Babcock & Wilcox News

• Proven BrightLoop is part of B&W’s ClimateBright^TM suite of decarbonization technologies  
• BrightLoop can convert various fuels, including woody biomass, into clean, zero-carbon hydrogen fuel
• Project will be part of the largest green hydrogen hub in southeastern Australia

(AKRON, Ohio – October 18, 2021) – Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has entered into an agreement with Port Anthony Renewables Limited to jointly develop a biomass-to-hydrogen clean energy project in Port Anthony, Victoria, Australia utilizing B&W’s BrightLoop^TM technology. When completed, the plant is expected to be part of the largest green hydrogen hub in southeastern Australia.

BrightLoop technology is part of B&W’s ClimateBright^TM suite of decarbonization technologies. It utilizes a proprietary regenerable oxide particle to generate hydrogen from a variety of fuels, including biomass, natural gas, petroleum coke, coal, municipal solid waste for waste-to-energy and syngas while creating a concentrated stream of carbon dioxide (CO₂) for sequestration or utilization.

“The need for clean energy and decarbonization solutions in the Asia-Pacific region is significant, and our ClimateBright technologies will play a key role in the growth of our business,” said Jimmy Morgan, B&W Chief Operating Officer. “Net-zero greenhouse gas emissions through the use of low-carbon fuels such as hydrogen is an achievable goal being embraced by governments and industries worldwide and we’re excited to have proven technologies, such as BrightLoop, to meet this need.”

Ben Anthony, Managing Director & Chief Executive Officer of Port Anthony Renewables said, “Port Anthony Renewables is pleased to have Babcock & Wilcox, a world-renowned technology leader and supplier of advanced technology for renewable energy and environmental protection join the development of the Port Anthony Green Energy Hub.”

“The jointly developed project with Port Anthony Renewables at the Port Anthony Hydrogen Hub is a game changer not only for our project but also for the decarbonization of the Victorian and, in turn, the Australian economy,” Anthony said. “We believe the future of all forms of transport in Australia is changing and hydrogen will play a key role alongside of battery electric vehicles in achieving our 2050 net zero targets.”

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 www.babcock.com.

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of an agreement to jointly develop a biomass-to-hydrogen clean energy project in Australia, as well as business growth 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.

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