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State of West Virginia Agrees to Provide $10 Million for Development of Babcock & Wilcox BrightLoop™ Hydrogen and Carbon Capture Project
Tuesday, 10th December at 6:30 am
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that one of its subsidiaries has signed an agreement for funding of up to $10 million from the West Virginia Department of Economic Development for the development of a BrightLoop™ hydrogen production and carbon capture facility in Mason County, W. Va.
The memorandum of agreement between B&W's wholly-owned Mountaineer C2H, LLC subsidiary and the state provides performance-based financial and economic development assistance for the development of a low-carbon-emissions hydrogen production facility that uses B&W's BrightLoop chemical looping technology and is powered by coal and biomass. The $10 million in funding will be phased in upon achievement of project milestones.
Tuesday, 10th December at 6:30 am
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that one of its subsidiaries has signed an agreement for funding of up to $10 million from the West Virginia Department of Economic Development for the development of a BrightLoop™ hydrogen production and carbon capture facility in Mason County, W. Va.
The memorandum of agreement between B&W's wholly-owned Mountaineer C2H, LLC subsidiary and the state provides performance-based financial and economic development assistance for the development of a low-carbon-emissions hydrogen production facility that uses B&W's BrightLoop chemical looping technology and is powered by coal and biomass. The $10 million in funding will be phased in upon achievement of project milestones.
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