The Babcock & Wilcox Co. (NYSE: BWC) said its Babcock & Wilcox Power Generation Group Inc. (B&W PGG) subsidiary has been selected to receive $2.8 million in financial assistance funding from the U.S. Department of Energy (DOE) to study chemical formulations to improve the performance of its Regenerable Solvent Absorption Technology (RSAT) process solvent used to capture carbon dioxide (CO2) from coal-fired power plants. The project will be managed by DOE's National Energy Technology Laboratory under its Innovations for Existing Plants (IEP) Program.
B&W will contribute $700,000 in the form of in-kind research and development to the project, including research personnel and facility space, which will be conducted at the B&W Research Center in Barberton, Ohio.
Project participants also include the University of Cincinnati and FirstEnergy Corp. (NYSE: FE), which will act in an advisory role to provide input from a utility operator's perspective.
Read more financial news