Babcock & Wilcox Awarded $8 Million Contract for Cooling System for U.K. Renewable Energy Project

(AKRON, Ohio - August 22, 2024) - Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental business segment has been awarded a contract for more than $8 million to design and supply a cooling system for a U.K. renewable energy facility.

B&W Environmental will supply a SPIG^®air-cooled condenser (ACC) for the plant, which will generate low-carbon baseload electricity. The SPIG ACC utilizes an advanced, high-efficiency design which is ideal for renewable energy applications.

"We are glad to be a part of this important clean energy project," said Jimmy Morgan, B&W Executive Vice President and Chief Operating Officer. "This project demonstrates B&W Environmental's key position as a trusted solutions provider for the U.K. renewable energy sector."

SPIG ACC systems are a highly effective dry cooling technology installed in power plants to condensate the turbine exhaust steam using only the ambient air without need for water. The benefits of ACC systems include high efficiency, low operating noise and high corrosion resistance.

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.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to a contract for the design and supply of a cooling system for a U.K. renewable energy facility. 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.