Babcock & Wilcox Announces Sale of Assets of its Denmark-based Babcock & Wilcox A/S Subsidiary to Kanadevia Inova
AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ('B&W' or the 'Company') (NYSE: BW) announced it has sold the majority of the assets of its Denmark-based Babcock & Wilcox A/S (B&W A/S) subsidiary to Kanadevia Inova Denmark A/S (Kanadevia Inova) for $20 million, a portion of which will be used for the deployment of B&W's BrightLoop™ hydrogen production and carbon capture facility in Massillon, Ohio. Kanadevia Inova is a global greentech leader, pioneering innovative solutions for the energy transition and circular economy.
The sale includes the DynaGrate ® combustion grate and other waste-to-energy combustion technologies. Under the agreement, Kanadevia Inova will assume responsibility for certain projects currently underway in Europe. It also provides for the transfer of approximately 50 employees located primarily in Denmark to Kanadevia Inova and its affiliates. B&W will retain other contracts to be completed with support from Kanadevia Inova.
B&W will continue to serve the waste-to-energy market in North America with its boiler, environmental and other energy solutions.
'This sale is consistent with our previously announced objective to sell certain assets and use the proceeds to pay down existing debt and for working capital moving forward,' said Kenneth Young, B&W Chairman and Chief Executive Officer. 'We are excited that a portion of the proceeds will be used for our Massillon, Ohio, BrightLoop project and look forward to working closely with Kanadevia Inova on potential North American waste-to-energy projects in the future.'
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the sale of the assets and intellectual property of its Denmark-based Babcock & Wilcox A/S subsidiary. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
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