Babcock & Wilcox to Use Portion of Proceeds of Asset Sale for BrightLoop™ Technology Deployment, Including Massillon Project
- B&W and Kanadevia Inova also sign Memorandum of Understanding to evaluate potential cooperation on development of BrightLoop projects using waste and biomass
Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE:BW) announced that it will use a portion of the funds received from the sale of the assets of its Denmark-based Babcock & Wilcox A/S subsidiary to Kanadevia Inova for the deployment of its BrightLoop™ hydrogen production facility in Massillon, Ohio.
"We are excited to collaborate with Kanadevia Inova on opportunities to expand the uses of our BrightLoop technologies around the world," said Kenneth Young, B&W Chairman and Chief Executive Officer. "Kanadevia Inova is a global leader in waste-to-energy technologies and renewable natural gas. BrightLoop has the capability to play a role in both and we look forward to working with them to evaluate potential use cases."
"We continue to make exciting progress in the deployment of our commercial-scale BrightLoop facility, which will be located at the Massillon Energy and Technology Park in Massillon, Ohio," Young continued. "The plant will use our innovative chemical looping process to produce three to five tons-per-day of hydrogen from water, while also facilitating the capture of carbon dioxide for storage."
The companies also signed a Memorandum of Understanding (MOU) to evaluate potential cooperation on the development of BrightLoop projects using waste and biomass as feedstocks.
B&W's BrightLoop technology utilizes its proprietary iron-oxide TranspO2rt™ particle to produce hydrogen by splitting water molecules while simultaneously capturing carbon emissions more efficiently, at a lower cost per kilogram and with a wider range of fuels – including solid and gaseous fuels – than other technologies.
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 Kanadevia Inova
Kanadevia Inova is a global greentech leader, pioneering innovative solutions for the energy transition and circular economy.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to funds to be used in the development of a BrightLoop hydrogen and decarbonization facility in Massillon, Ohio, and the signing of an MOU for the potential development of future BrightLoop projects. 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.
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Media Contact:
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Babcock & Wilcox
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