B&W Vølund Turns Over Biomass Energy Project to Customer in Wales
15 July 2019 - 9:00PM
Business Wire
- Project is fifth European engineer-procure-construct (EPC)
loss project company has completed and turned over to customers in
recent months
- Vølund to provide operations and maintenance services under
15-year contract
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W)
announced today that its subsidiary, Babcock & Wilcox Vølund
A/S (Vølund), has successfully turned over a biomass-to-energy
plant in Margam, Wales, to Margam Green Energy Ltd.
Vølund will operate the plant for its customer under a 15-year
operations and maintenance contract. The plant is designed to burn
waste wood to generate approximately 40 megawatts of electricity
and features Vølund’s patented DynaGrate® technology.
The Margam project was referred to as the “second project” in
B&W’s previous public disclosures about its European EPC loss
projects.
“Vølund’s proven, world-class boiler and grate technologies will
provide an environmentally sound source of power to approximately
75,000 homes and businesses,” said B&W Chief Executive Officer
Kenneth Young. “We appreciate and thank our customer for the
opportunity to deliver our technology that will provide reliable
and clean energy for the region.
“This project also further reinforces our role as a global
leader in providing advanced waste and biomass-fired boiler and
grate technologies,” Young said.
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 152
years. Follow us on Twitter @BabcockWilcox and learn more at
www.babcock.com.
Forward-Looking Statements B&W Enterprises, Inc. (the
“Company”) cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
our strategic objectives; our business execution model;
management’s expectations regarding the industries in which the
Company operates; our guidance and forecasts; our cost reduction
efforts; and 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 requirements under our revolving
credit facility as recently amended, if at all; our ability to
obtain all stockholder and regulatory approvals for the rights
offering, issuance of warrants, reverse stock split and related
transactions and proposals; our ability to complete said
transactions in a timely manner, if at all; 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 the Company is
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 Vølund
and Other Renewable segment, including the ability to complete our
European EPC projects within the expected time frame and the
estimated costs; our ability to successfully partner with third
parties to win and execute contracts within the Vølund and Other
Renewable segment; changes in our effective tax rate and tax
positions including any limitation on our ability to use our net
operating loss carry forwards and other tax assets as a result of
“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 on 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 the Company 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 the Company does 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;
our ability to successfully consummate strategic alternatives for
non-core assets, if the Company determines 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 the
Company’s filings with the Securities and Exchange Commission,
including our most recent annual report on Form 10-K for the year
ended December 31, 2018 and our most recent quarterly report on
Form 10-Q for the quarterly period ended March 31, 2019. The
Company 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190715005226/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
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