What Babcock & Wilcox Enterprises does

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) is a 158-year-old American power generation and environmental technology company headquartered in Akron, Ohio, supplying utility-scale boilers, heat recovery steam generators, fluidized-bed boilers, pulverizers, low-NOx burners, electrostatic precipitators, and wet gas scrubbing systems to electric utilities and heavy industrial customers worldwide. Its proprietary platforms include BrightLoop™ chemical looping (with the patented Transp02rt™ particle) for decarbonized hydrogen, syngas, and steam production; SolveBright™ post-combustion CO2 capture; BrightGen™ hydrogen combustion; and the ClimateBright™ decarbonization suite; it also holds exclusive licenses for Ohio State Innovation Foundation chemical looping and NREL particle-based long-duration thermal energy storage (up to 100 hours / 135 MW).

The company makes money through a mix of multi-year design-build contracts (most notably the $2.4 billion Base Electron/Applied Digital AI Factory agreement for 1.2 GW of natural gas-fired generation, plus the TerraSpark 1.6 GW coal-fired project), equipment sales (e.g., the $246 million AES Indiana coal-to-gas conversion), recurring parts and aftermarket services delivered via BWCC and the Copley Service Center, construction and installation services, FEED/engineering studies for decarbonization and waste-to-energy, licensing royalties, and fee-based B&W Skillmaster Series technical training. The go-to-market is direct enterprise sales to a vertically segmented base of utilities, industrial facilities (cement, refining, pulp & paper, oil sands, chemicals, metals & mining, hydrogen economy), and a new hyperscale AI/data center customer set anchored by Applied Digital/Base Electron, supported by a global service center network, authorized valve repair partners, and subsidiaries including B&W FPS, Optimus™ Engineered Products, Diamond Power Finland Oy, and B&W Solar Energy, Inc.

Babcock & Wilcox reported FY2025 revenue of $587.7M and a transformative Q1 2026 in which revenue rose 44% YoY to $214.4M, Adjusted EBITDA rose 296% YoY to $16.1M, bookings surged 1,971% YoY to $2.5B, and backlog grew 483% YoY to $2.7B, against a $14B+ opportunity pipeline. The strategy is anchored in monetizing surging AI data center power demand with rapidly deployable boiler/steam-turbine packages (~$1,250/kW), accelerating BrightLoop™/SolveBright™ commercialization for decarbonized hydrogen and CO2 capture, and converting an aging coal fleet via coal-to-gas retrofits, partially offset by an 87% YoY net debt reduction to $42.4M and material securities litigation exposure tied to the Base Electron transaction.

Name

Babcock & Wilcox Enterprises

Legal name

Babcock & Wilcox Enterprises, Inc.

Website

https://babcock.com

Company type

Public

Founded year

1867

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Babcock & Wilcox Enterprises (NYSE: BW) is a 158-year-old American power generation technology company supplying utility-scale boilers, steam generators, emissions control, carbon capture, and hydrogen platforms to utilities, heavy industrial customers, and hyperscale AI data center developers.

Ownership category

akta.pro rank

Product category

Power Generation Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410), Power Boiler and Heat Exchanger Manufacturing (33241), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336), Biomass Electric Power Generation (221117)

SIC

Steam & Air-Conditioning Supply (4961), Engines & Turbines (3510), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Industrial Boilers, HRSGs & Steam Generators (IMAHAFAF)

akta.pro secondary industries

Solvent/Sorbent/Catalyst Materials & Capture Equipment Manufacturing (Absorbers, Strippers, Heat Exchangers) (EUAAALAJ), Thermochemical CO₂ Conversion Systems (RWGS, Fischer‑Tropsch integration, catalytic hydrogenation) (EUABAIAL), Industrial Fuel Switching & Conversion Services (Oil/Coal-to-Gas, Burner/Boiler Retrofits) (EUALALAJ), Refinery Hydrogen & Utilities Systems (SMR/ATR, Steam, Power, Water) (EUALAGAI), CO2 Storage & Feedstock Buffering for Power-to-X (Liquefaction, Interim Storage) (EUAFAFAF)

Keywords

• Steam generation systems
• Emissions control equipment
• Utility boiler manufacturing
• Carbon capture solutions
• Power generation services

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Design-Build Power Generation Projects: Multi-year design-build contracts for utility-scale and industrial power generation facilities, including the $2.4B Base Electron/Applied Digital AI Factory project. Revenue recognized over the contract life based on remaining performance obligations recorded in backlog and bookings. Backlog grew to $2.7 billion in Q1 2026 (483% YoY) with $2.5 billion in Q1 2026 bookings (1,971% YoY).
2. Equipment Sales (Boilers, Steam Generators, Emissions Control): Sale of utility-scale boilers, subcritical and supercritical boilers, HRSG components, fluidized-bed boilers, low-NOx burners, pulverizers, FPS® equipment, electrostatic precipitators, and wet gas scrubbing systems. Award-based contracts ranging from $10M to $246M for individual projects (e.g., $246M AES Indiana coal-to-gas conversion).
3. Parts, Services and Aftermarket: Recurring parts, upgrades, field engineering, condition assessment, turnaround services, and construction services delivered through B&W Construction Co., LLC and global service centers. The Parts and Services business delivered its strongest first-quarter revenues in recent history in Q1 2026, driven by coal baseload demand. Includes the MillCare® pulverizer maintenance program.
4. Construction and Installation Services: Construction and installation services delivered by Babcock & Wilcox Construction Co., LLC (BWCC) at power plants and industrial facilities, contributing to a backlog of more than $160 million in construction services heading into 2025. Includes boiler equipment installation, waterwall panel installation, and refurbishment work.
5. Engineering Studies and Front-End Design: Front-end engineering and design (FEED), feasibility studies, and engineering services for decarbonization and renewable projects (e.g., Varme Energy waste-to-energy FEED in Canada, Mälarenergi Sweden waste-to-energy carbon capture study, Cache Power compressed air energy storage study in Alberta).
6. Licensing and Royalty Income: Exclusive global licensing agreement with Ohio State Innovation Foundation for chemical looping technology for decarbonization and hydrogen production, complementing the BrightLoop™ offering. Exclusive IP Option Agreement with NREL for particle-based thermal energy storage technology.
7. Technical Training and Education: Fee-based B&W Skillmaster Series technical training seminars (e.g., $1,475 Pulverizer Seminar, ESP Registration seminars) with CEU credits issued via University of Akron. Includes the technical reference book 'Steam/ its generation and use'.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Babcock & Wilcox Enterprises designs, manufactures, and services advanced steam generation systems (utility-scale, supercritical, subcritical, CFB, BFB, and HRSG boilers), emissions control equipment (FPS® ignitors/valves, Roll Wheel™ pulverizers, low-NOx burners, electrostatic precipitators, wet gas scrubbing systems), and decarbonization/energy storage technologies (BrightLoop™ chemical looping, SolveBright™ CO2 capture, BrightGen™ hydrogen combustion, NREL-licensed particle thermal storage) for power generation utilities, heavy industrial customers, AI data center developers, and renewable energy operators. Revenue is generated through equipment sales, multi-year design-build contracts, parts and aftermarket services, construction services, engineering studies, and licensing royalties.

Differentiator

Problem solved

Functional benefit

Brands

• BrightLoop™: Chemical looping technology platform for hydrogen production, steam production, syngas production, and decarbonization applications.
• ClimateBright™
• SolveBright™
• BrightGen™
• Transp02rt™ Particle
• FPS®
• Roll Wheel™
• MillCare®
• Stirling®
• Diamond Power
• Optimus™ Engineered Products
• Low NOx Burners

Products and services

• BrightLoop™ Chemical Looping Technology Platform Proprietary chemical looping technology platform for hydrogen production, steam generation, and syngas production with inherent carbon capture. Offered as part of B&W's ClimateBright™ decarbonization portfolio. Used by utility and industrial customers seeking decarbonized hydrogen, syngas, and steam.
• SolveBright™ Post-Combustion CO2 Capture System Post-combustion, regenerable solvent-based carbon dioxide (CO2) capture system designed to deliver economical and efficient CO2 capture across industrial and utility plants. Sold to power plants, waste-to-energy operators, and industrial facilities for CO2 emissions reduction.
• BrightGen™ Hydrogen Combustion Technology Hydrogen combustion technology providing efficient zero-carbon-dioxide energy generation for utility and industrial applications. Complements B&W's hydrogen production and decarbonization portfolio.
• Utility-Scale Boilers (Subcritical/Supercritical/Ultra-Supercritical) Industrial-scale steam generation equipment supplied to utility customers, including subcritical, supercritical, and ultra-supercritical designs for power generation markets worldwide. Supports natural gas, coal, biomass, and waste fuel applications.
• Modular / Industrial Water-Tube Package Boilers Industrial/water-tube package boilers designed for rapid deployment, including B&W Stirling® power boilers for pulp and paper applications and modular boiler packages for AI factory power generation.
• Circulating Fluidized-Bed (CFB) Boilers Circulating fluidized-bed boilers for power generation using solid fuels including biomass, coal, and waste. Used by utilities and industrial customers for fuel-flexible steam generation.
• Bubbling Fluidized-Bed (BFB) Boilers Bubbling fluidized-bed boilers suited to a range of solid fuels and biomass applications. Used by industrial and utility customers for fuel-flexible, low-emission steam generation.
• Renewable Energy Boilers Steam generators designed for biomass, waste-to-energy, biogas, and other renewable-fuel applications. Sold to renewable energy operators including Mälarenergi AB, Varme Energy, and Amager Resource Center.
• Heat Recovery Steam Generators (HRSG) HRSG components, modules, harps, and tubes for combined-cycle and cogeneration plants. Used by combined-cycle power plant operators to recover waste heat from gas turbine exhaust.
• Recovery Boilers (Pulp & Paper) Recovery boilers (including B&W Canada Stirling® power boilers) for pulp and paper mill applications. Sold to pulp and paper manufacturers such as Irving Pulp & Paper and Metsä Fibre.
• FPS® Ignitors, Scanners, Valves, Controls and Level Measurement Combustion and fuel system equipment including ignitors, scanners, valves (including FM 7400 approved valves), controls, and level measurement devices. Operated as the B&W FPS specialized business unit.
• Roll Wheel™ and CE Pulverizers Roll Wheel™ and CE pulverizers for coal-fired and other utility/industrial grinding applications. Supported by the MillCare® maintenance program managed through BWCC and the Copley Service Center.
• Low NOx Burners Combustion system product designed for low nitrogen oxide emissions. Sold to utilities and industrial customers for emissions compliance.
• Wet Gas Scrubbing (WGS) Systems Advanced low-pressure Wet Gas Scrubbing technology for emissions control at refineries and industrial facilities. Awarded a $40M contract for installation at a major Canadian petroleum refinery.
• Construction and Installation Services Plant maintenance, boiler refurbishments, and field engineering delivered through Babcock & Wilcox Construction Co., LLC (BWCC) across North America. Includes boiler equipment installation, waterwall panel installation, and refurbishment work.
• Parts, Services and Upgrades Recurring parts, upgrades, field engineering, condition assessment, and turnaround services delivered through global service centers. Includes the MillCare® pulverizer maintenance program and FPS® Authorized Valve and Repair Center network.
• Utility-Scale and Community Solar EPC Services Engineering, procurement and construction (EPC) services for utility-scale photovoltaic solar power installations and community solar projects, delivered via Babcock & Wilcox Solar Energy, Inc. and majority stake in Fosler Construction Company Inc.
• B&W Skillmaster Series Technical Training Seminars Fee-based technical training seminars (Pulverizer Seminar, ESP Registration Seminar) covering boiler and emissions control technology with CEU credits issued through University of Akron. Targeted at plant managers, engineers, maintenance personnel, and service managers.
• Front-End Engineering and Design (FEED) Studies Front-end engineering and design (FEED), feasibility studies, and engineering services for decarbonization, hydrogen, and renewable projects. Sold to project developers such as Cache Power (Alberta CAES/Hydrogen Hub), Varme Energy, and Mälarenergi.

Quantifiable outcome

• 1,250 USD/kW cost for AI data center natural gas-fired boiler-steam turbine solution versus alternative technologies
• +6 more outcomes

Named customers17 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature11 records

Partnerships

17 partnerships are on record, tiered core, minor and flagship.

• TerraSpark Energy CampuscoreStrategic or Co-development Partner · 8 June 2026B&W is collaborating with TerraSpark on the development of the 1.6 GW TerraSpark Energy Campus in Grant County, West Virginia, a coal-fired power plant project that will include a multi-industry campus and a Coal Innovation & Training Center for rare earth extraction. B&W's scope includes design and supply of four 400 MW supercritical boilers, advanced emissions control equipment, and construction services. Project received an $18.5M DOE grant.
• Mantel CapturecoreTechnology or Integration · 5 June 2026Mantel Capture provides its molten borate carbon capture technology (designed to capture up to 98% of CO2 emissions) for the TerraSpark Energy Campus project, paired with B&W's supercritical boilers. Mantel's technology is designed to reduce capture energy requirements by over 97% compared with conventional approaches.
• Sargent & LundyminorImplementation/ SI/ Consulting Partner · 5 June 2026Sargent & Lundy is part of the TerraSpark Energy Campus consortium, providing engineering support for the 1.6 GW coal-fired power and carbon capture project in West Virginia alongside B&W and Advanced Resources International.
• Advanced Resources InternationalminorImplementation/ SI/ Consulting Partner · 5 June 2026Advanced Resources International is part of the TerraSpark Energy Campus consortium supporting engineering and design for the 1.6 GW coal-fired power and carbon capture project in West Virginia alongside B&W and Sargent & Lundy.
• Applied Digital CorporationflagshipStrategic or Co-development Partner · 18 May 2026Applied Digital Corporation participated as a strategic investor in B&W's May 18, 2026 underwritten public offering, purchasing approximately 540,500 shares at the public offering price of $18.50. Applied Digital also backs the Base Electron entity that is the counterparty for B&W's $2.4 billion design-build contract.
• Siemens EnergyflagshipStrategic or Co-development Partner · 4 March 2026Siemens Energy was formally released to design and supply the steam turbine generator sets for B&W's $2.4 billion Base Electron design-build project delivering 1.2 GW of capacity for Applied Digital's AI Factory campuses. The companies are also considering an option for an additional 1.2 GW. Per earlier announcements, B&W and Siemens Energy entered into an agreement for a limited notice to proceed to secure turbine sets for the one-gigawatt Applied Digital project, enabling B&W to deliver power by the end of 2028.
• American Intelligence & Power Corporation (AIPC) / Hope Gas / State of West VirginiaminorOthers · 3 March 2026Governor Patrick Morrisey and Hope Gas announced a $250 million infrastructure investment in Mason County, West Virginia, including a 30-mile, 24-inch natural gas pipeline. The pipeline is designed to directly serve the planned AIPC Monarch Compute Campus as well as other economic development projects including Babcock and Wilcox facilities. Construction begins April 2026 with year-end 2026 completion; approximately 600 construction jobs expected.
• ASELSANminorStrategic or Co-development Partner · 7 February 2026B&W signed a Memorandum of Understanding with ASELSAN to explore a new electronic warfare training system for the UK Royal Air Force.
• Base Electron (backed by Applied Digital)flagshipStrategic or Co-development Partner · 4 November 2025B&W signed a limited notice to proceed in November 2025 and received full notice to proceed on March 4, 2026 for a $2.4 billion design-build agreement with Base Electron (an independent power producer backed by Applied Digital) to deliver 1.2 GW of new generation capacity via four 300 MW natural gas-fired boilers and steam turbine generator systems for Applied Digital's AI Factory campuses. Base Electron is also evaluating an additional 1.2 GW option. The project has been the subject of securities class-action litigation alleging related-party conflicts of interest.
• Cache Power Corp.minorStrategic or Co-development Partner · 28 October 2025B&W was awarded a contract by Cache Power to execute an engineering study for Cache Power's Marguerite Lake Compressed Air Energy Storage (CAES) and Hydrogen Hub Project near La Corey, Alberta, Canada, using BrightLoop™ technology.
• Denham Capital (Sustainable Infrastructure)flagshipStrategic or Co-development Partner · 10 September 2025B&W and Denham Capital's Sustainable Infrastructure arm signed a strategic partnership agreement to jointly pursue opportunities to generate power to support increased demand from data centers in the U.S. and Europe. The scope includes technologies for coal power generation or natural gas conversion projects as well as back-end environmental technology.
• AES IndianacoreOthers · 14 November 2024AES Indiana awarded B&W's B&W Thermal segment the $246 million contract for a coal-to-natural gas conversion project at the Petersburg Generating Station in Indiana (full notice to proceed received November 14, 2024).
• Hitachi Zosen Inova AG (HZI)minorOthers · 1 July 2024HZI acquired B&W's Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary based in Zurich, Switzerland. As part of the asset-sale transaction, B&W announced it would use a portion of the proceeds for deployment of its BrightLoop™ hydrogen production facility in Massillon, Ohio.
• Kanadevia Inova (formerly Hitachi Zosen Inova)minorOthers · 1 July 2024Kanadevia Inova acquired the assets of B&W's Denmark-based Babcock & Wilcox A/S, with B&W using a portion of the proceeds to fund BrightLoop™ hydrogen production facility deployment in Massillon, Ohio.
• Ohio State Innovation FoundationcoreStrategic or Co-development Partner · 2 November 2021B&W signed an exclusive worldwide commercial licensing agreement with the Ohio State Innovation Foundation for a chemical looping process and particle used for decarbonization and the production of hydrogen, steam and/or syngas, complementing the BrightLoop™ offering.
• Fosler Construction Company Inc.coreOthers · 15 September 2021B&W signed a definitive agreement to acquire a majority ownership stake in Illinois-based solar energy contractor Fosler Construction Company Inc., significantly enhancing its capabilities in solar energy. The deal was expected to close by the end of September 2021.
• U.S. Department of Energy - National Renewable Energy Laboratory (NREL)coreStrategic or Co-development Partner · 12 July 2021B&W and the U.S. DOE's National Renewable Energy Laboratory (NREL) signed an Intellectual Property Option Agreement giving B&W field-limited exclusive rights to negotiate a licensing agreement to market advanced particle-based thermal energy storage technology (up to 100 hours of long-duration storage for up to 135 MW of power generation).

Scale indicators19 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• GE Vernova: Independent power generation OEM spun out of GE, offering gas turbines, steam turbines, generators, and grid solutions. Directly competes with B&W in utility-scale boiler/steam turbine packages and AI data center power, and is one of the alternative technologies B&W positions its $1,250/kW boiler-steam solution against.
• Siemens Energy: Global power generation and transmission OEM supplying gas turbines, steam turbines, and grid technology. Supplies the steam turbine generator sets for B&W's $2.4B Base Electron project and is also a competitor in large-scale power generation equipment sales to utilities and data center operators.
• Mitsubishi Power: Subsidiary of Mitsubishi Heavy Industries offering gas turbines, steam turbines, and integrated power plant solutions. Competes with B&W in utility-scale boilers, HRSGs, and emissions control, and is a peer in hydrogen and ammonia-ready power generation technologies.
• Doosan Enerbility: Korean power equipment OEM manufacturing boilers, steam turbines, gas turbines, and generators. Competes with B&W in utility and industrial steam generation, particularly for coal-fired and conversion projects in Asia-Pacific and the Middle East.
• ANDRITZ: Austrian industrial group with significant power and pulp & paper boiler business. Directly competes with B&W's Stirling power boiler offering for pulp & paper customers (e.g., Irving Pulp & Paper, Metsä Fibre) and fluidized-bed boiler technologies.
• Valmet: Finnish process technologies company with strong pulp & paper and energy boiler business. Competes with B&W in recovery boilers, biomass boilers, and emission control solutions for pulp & paper and power generation customers in North America and Europe.
• Foster Wheeler (Wood Group): Wood Group's consulting and engineering business, which absorbed Foster Wheeler's legacy steam generator and HRSG business. Competes with B&W in utility and industrial boiler design, HRSGs for combined-cycle plants, and engineering services for power and industrial customers.
• Hamon: Belgian engineering company specializing in cooling systems, HRSGs, and air quality control for power and industrial markets. Directly comparable to B&W's heat transfer and emissions control businesses and to B&W SPIG cooling operations.
• Thermax: Indian energy and environment solutions company with industrial boilers, HRSGs, and emission control offerings. Competes with B&W in industrial steam generation and waste heat recovery for process industries across emerging markets.
• Voith: German engineering group with hydro, paper, and power generation technology businesses. Competes with B&W in pulp & paper recovery boilers, industrial steam generation, and adjacent power generation equipment for industrial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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• Facebookfacebook.com/thebabcockwilcoxcompany

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries11 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Babcock & Wilcox Enterprises