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Nov 20, 2023

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For a net-zero future Leading the world in clean power production technology

For a net-zero future

Leading the world in clean power production technology

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(AKRON, Ohio and HOUSTON, Texas – January 10, 2023) – The Babcock & Wilcox Company (B&W) (NYSE: BW) and Fidelis New Energy, LLC (Fidelis) announced today that they have formed a global alliance for technology to produce clean hydrogen. The alliance pairs B&W's bubbling fluidized bed boiler technology and equipment with Fidelis’ proprietary patent-pending FidelisH2™ technologies to produce zero-carbon intensity hydrogen.

The FidelisH2 Alliance Program and associated technologies enable world-class scale production of clean hydrogen from natural gas with a lifecycle carbon intensity that meets the required threshold under the Inflation Reduction Act to qualify for the full $3-per-kilogram 45V hydrogen production tax credit. The lifecycle carbon neutral hydrogen is therefore a net-zero product, meaning that there is no net CO2 released into the atmosphere as a result of making the hydrogen.

B&W's industry leading renewable energy technologies and equipment greatly complement FidelisH2, which utilizes proven technologies from leading global companies in a novel integration to provide industrial-scale clean hydrogen solutions. This enables the generation of valuable environmental impact reductions while qualifying for related credits and incentives, including the $3-per-kilogram of hydrogen produced, the maximum allowable 45V Hydrogen Production Tax Credit included in the Inflation Reduction Act of 2022.

"We are excited to deepen our partnership with Fidelis and join the FidelisH2 Alliance Program," said Kenny Young, Chief Executive Officer, B&W. "Leveraging B&W's advanced renewable energy equipment technology along with the novel FidelisH2 technology will enable the production of clean hydrogen with a lifecycle carbon intensity of net zero. This is a win-win for our companies, the environment and the United States’ and global clean energy goals."

Jimmy Morgan, Executive Vice President and Chief Operating Officer, B&W, said, "We look forward to utilizing our best-in-class boiler and power plant expertise inside of our growing renewable energy portfolio with the patent-pending FidelisH2 technology to advance the production of clean hydrogen. This alliance will allow us to rapidly expand our global reach, open new markets, and execute projects that advance the production of hydrogen with zero carbon intensity."

Fidelis Co-Founder and Chief Executive Officer, Dan Shapiro, said, "We are excited to welcome B&W into the FidelisH2 Alliance Program to synergistically leverage B&W's world-class boiler technologies with our FidelisH2 technologies to enable our licensees and project partners to produce economically and environmentally advantaged hydrogen with zero carbon intensity."

Fidelis Co-Founder and Chief Operating Officer, Bengt Jarlsjo, added, "We look forward to deploying FidelisH2 across our future projects and providing the FidelisH2 Alliance Program offering to select licensees and partners seeking to produce zero carbon intensity clean hydrogen utilizing certified natural gas and renewable energy. We greatly appreciate B&W's support and look forward to their contribution as a key component of the FidelisH2 Alliance Program."

About Fidelis New Energy

Fidelis New Energy is an energy transition company driving decarbonization through infrastructure development and investments in renewable fuels, low or negative carbon intensity products, and carbon capture and storage through a growing portfolio of proprietary and patent-pending technologies to address climate and energy security challenges.

The Fidelis approach builds upon our proprietary ESG centric RACER™ framework where we collaborate with a diverse set of industry experts to select attractive markets and projects, then work collaboratively and iteratively to improve environmental and financial performance by innovatively integrating proven technologies from leading global providers.

Fidelis New Energy is headquartered in Houston, Texas with offices in Baton Rouge, Louisiana and Copenhagen, Denmark. For more information, visit www.fidelisnewenergy.com and stay updated through our LinkedIn profile.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in clean energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the formation of a global alliance between B&W and Fidelis New Energy to produce clean hydrogen, as well as statements relating to the generation of environmental impact reductions while qualifying for related credits and incentives and the expansion of B&W's global markets. 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.

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