Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W) announced today that its Denmark-based subsidiary, Babcock & Wilcox V¸lund, and its project partner, Interserve, have successfully turned over a renewable energy plant project near Dunbar, East Lothain, Scotland, to the customer, Viridor.
The Dunbar Energy Recovery Facility, a municipal waste-to-energy plant, will provide green power for 39,000 homes while providing more than 50 permanent, full-time jobs for the community. B&W V¸lunds advanced waste combustion technology also will help the community dramatically reduce its reliance on landfilling by processing 320,000 tonnes of municipal and construction waste annually that would otherwise end up in a landfill.
This project is one of four European renewable energy projects B&W previously announced it expects to turn over to customers in the first and second quarters of 2019. The Dunbar project was referred to as the sixth project in B&Ws previous public disclosures about its European Renewable projects.
B&Ws V¸lunds advanced technology is proven and reliable for waste-to-energy customers worldwide and were proud to have executed this important project for Viridor, said B&W Chief Executive Officer Kenneth Young. The Dunbar facility, which features B&W V¸lunds state-of-the-art DynaGrate fuel combustion system, will be able to process up to 38 tons of municipal waste per hour, deliver power to thousands of local homes and businesses, and help the Scottish government meet its target of landfilling zero biodegradable municipal waste by 2021.
Successful turnover of this project was an important step forward for B&W and reflects the hard work and strong dedication of our project team and highly skilled employees, Young said. We remain focused on completing our remaining European projects while we streamline overall operations, reducing overhead costs and enhancing the strength of our core technologies and services that establish B&W and its brands as a true global leader.
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The plant features two B&W V¸lund boilers and the advanced DynaGrate dynamic fuel combustion system, steam turbine and B&W emissions control equipment. B&W V¸lunds DynaGrate is one of the most-reliable combustion grates on the market and is tailored to the waste-to-energy and biomass energy industries. It provides excellent performance with low maintenance costs due to a design technology that reduces wear and tear on components.
Compared to other grate technologies, the DynaGrate combustion technology also produces significantly less fly ash, reducing the generation of secondary waste to landfill while allowing for recovery and recycling of all ferrous metals from the bottom ash.
Over the past 80 years, B&W V¸lund has supplied more than 500 combustion grates worldwide.
Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets, and has been transforming our world for 151 years. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to our strategic objectives and current and future project execution. These forward-looking statements are based on managements current expectations and involve a number of risks and uncertainties, including, among other things, our ability to continue as a going concern; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to satisfy the liquidity and other requirements under U.S. revolving credit facility as recently amended, including our ability to receive concessions from customers on our Renewable energy loss contracts; our ability to maintain compliance with the NYSEs continued listing criteria; the highly competitive nature of our businesses; general economic and business conditions, including changes in interest rates and currency exchange rates; general developments in the industries in which we are involved; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, joint venture partners or suppliers to perform their obligations on time and as specified; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our Renewable segment, including the ability to complete our Renewable energy projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute renewable contracts; changes in our effective tax rate and tax positions; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions; and our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&Ws filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Corporate Development & Investor Relations
Babcock & Wilcox
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