BARBERTON, Ohio--(BUSINESS WIRE)--
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W) announced today that
its Denmark-based subsidiary, Babcock & Wilcox Vølund, 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 Vølund’s 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&W’s previous public disclosures about its European
Renewable projects.
“B&W’s Vølund’s advanced technology is proven and reliable for
waste-to-energy customers worldwide and we’re proud to have executed
this important project for Viridor,” said B&W Chief Executive Officer
Kenneth Young. “The Dunbar facility, which features B&W Vølund’s
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.”
The plant features two B&W Vølund boilers and the advanced DynaGrate
dynamic fuel combustion system, steam turbine and B&W emissions control
equipment. B&W Vølund’s 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 Vølund has supplied more than 500 combustion
grates worldwide.
About B&W
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
.
Forward-Looking Statements
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 management’s 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 NYSE’s 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&W’s 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190128005216/en/
Investor Contact:
Megan Wilson
Vice President,
Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944
| investors@babcock.com
Media
Contact:
Ryan Cornell
Public Relations
Babcock &
Wilcox
330.860.1345 | rscornell@babcock.com
Source: Babcock & Wilcox Enterprises, Inc.