TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
AKRON, Ohio - Babcock & Wilcox Enterprises, Inc. (NYSE: BW) has announced plans to allocate a portion of its recent asset sale proceeds towards establishing a hydrogen production facility in Massillon, Ohio. The funds originate from the divestiture of the company’s Denmark-based subsidiary, Babcock & Wilcox A/S, to Kanadevia Inova, a leader in waste-to-energy and renewable natural gas technologies.
Kenneth Young, B&W’s Chairman and CEO, expressed enthusiasm about the collaboration with Kanadevia Inova to explore global applications for their BrightLoop technologies. The Massillon Energy and Technology Park in Ohio will host the commercial-scale BrightLoop facility, which aims to generate three to five tons of hydrogen daily through a chemical looping process. This innovative technology utilizes an iron-oxide particle, TranspO2rt™, to split water molecules, enabling efficient carbon capture for storage.
In addition to the plant development, both companies have entered into a Memorandum of Understanding (MOU) to assess the feasibility of BrightLoop projects that would use waste and biomass as feedstock. B&W’s BrightLoop technology stands out for its cost-effective hydrogen production and carbon capture capabilities, which can be applied to a variety of fuels, including solid and gaseous types.
Babcock & Wilcox, headquartered in Akron, Ohio, is a global provider of energy and environmental products and services for power and industrial markets. The company’s partnership with Kanadevia Inova marks a strategic move to enhance its technology’s reach and impact.
The press release also cautions that the statements regarding the utilization of funds for the Ohio facility and the MOU are forward-looking and subject to risks and uncertainties. B&W has directed investors and the public to its SEC filings for a detailed understanding of these risks.
This initiative reflects B&W’s commitment to advancing hydrogen production and carbon capture technologies, contributing to the broader energy transition efforts. The information for this article is based on a press release statement from Babcock & Wilcox Enterprises, Inc.
In other recent news, Babcock & Wilcox reported its fourth-quarter 2024 financial results, showing an earnings per share (EPS) of -$0.52, which missed the forecasted EPS of $0. The company’s revenue for the quarter was $200.8 million, falling short of the expected $212.3 million, although it marked a 15% year-over-year increase. Despite these misses, Babcock & Wilcox improved its operating income to $11.6 million, a notable increase from a loss in the same quarter the previous year. The company also recorded an adjusted EBITDA of $24 million, representing a 55% increase year-over-year. In other developments, DA Davidson downgraded Babcock & Wilcox’s stock from Buy to Neutral, adjusting the price target to $1.00 due to concerns over negative free cash flow and challenges such as U.S. tariffs and debt refinancing prospects. The analysts highlighted that while the power generation market holds potential for the company, external factors like tariffs pose risks to its outlook. Despite these challenges, Babcock & Wilcox is targeting an adjusted EBITDA of $70-85 million for 2025, with strategic initiatives aimed at refinancing debt obligations and achieving positive cash flows.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.