Babcock & Wilcox and Chart Industries to Collaborate on Hydrogen Innovation Utilizing B&W’s BrightLoopTM Technology

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) has signed a collaboration agreement with Chart Industries (NYSE: GTLS) to advance B&W’s BrightLoop hydrogen generation technology. This partnership aims to produce low-carbon hydrogen and efficiently manage carbon dioxide using Chart's liquefaction and carbon capture solutions. Both companies will also devise sales strategies for commercial hydrogen and carbon capture projects. B&W's BrightLoop technology is versatile, converting various fuels into hydrogen, syngas, and steam, while Chart’s technology enhances the storage and transport of liquid hydrogen.

Positive

• Collaboration with Chart Industries enhances B&W's hydrogen generation capabilities.
• BrightLoop technology allows for conversion of diverse feedstocks into hydrogen, syngas, and steam.
• Potential for cost-effective solutions in the low-carbon hydrogen market.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has entered into an agreement with Chart Industries, Inc. (NYSE: GTLS) to collaborate on the further deployment of B&W’s BrightLoop^TM hydrogen generation technology, utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. Together, this solution provides economic generation of low-carbon hydrogen and supplies cost-effective, transportable forms of liquid hydrogen and carbon dioxide.

B&W and Chart will also work together to develop sales and marketing strategies for potential commercial hydrogen and carbon capture customers and projects.

“This collaboration agreement with Chart offers tremendous opportunity to further deploy B&W’s advanced BrightLoop technology,” said Kenneth Young, Chairman and Chief Executive Officer, B&W. “Chart is recognized as an industry leader in liquefaction of CO₂ and hydrogen, and their expertise will complement B&W’s proven chemical looping technology as we work together to identify new opportunities to grow our respective businesses.”

“Low-carbon intensity hydrogen is already playing a key role in the global effort to reduce emissions and combat climate change,” Young said. “We’re excited to use our technologies and expertise to help customers across the power and industrial markets achieve their greenhouse gas and emissions reduction targets.”

"We are excited to partner with B&W to accelerate further progress in the growing hydrogen economy, in particular, for bringing more efficient and scalable solutions,” said Jill Evanko, Chart’s CEO and President. “The combination of our respective companies’ hydrogen, CO₂ and chemical technology expertise is expected to bring more innovative and cost-effective offerings to customers looking to low-carbon intensity hydrogen to help achieve their carbon emission reduction goals.”

B&W's flexible BrightLoop technology – part of its ClimateBright™ suite of decarbonization and hydrogen technologies – is applicable to a wide range of feedstock, product outputs and applications for industries and utilities. The BrightLoop system is scalable and can convert a wide range of fuels, including natural gas, coal, petroleum coke (petcoke), methane, biomass, biogas, and other industrial process off-gases and materials into hydrogen, syngas and steam for power, process and heating while also isolating CO₂ for storage or use.

Chart’s state-of-the-art, efficient hydrogen liquefaction process technology and equipment solutions allow for produced hydrogen gas to be more effectively stored and transported much longer distances as a dense liquid, using Chart storage tanks, trailers, ISO containers, and rail cars. Chart’s Sustainable Energy Solutions (SES) cryogenic carbon capture (CCC) technology removes CO2 from flue gas and supplies liquid CO2 ready for transport via trailer or pipeline to storage or utilization. The refrigeration for both hydrogen liquefaction and CCC can be combined to decrease capital and operating costs.

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.

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets. The company’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO₂ Capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to an agreement to collaborate with Chart Industries, Inc. on the further deployment of B&W’s BrightLoop hydrogen generation technology, utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. 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/20221201005379/en/

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

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What is the collaboration between Babcock & Wilcox and Chart Industries about?

Babcock & Wilcox and Chart Industries are collaborating to enhance the deployment of B&W's BrightLoop hydrogen generation technology while utilizing Chart's liquefaction and carbon capture technologies.

How does the BrightLoop technology work?

BrightLoop technology converts various fuels into hydrogen, syngas, and steam while isolating CO2 for storage or utilization.

What are the benefits of the partnership for Babcock & Wilcox shareholders?

The partnership may enhance business growth opportunities and technological advancements in low-carbon hydrogen generation, potentially benefiting shareholders.

When was the collaboration agreement between Babcock & Wilcox and Chart Industries announced?

The collaboration agreement was announced recently, as stated in the press release.

What is the significance of low-carbon hydrogen in the current market?

Low-carbon hydrogen is increasingly important for reducing emissions and addressing climate change, making this collaboration timely and relevant.