B&W Renewable Receives Limited Notice to Proceed for Engineering Portion of $24 Million Waste-to-Energy Project in Europe

Rhea-AI Summary

Babcock & Wilcox (BW) announced a limited notice to proceed on a new waste-to-energy project in Europe, working toward a $24 million contract. The project will utilize advanced renewable energy technology to convert municipal waste into electricity, significantly reducing landfill methane emissions. COO Jimmy Morgan emphasized the strong European market for clean energy and the project's role in complementing recycling efforts. B&W aims to capitalize on a $7 billion addressable market in the region over the next three years.

Positive

• Secured a limited notice to proceed for a $24 million waste-to-energy project in Europe.
• Project aims to convert municipal waste to electricity, significantly reducing methane emissions.
• Expansion into a strong European clean energy market with a $7 billion addressable market over the next three years.

Negative

• None.

Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has received a limited notice to proceed for a new-build waste-to-energy project in Europe as it finalizes terms for a $24 million contract with its customer. B&W Renewable anticipates a full notice to proceed later this year.

Under the limited notice to proceed, B&W Renewable has begun engineering on its best-in-class renewable energy technology – including a boiler, combustion equipment and DynaGrate^® combustion grate – to process municipal waste to produce electricity while controlling environmental emissions and eliminating harmful landfill methane emissions.

“The market for clean, renewable energy in Europe is extremely strong, and we’re pleased to expand beyond our already large base of DynaGrate customers in the U.K. and Scandinavia with this new-build installation,” said B&W Chief Operating Officer Jimmy Morgan. “B&W Renewable’s waste-to-energy technologies allow our customers to turn municipal waste that would otherwise end up in a landfill into a clean, baseload power-producing asset, while reducing greenhouse gas and other emissions.”

“By diverting municipal waste from landfills, we reduce the associated environmental impacts caused by burying trash – including water pollution, odors and emissions of the potent greenhouse gas methane, which is produced when biological waste decomposes,” Morgan said. “Waste-to-energy is also fully complementary to recycling programs, beneficially using waste that otherwise couldn’t be recycled.”

B&W announced an expansion of its presence in Europe in September 2020, as it looks to capitalize on an estimated addressable market of more than $7 billion in the region over the next three years.

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 receipt of a limited notice to proceed on a waste-to-energy project in Europe and the anticipated date for a contract award and its intention to capitalize on an estimated addressable market of more than $7 billion in the region over the next three years. 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/20210622006039/en/

FAQ

What project did Babcock & Wilcox announce regarding waste-to-energy?

Babcock & Wilcox announced a limited notice to proceed for a new waste-to-energy project in Europe valued at $24 million.

How does Babcock & Wilcox's project impact environmental emissions?

The project is designed to convert municipal waste into electricity while significantly reducing harmful methane emissions from landfills.

What is the addressable market for Babcock & Wilcox in Europe?

Babcock & Wilcox aims to capitalize on an estimated $7 billion addressable market in Europe over the next three years.

When is the full notice to proceed expected for the Babcock & Wilcox project?

Babcock & Wilcox anticipates a full notice to proceed later this year.