Babcock & Wilcox and Applied Blockchain, Inc. Sign Cooperation Agreement to Develop Energy Projects for Cryptocurrency Mining

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) has signed a cooperation agreement with Applied Blockchain to develop clean energy projects supporting cryptocurrency mining operations over the next three years. This collaboration aims to generate up to 1.5 gigawatts of electrical capacity utilizing B&W's renewable technologies, including carbon capture and hydrogen production. B&W executives highlighted their commitment to addressing the growing demand for sustainable energy in the crypto sector, leveraging their extensive experience and innovative solutions.

Positive

• Collaboration with Applied Blockchain to explore clean energy solutions for cryptocurrency mining.
• Potential to generate up to 1.5 gigawatts of electrical capacity.
• Utilization of B&W's advanced technologies including carbon capture and hydrogen production.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has signed a cooperation agreement with Dallas-based Applied Blockchain, Inc. (Applied Blockchain) (PINK: APLD) to identify and explore opportunities to develop, supply, construct and operate baseload power and clean energy projects in the next three years to support cryptocurrency mining operations.

These projects could result in up to 1.5 gigawatts of electrical generation capacity and will be a platform for using B&W’s solutions such as renewable waste-to-energy, BrightLoop^TM carbon capture and hydrogen production, solar generation and long-duration energy storage to provide baseload power and clean energy to support Applied Blockchain’s power needs in North America.

“The global demand for cryptocurrency mining has been growing substantially and we’re excited to play a key role in helping our partner, Applied Blockchain, develop the infrastructure necessary to power this technological revolution in a sustainable and economic way,” said B&W Vice President, Corporate Development & Investor Relations, Megan Wilson. “Clean energy technologies, including solar, hydrogen and long-term energy storage, will play a pivotal role in providing the electrical capacity needed to power cryptocurrency mining, and B&W is well-positioned to be a solutions provider to support this growing need.”

“B&W has more than 150 years of experience in the U.S. energy industry providing innovative solutions to meet customers’ unique power needs, making us well-positioned to develop these types of projects for diverse and novel energy users,” Wilson said. “Applied Blockchain is a dynamic, forward-thinking company and we’re excited to team with them to pursue multiple clean energy and baseload power projects.”

B&W’s clean energy capabilities include its ClimateBright^TM suite of decarbonization technologies – including BrightLoop, which can use multiple fuels to produce clean hydrogen – as well as waste- and biomass-to-energy technologies and solar installation services. In addition, B&W industry-leading thermal energy generation and environmental technologies round out a diverse and flexible array of options to power cryptocurrency mining using virtually any fuel.

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 babcock.com.

About Applied Blockchain

Applied Blockchain, Inc. (PINK: APLD) is a leading provider in the growth and development of Blockchain Infrastructure by delivering high-performance crypto mining, hosting, and pooling solutions to customers around the globe. The Company has partnered with the most recognized names in the industry to develop, deploy, and scale its business. The Company is backed by some of the largest family offices and institutional investors in the U.S. Find more information at www.appliedblockchaininc.com.

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 explore the development of power generation projects for Applied Blockchain, Inc. and potential commercial opportunities in the U.S. market. 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/20211216005415/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 agreement signed by Babcock & Wilcox (BW)?

Babcock & Wilcox signed a cooperation agreement with Applied Blockchain to develop clean energy projects for cryptocurrency mining.

How much electrical capacity could the projects with Applied Blockchain generate?

The projects could generate up to 1.5 gigawatts of electrical capacity.

What technologies will Babcock & Wilcox use in its clean energy projects?

Babcock & Wilcox will use technologies such as renewable waste-to-energy, carbon capture, hydrogen production, solar generation, and long-duration energy storage.

How does the partnership support cryptocurrency mining?

The partnership aims to provide sustainable baseload power to support the growing demand for cryptocurrency mining.

What is the significance of clean energy in cryptocurrency operations?

Clean energy is essential for reducing the environmental impact of cryptocurrency mining and meeting regulatory requirements.