Foster Wheeler AG (Nasdaq: FWLT) announced today that the GDF Suez power plant located in Polaniec, Poland, is now in commercial operation, delivering over 200 MWe of electricity to the country’s electricity grid solely from biomass. The plant is powered by the world’s largest and most advanced biomass CFB (circulating fluidized-bed) boiler, which was supplied by Foster Wheeler. CFB technology is capable of fully firing a wide range of biomasses and other fuels, including those derived from agricultural crops. “Agro” biomass can be produced much faster and on a larger scale than longer growth wood-based biomasses, thus improving the economics and sustainability of biomass power. “The challenge has always been to design a boiler capable of reliably firing difficult-to-burn agro biomass while at the same time increasing steam temperatures to achieve high power plant efficiency,” said Jaroslaw Mlonka, President and Chief Executive Officer of Foster Wheeler Energia Polska. “This particular CFB incorporates many advanced design features that enable the Polaniec plant to achieve a net plant efficiency of over 36%, based on the fuels lower heating value, while firing solely biomass containing up to a 20% agro component.” Mlonka further stated, “This Advanced Bio CFB -- or ABC -- is the largest and most advanced biomass CFB steam generator Foster Wheeler has ever supplied. Our goal for this project was to provide GDF Suez with a reliable, biomass-flexible boiler that would allow the client to build a high-efficiency green power plant – and we have achieved that objective.” The Polaniec plant is owned and operated by GDF Suez, one of the leading energy producers in the world. The plant began commercial operation on November 15, 2012, six weeks ahead of schedule. Foster Wheeler provided a turnkey delivery of the boiler island and fuel yard, including design and supply of all steam generation and auxiliary equipment, civil work, erection and commissioning.
Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.Safe Harbor Statement Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company’s redomestication to Switzerland; the benefits, effects or results of our strategic renewal initiative; further deterioration in global economic condition; changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries; changes in the financial condition of our customers; changes in regulatory environments; changes in project design or schedules; contract cancellations; changes in estimates made by the Company of costs to complete projects; changes in trade, monetary and fiscal policies worldwide; compliance with laws and regulations relating to our global operations; currency fluctuations; war, terrorist attacks and/or natural disasters affecting facilities either owned by the Company or where equipment or services are or may be provided by the Company; interruptions to shipping lanes or other methods of transit; outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure; protection and validity of its patents and other intellectual property rights; increasing global competition; compliance with debt covenants; recoverability of claims against customers and others by the Company and claims by third parties against the Company; and changes in estimates used in our critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed or furnished with the Securities and Exchange Commission.