Babcock & Wilcox Environmental Awarded $12 Million Contract to Supply Advanced, Low-Emissions Cooling Systems in South Korea

Rhea-AI Summary

Babcock & Wilcox (NYSE: BW) has secured a significant contract worth over $12 million from Lotte Engineering & Construction Co. to provide hybrid cooling systems for Korea District Heating Corporation's power generation projects in Daegu and Cheongju, South Korea. The contract includes the design and supply of SPIG hybrid cooling towers, which utilize advanced cooling technologies to enhance efficiency while reducing water use and noise emissions. This deal reflects B&W's ongoing growth in the East Asian market since establishing its Asia-Pacific headquarters in 2020.

Positive

• Contract awarded worth over $12 million with Lotte Engineering & Construction Co.
• Supply of advanced SPIG hybrid cooling systems enhances B&W's product offerings.
• Demonstrated growth in East Asia, expanding the region's market presence.

Negative

• None.

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract for more than $12 million by Lotte Engineering & Construction Co. to supply hybrid cooling systems for Korea District Heating Corporation’s (KDHC) power generation and district heating projects in Daegu and Cheongju, South Korea.

B&W Environmental will design and supply two SPIG^TM hybrid cooling towers that utilize advanced wet and dry cooling technologies to efficiently cool the plants while reducing water consumption, minimizing plume formation and decreasing noise emissions.

“B&W Environmental is seeing significant business growth in East Asia, as demand for hybrid cooling technology grows,” said Babcock & Wilcox Executive Vice President and Chief Operating Officer, Jimmy Morgan. “Our SPIG hybrid cooling systems are flexible and reliable, and particularly well-suited for locations where reduced plume formation is important, such as in residential areas.”

Since opening its Asia-Pacific headquarters in 2020, B&W has added significant resources and personnel in the region, while focusing on key growth areas for its business, such as plant upgrades, advanced emissions control and cooling technologies, parts, equipment and other services to customers in the renewable, environmental, power and industrial markets.

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 B&W Environmental

Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to being awarded a contract to supply advanced, low-emissions cooling systems in South Korea, as well as growth opportunities 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/20220405005503/en/

Investor Contact:

Megan Wilson

Chief Strategy Officer and Senior Vice President, Corporate Development

Babcock & Wilcox

704.625.4944 | investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations Lead

Babcock & Wilcox

330.860.1345 | rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What contract has Babcock & Wilcox recently secured?

Babcock & Wilcox has secured a contract worth over $12 million to supply hybrid cooling systems for Korea District Heating Corporation's projects.

What are SPIG hybrid cooling systems used for?

SPIG hybrid cooling systems are designed to efficiently cool power generation plants while minimizing water consumption and noise emissions.

How does this contract impact Babcock & Wilcox's business?

The contract enhances Babcock & Wilcox's growth in the East Asian market, demonstrating demand for advanced cooling technologies.

Where is Babcock & Wilcox's Asia-Pacific headquarters located?

Babcock & Wilcox's Asia-Pacific headquarters is located in Akron, Ohio, USA.