Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW) announced today its subsidiary, Babcock & Wilcox V¸lund A/S (V¸lund), has successfully turned over a waste-fired boiler for a combined heat and power plant to its customer, Bodens Energi AB (BEAB), a municipally owned producer of electricity and heat in Boden, Sweden.
V¸lund delivered the waste-to-energy boiler, which features a DynaGrate combustion grate system and thermal capacity of 35 megawatts, on schedule. The boiler is capable of handling up to 13 tons of municipal solid waste per hour and has been integrated into the existing Boden plant, which was built by V¸lund in 2008. The new V¸lund unit replaces an older oil-fired unit that will be placed on standby.
V¸lund is a global leader in waste and biomass-fired boiler and grate technologies, with extensive knowledge and expertise thats well-suited for an important project such as this, said B&W Chief Executive Officer Kenneth Young. We thank our valued customer, BEAB, for again choosing V¸lund boiler technology for its plant.
When fully operational, the new line on the Boden plant will be able to handle up to 135,000 tons of waste per year. The plant’s annual oil consumption will drop from 800 tons to 40 tons, and biofuels (including peat) consumption will decrease from 15,300 tons to 1,500 tons. With the new combined heating and power plant, electricity production will increase from 26 gigawatt hours (GWh) to 66 GWh, and the plant’s heating production will remain at 330 GWh annually.
V¸lunds renewable energy steam generation technologies have been installed in more than 500 units in 30 countries.
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 152 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 the future performance of one of our renewable energy projects. 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; the highly competitive nature of our businesses; our ability to obtain all required shareholder and regulatory approvals for portions of our financing transactions (including, among others, the rights offering, last out term loan exchange and warrant issuance) that remain to be completed in a timely manner; 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, 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 remaining items and any warranty obligations within our accrued estimated costs for our V¸lund & Other Renewable segment; our ability to successfully partner with third parties to win and execute contracts within the V¸lund & Other Renewable segment; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets as a result of an “ownership change” under Section 382 of the Internal Revenue Code; 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 to recognize revenue over time; 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 as well as our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them; and our ability to maintain the listing of our common stock on the NYSE. 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. 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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