B&W And FirstEnergy Announce MOU Regarding Economic, Site Selection And Licensing Studies For B&W MPowerTM Small Modular Reactor

The Babcock & Wilcox Company (B&W) (NYSE: BWC) and FirstEnergy Corp. (NYSE: FE) announced today that FirstEnergy and a B&W subsidiary, Generation mPower LLC (GmP), have signed a Memorandum of Understanding regarding studies on the potential deployment of the B&W mPower TM small modular reactor in FirstEnergy’s service territory.

FirstEnergy and GmP plan to work together to perform an independent financial review of mPower economics, evaluate several alternative potential sites for construction of B&W mPower plants, complete a preliminary pre-licensing analysis, and assess the need and timing for prospective deployment of B&W mPower plants in the FirstEnergy generation fleet.

The B&W mPower SMR is an advanced 180 MWe utility-scale nuclear reactor that incorporates robust, inherently safe protection systems and a fully underground containment structure. The mPower design maximizes the use of proven, mature systems and components within an innovative plant architecture that reduces construction risks and minimizes ownership costs.

“Our agreement today is an outgrowth of the company's involvement with B&W's consortium to promote the development of small modular reactors," said James H. Lash, president of FirstEnergy Generation and Chief Nuclear Officer. “Completing these studies will help us determine how B&W small modular reactors may be part of our long term generation planning.”

Christofer M. Mowry, President and Chief Executive Officer of GmP said, “This cooperative effort with FirstEnergy demonstrates growing interest in our B&W mPower SMR as a clean, efficient and affordable power generation option. B&W has a long history of working in Ohio, and our employees in the state have an important role in the development of safer, more secure nuclear technology. We appreciate FirstEnergy’s industry leadership, and look forward to working closely with them to complete these studies.”

“This agreement between FirstEnergy and Generation mPower represents another significant step towards making Ohio a hub for advanced manufacturing and next-generation energy,” Sen. Sherrod Brown (OH) said. “This agreement, which will draw on highly skilled Ohio workers from design and manufacturing to deployment, is critical to sustained job creation and international competitiveness in clean energy. I applaud FirstEnergy and Babcock & Wilcox, two companies with a significant presence in Ohio, for moving forward on American-made advanced power generation options for Ohio, the rest of the nation, and the world.”

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