Babcock & Wilcox Partners with Kiewit Industrial to Develop and Deliver World’s Largest Net-Negative CO2 Biomass-to-Energy Facility for Fidelis New Energy Using B&W’s Advanced Biomass and Proprietary OxyBright™ Carbon Capture Technologies

- B&W named preferred supplier and will provide engineering, design, equipment, and technology services to support project development

- B&W to provide all biomass boiler, emissions and carbon-capture technologies

Babcock & Wilcox (B&W) (NYSE: BW) announced today that as a preferred technology supplier, it will partner with Kiewit Industrial to deliver Fidelis New Energy’s planned net-negative carbon impact biomass power plant at the Port of Greater Baton Rouge, Louisiana. The 200-megawatt electric plant will be the largest of its kind in the world.

The planned facility, called Project Cyclus, will provide power for Fidelis’ state-of-the-art, 73,000-barrel-per-day Grön Fuels facility, which will produce sustainable aviation fuel, renewable diesel, green hydrogen, and bio-plastic feedstock with a net-negative carbon dioxide (CO₂) footprint. Fidelis will sequester the biogenic CO₂ in a carbon sink developed and secured by its subsidiary Capio Sequestration pursuant to the previously announced operating agreement between Capio and the State of Louisiana.

B&W will provide engineering, design, equipment, and technology services to support development of the biomass-fueled plant. The company’s B&W Renewable business segment will design and supply a 200-megawatt electric, biomass-fueled bubbling fluidized bed (BFB) boiler, while its B&W Environmental segment will provide its OxyBright™ oxy-combustion technology to isolate and capture CO₂ for long-term sequestration, as well as a full suite of environmental technologies to control other emissions, including nitrogen oxides and sulfur oxides, particulate and volatile organic compounds. The plant will utilize these technologies to produce clean energy with a net-negative carbon impact of over two million tons per year.

“We are excited to partner with Fidelis to provide our advanced technologies to assist in the development of green fuels that have a negative net carbon impact in the United States,” said B&W Chairman and Chief Executive Officer, Kenny Young. “We are also in discussions with Fidelis on the creation of green hydrogen from biomass utilizing our Brightloop™ chemical looping process, which will revolutionize hydrogen production globally. We look forward to continuing our joint efforts with Fidelis to create green fuels for use around the world.”

“To design, develop and deliver our climate impact infrastructure systems at scale, Fidelis requires best in class strategic partners, and after significant work and diligence, we are excited to have selected and joined forces with Babcock & Wilcox and Kiewit as our technology and execution partners,” said Dan Shapiro, CEO and Co-Founder, Fidelis.

Bengt Jarlsjo, Co-Founder and COO of Fidelis, added, “Babcock & Wilcox, Kiewit and Fidelis through our RACER™ framework bring the optimal combination of cultures, proven technology, ESG-driven design and execution capacity to deliver carbon-negative power as the third component to the Fidelis flagship Climate GigaSystem™ - Grön Fuels.”

“We’re pleased to continue our long-standing relationship with B&W – this time working closely on a state-of-the-art project that will help Fidelis continue providing innovative green energy solutions in the U.S.,” said Tyler Nordquist, president of Kiewit Industrial. “We’re looking forward to bringing our extensive engineering, procurement and construction experience and resources to this strategic partnership with B&W to safely deliver this important facility.”

“As the transition to clean, near-zero or negative carbon impact emissions energy accelerates in the U.S. and around the world, B&W is ideally positioned to provide advanced technologies for decarbonization, emissions control, and clean power generation,” said B&W Executive Vice President and Chief Operating Officer, Jimmy Morgan. “We are extremely excited to work with Fidelis and its other partners to support development of this cutting-edge clean energy project.”

“Our decarbonization solutions, including our OxyBright oxy-combustion technology, are proven technologies,” Morgan said. “The Cyclus biomass and carbon capture project is an ideal way to utilize this efficient, effective, game-changing technology.”

“We believe that biomass energy with carbon capture and sequestration (BECCS) is a transformative approach to greenhouse gas reduction through carbon negativity. Our partnership with B&W and Kiewit offers us technologies and services that are efficient, flexible, and highly scalable. OxyBright will enable Cyclus and the Grön Fuels ecosystem to achieve carbon negative operation at unprecedented scale with proven technology,” said Byron Best, Senior Vice President and Chief Engineer of Fidelis.

B&W’s OxyBright technology is part of the company’s ClimateBright™ suite of decarbonization and hydrogen technologies. This oxy-combustion process, which uses pure oxygen for combustion, can be used with a broad range of fuels to produce a concentrated stream of CO₂ ready for sequestration or beneficial use. For the Cyclus project, the OxyBright process will use biomass fuel – including wood chips, wood waste, bagasse or other opportunity fuels – while captured CO₂ will be sequestered underground.

B&W’s BFB boilers are well-suited to integrate with the oxy-combustion process and are designed to operate using a wide range of fuels, separately or in combination. The ability to utilize various fuel sources and types provides owners with the flexibility to take advantage of opportunity fuels and control fuel costs.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.

About Fidelis New Energy

Fidelis New Energy, LLC is a Houston-based climate positive infrastructure firm focused on creating and operating projects and systems in the decarbonization and sustainability sectors in high demand markets. Fidelis uses RACER™ as the proprietary, value maximizing ESG-centric framework to identify, develop, and operate its Climate GigaSystems™, enabling superior risk adjusted economic value and environmental performance through the integration of an “environmental impact reduction” philosophy across the project lifecycle. Fidelis Climate GigaSystems™ are large scale industrial production facilities combined with carbon capture and sequestration infrastructure. While Grön Fuels is the first, Climate GigaSystems™ can be designed to serve a wide variety of industrial sectors, serving as a platform to rapidly decarbonize the global economy. The Fidelis management team and advisory board have extensive experience in market selection, scoping and development to deliver new-build real assets. The team’s experience includes project and corporate finance, mergers and acquisitions, project development, engineering, construction, project management, and operational optimization and management. Fidelis was established in 2019 by the Co-founding Partners who have been working together for over 18 years with a senior leadership team with extensive common work history with the co-founders from their time working together at The Shaw Group, Inc., Quanta Capital Solutions, Inc. and First Infrastructure Capital Advisors, LLC. For more information about Fidelis New Energy, Climate GigaSystems™ or the RACER™ framework, please visit www.fidelisnewenergy.com and stay updated through our LinkedIn.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to B&W being named a preferred technology supplier for Fidelis New Energy’s planned net-negative carbon impact biomass power plant at the Port of Greater Baton Rouge, Louisiana, as well associated technologies for decarbonization, emissions control and clean power generation and project development support. 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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