Babcock & Wilcox Renewable Service Awarded $15 Million Contract for Biomass Boiler Installation Project in Europe

Rhea-AI Summary

Babcock & Wilcox (BW) announced a contract exceeding $15 million for its newly acquired subsidiary, B&W Renewable Service A/S, to design and install a 48-megawatt biomass-fired boiler in Europe. This project marks B&W’s first bubbling fluidized bed (BFB) boiler installation in the region, aimed at providing district heating to thousands of customers while reducing emissions. The plant is expected to be operational by the second quarter of 2023, reflecting the growing demand for biomass energy solutions in the European market.

Positive

• Contract worth over $15 million awarded for biomass-fired boiler installation.
• First B&W-designed bubbling fluidized bed (BFB) boiler in Europe.
• Project aims to reduce emissions while providing district heating to thousands.

Negative

• None.

- Green energy project is B&W Renewable Service’s first bubbling fluidized bed boiler installation in Europe

- Newly acquired Denmark-based subsidiary has targeted significant opportunities in the European renewable services market

AKRON, Ohio--(BUSINESS WIRE)-- Babcock & Wilcox (B&W) (NYSE: BW) announced today that its newly acquired B&W Renewable Service A/S subsidiary has been awarded a contract for more than $15 million to design and install a biomass-fired boiler and other combustion equipment for a green energy project in Europe.

The 48-megawatt boiler is the first B&W-designed bubbling fluidized bed (BFB) boiler to be installed in Europe by B&W Renewable Service and will be used to provide district heating to thousands of residents and businesses.

“This green energy project, utilizing clean, renewable fuel, will provide heat for customers while reducing emissions,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “Under B&W Renewable Service CEO Christopher Nysted Sørensen’s leadership, a high level of expertise and service capabilities, combined with B&W’s world-class technologies, gives us an edge in the growing market for biomass boilers and boiler services in Europe.”

In addition to the boiler, B&W will supply the boiler’s external economizer, valves, instrumentation and related equipment. The plant is scheduled to be operational in the second quarter of 2023.

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of a contract to design and install a biomass-fired boiler and related equipment for a district heating plant in Europe. 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/20220630005426/en/

Investor Contact:

B&W Investor Relations

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 contract did Babcock & Wilcox secure in Europe?

Babcock & Wilcox secured a contract exceeding $15 million for a biomass-fired boiler installation.

What is the significance of the new boiler project for B&W?

It is the first bubbling fluidized bed boiler installation in Europe, highlighting B&W's expansion in the renewable services market.

When is the B&W biomass boiler project expected to be operational?

The biomass boiler project is scheduled to be operational by the second quarter of 2023.

How much power will the new biomass-fired boiler produce?

The new biomass-fired boiler will produce 48 megawatts of power.

What are the environmental benefits of the B&W biomass project?

The project will provide district heating while reducing emissions through the use of clean, renewable fuel.