Babcock & Wilcox Enterprises Sells Assets to Accelerate Hydrogen Initiative
Key Ideas
- Babcock & Wilcox Enterprises has sold the majority of B&W A/S assets to Kanadevia Inova for $20 million, with a focus on funding the BrightLoop hydrogen production and carbon capture facility in Massillon, Ohio.
- Kanadevia Inova, renowned for sustainable technologies, will benefit from acquiring key B&W A/S technologies and ongoing projects in Europe, enhancing its portfolio.
- Approximately 50 employees from B&W A/S will join Kanadevia Inova, ensuring valuable expertise retention in the waste-to-energy sector.
- Despite the shift in European operations, Babcock & Wilcox reaffirms its dedication to the North American waste-to-energy market, aiming to continue providing comprehensive energy solutions.
Babcock & Wilcox Enterprises, Inc. has finalized the sale of the majority of its Denmark-based subsidiary, B&W A/S, to Kanadevia Inova Denmark A/S for $20 million. This strategic move will allocate a portion of the proceeds towards advancing the BrightLoop hydrogen production and carbon capture facility in Massillon, Ohio. Kanadevia Inova, recognized for its sustainability efforts, gains access to key B&W A/S technologies like the DynaGrate combustion grate, strengthening its sustainable technology offerings. The acquisition also involves the transfer of around 50 employees to Kanadevia Inova, ensuring a seamless transition and the retention of expertise in waste-to-energy solutions. While this sale marks a shift in B&W’s European operations, the company remains committed to the North American waste-to-energy market, ensuring continuity for its customers. Kenneth Young, B&W's Chairman and CEO, highlighted the sale's strategic significance in debt reduction and future working capital, underscoring the potential for future waste-to-energy projects in North America. The deployment of the BrightLoop technology in Ohio signifies a leap ahead for B&W in the clean energy sector, aligning with global sustainability goals. The infusion of capital from the asset sale will expedite the development of this crucial clean hydrogen and carbon capture project.