The Babcock & Wilcox Company (B&W) (NYSE:BWC) applauds today’s signing of the U.S.-China Clean Energy Research Center (CERC) consortium work plan for advancing clean coal technologies. B&W is one of five U.S. companies involved in this CERC consortium, led by West Virginia University (WVU), which will work with Chinese partners to develop and test clean coal technologies, including carbon dioxide capture and storage. The signing ceremony took place in Washington D.C. in conjunction with the Brookings Institute’s U.S.-China Strategic Forum on Clean Energy Cooperation. Dignitaries from the U.S. Department of Energy (DOE), the government of the People’s Republic of China and members of the CERC consortium attended and participated in the ceremony. “B&W is honored to be involved in this important international effort to develop new carbon capture technologies,” said B&W President and Chief Executive Officer Brandon C. Bethards. “We’re pleased to lend our knowledge and industry expertise to the project, and we look forward to working closely with the other members of the CERC consortium and our partners from China.” In September 2010, DOE announced that it would award WVU $12.5 million over the next five years for the CERC project. WVU will administer the project while Lawrence Livermore National Laboratory (LLNL) will take the lead on technical aspects. CERC consortium members will equally match DOE’s total contribution with financial and labor commitments to the project. In addition to WVU, the consortium includes B&W, the University of Wyoming, University of Kentucky, Indiana University, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, National Energy Technology Laboratory, World Resources Institute, U.S.-China Clean Energy Forum, General Electric, Duke Energy, LP Amina and American Electric Power. B&W has conducted significant research, development and testing of innovative clean coal technologies, including carbon capture methods, over the last decade. Development of these technologies will help coal maintain its place as an economical, efficient and clean component of America’s and the world’s energy mix in the future.
About The Babcock & Wilcox CompanyHeadquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.com . Cautionary Statement Regarding Forward Looking Statements B&W cautions that this release contains forward-looking statements relating to the CERC consortium and the benefit of developing clean coal technology. These forward-looking statements involve a number of risks and uncertainties, including, among other things, political uncertainty or adverse changes in the plans or objectives of the CERC consortium. If one or more of these or other risks materialize, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see B&W’s filings with the Securities and Exchange Commission, including its registration statement on Form 10, as amended. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.