Boston, MA 05/05/2014 (wallstreetpr) – Babcock & Wilcox Co (NYSE:BWC) is a $4 billion power generation systems technology innovator. The company is a specialty provider of nuclear components. Its range of products serves electric utilities, power generators and industrial customers mainly in the U.S.
The company has received a $2.5 million financial award from the U.S. Department of Energy for its ongoing studies of a technology known as iron-based coal direct chemical looping (CDCL). The financial award will support the Phase 2 development of the technology.
The CDCL technology development project is being undertaken by Babcock & Wilcox Co (NYSE:BWC) and the Ohio State University. The technology bears promise for the coal industry and the global energy demand. The technology could turn coal that has become known as the dirtiest source of energy to a clean source of energy. Moreover, the technology would significantly reduce the impact of global warming due to carbon emissions as it will help power generating companies and utilities to reduce their carbon footprint.
Bench scale testing
The Phase 1 of the project involved bench scale testing of the technology. Further testing of the technology is required before its commercial design can be rolled out. Therefore, the Phase 2 study of which DOE has chipped in with financial support would involve laboratory scale testing. The support from DOE not only injects the much-needed financial boosting for the project but also confirms the confidence that the government has on the success and prospects of the study and technology.
The bench testing of the technology showed great success that has been the confidence that the developers and investors have in the project.
Adjusting operations
Even as Babcock & Wilcox Co (NYSE:BWC) works on a promising technology, the company continues to keep a closer eye on its operations with the intent of reducing financial burden and enhancing shareholder value. The company recently announced the hiring of Elias Gedeon as its SVP and chief of business development. The company expects Mr. Gedeon advance its organic growth efforts given his 30-year experience in the industry of power generation.
