CHARLOTTE, N.C.--(BUSINESS WIRE)--
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) announced today that its subsidiary, Babcock & Wilcox MEGTEC (B&W MEGTEC), has been awarded a contract for more than $15 million to design and supply battery coating equipment to K.R. ENERGY Group subsidiary FIB S.r.l. for a lithium-ion battery manufacturing facility currently under construction in Teverola, Italy.
B&W MEGTEC will supply equipment for mixing systems, anode and cathode coating lines, and slitting systems, as well as general contracting and plant start-up services. The plant will produce energy storage systems for homes, businesses and electric vehicles.
“We continue to see substantial opportunities for B&W MEGTEC in the global lithium ion battery technology market,” said Kenneth Zak, Senior Vice President, B&W MEGTEC. “From electric automobile batteries to home and industrial-scale energy storage, this is a robust and rapidly growing market. We thank K.R. Energy and FIB S.r.l. for choosing us for this important project.”
B&W MEGTEC’s proprietary lithium-ion battery electrode coating process uses a simultaneous two-sided horizontal tensioned-web coating method and a patented air flotation dryer. This entire coating and drying method increases efficiency and reduces waste. Benefits of the two-side coating process include improved quality, lower capital and operating costs, and more effective and efficient operation than other traditional coaters.
The contract was booked in the first quarter of 2018 and B&W MEGTEC has begun engineering and manufacturing work for the project and is scheduled to commission the plant in the second quarter of 2019.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets, and has been transforming our world for more than 150 years. B&W companies employ more than 4,000 people worldwide. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
About B&W MEGTEC
Babcock & Wilcox MEGTEC, a subsidiary of Babcock & Wilcox Enterprises, Inc., designs, engineers, manufactures and services sophisticated air pollution control systems, and coating and drying equipment for the industrial sector.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the scope and timing of B&W MEGTEC’s contract to design and supply battery coating equipment as described above. These forward-looking statements involve a number of risks and uncertainties, including, among other things, disputes with customers or suppliers, availability of engineering resources, delays or other difficulties executing such contract, and adverse modifications to the contract, including termination. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
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