Company Announcements

AKRON, Ohio--(BUSINESS WIRE)--Jun. 8, 2026-- Babcock & Wilcox (B&W) (NYSE: BW) today announced it is collaborating with TerraSpark in support of its planned energy generation project in West Virginia. The project, known as the TerraSpark Energy Campus, will include a 1.6-gigawatt (GW) coal-fired power plant, a multi-industry campus and a Coal Innovation & Training Center for rare earth extraction and advanced materials initiatives. The project has been awarded an $18.5 million grant from the U.S. Department of Energy to support its development.

As part of the intended collaboration, B&W’s anticipated scope for the project would include the design and supply of four 400-megawatt supercritical boilers and a full suite of advanced emissions control equipment. Additionally, Babcock & Wilcox Construction Co., LLC would be expected to provide construction services. B&W will also work closely with Mantel for the project’s carbon capture technology.

“This project aligns with B&W’s continued commitment to serving the U.S. coal fleet, which is a reliable, secure and essential component of the nation’s energy mix,” said Jimmy Morgan, B&W Executive Vice President and Chief Commercial Officer. “We look forward to the opportunity to work with the TerraSpark team as development progresses.”

“Projects like the TerraSpark Energy Campus highlight how coal-based generation can play a critical role in delivering dependable, high-capacity and low-emissions power for emerging demands, including energy-intensive industrial and manufacturing infrastructure, while supporting U.S. energy priorities to ensure reliable and resilient domestic energy resources,” Morgan continued. “Our proven boiler and emissions control technologies are designed to help extend the life, improve performance and enhance the environmental compliance of existing and new coal-fired assets, and we look forward to further demonstrating our leadership in providing advanced, dependable energy solutions – including new, reliable baseload power – to our customers.”

“We are building a truly stellar project team to support this effort, and Babcock & Wilcox will be a key part of that, bringing more than 160 years of innovation in the power generation industry,” said Bill Tolpegin, partner at TerraSpark. “We look forward to working with B&W to deliver reliable, around-the-clock power and advance this next-generation energy project in West Virginia.”

“Coal will be an important part of global electricity generation for decades to come. Mantel's carbon capture technology enables coal-fired power plants and other industrial facilities to operate efficiently, but with dramatically lower emissions. Wherever coal operates, it should operate with the best emission control technologies available,” said Cameron Halliday, co-founder and CEO of Mantel. “Babcock & Wilcox’s leadership in advanced boiler design and air pollution control makes them a trusted and valuable resource. Their expertise will play an important role in helping move this project forward and developing the next generation of low-emission power systems.”

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 .

About TerraSpark

TerraSpark is a next-generation eco-friendly energy developer. Its first flagship energy and infrastructure project is the TerraSpark Energy Campus located in West Virginia. It is designed to deliver 1.6 GW of reliable, around-the-clock power while setting a new standard for environmental performance, transparency, and local economic impact. For more information, visit terraspark.us or reach out to info@terraspark.us

About Mantel

Mantel is the carbon capture company built for heavy industry. Our high-temperature, liquid-phase carbon capture system uses a proprietary molten-borate that integrates directly into industrial operations. Mantel’s system reduces energy losses by 97% and operates at less than half the industry-average cost per tonne. Backed by leading global energy investors, including Shell, Eni, and bp, Mantel is deploying across power generation, oil & gas, pulp & paper, chemicals, and other critical sectors. For more information, visit mantelcapture.com or reach out to info@mantelcapture.com .

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements regarding B&W’s support of development efforts for a 1.6 GW coal-fired power plant project in West Virginia and the anticipated design, supply and construction of boilers and environmental equipment for the project. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260608228683/en/

Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
investors@babcock.com

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.