as well as business growth in the Asia-Pacific region. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005213/en/

Investor Contact:

Megan Wilson

Vice President, Corporate Development & Investor Relations

Babcock & Wilcox

704.625.4944 | investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345 | rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What is the recent partnership Babcock & Wilcox announced regarding hydrogen production?

Babcock & Wilcox announced a partnership with Port Anthony Renewables Limited to develop a biomass-to-hydrogen clean energy project in Victoria, Australia.

How does Babcock & Wilcox's BrightLoop technology work?

BrightLoop technology converts various fuels, including woody biomass, into clean, zero-carbon hydrogen while also capturing CO2 for sequestration.

What are the implications of the hydrogen hub project for Australian decarbonization efforts?

The project aims to support the decarbonization of the Victorian economy and contribute to Australia's net zero targets by 2050.

When is the biomass-to-hydrogen project expected to be completed?

The press release did not specify a completion date for the biomass-to-hydrogen project.

What is the stock symbol for Babcock & Wilcox?

The stock symbol for Babcock & Wilcox is BW.