Benzinga | Jul 12, 2021 08:57AM EDT

Babcock & Wilcox, NREL Ink An Exclusive IP Option Agreement

* Babcock & Wilcox Enterprises, Inc. (NYSE:BW) has signed an Intellectual Property Option Agreement with the U.S. Department of Energy's National Renewable Energy Laboratory (NREL).

* The agreement gives B&W field-limited exclusive rights to negotiate a licensing agreement, allowing it to market an advanced, particle-based thermal energy storage technology.

* The technology currently in development will provide up to 100 hours of long-term energy storage for up to 135 megawatts of power generation.

* B&W is part of NREL's Duration Addition to electricitY Storage (DAYS) Advanced Research Projects Agency-Energy (ARPA-E) team, for developing an electric particle heater, pressurized fluidized-bed heat exchanger, a long-term thermal energy storage system and other technologies.

* Additionally, B&W and NREL are also engaged in discussions to develop a prototype heat exchanger that can be scaled-up for a pilot demonstration.

* Price action: BW shares traded higher by 4.10% at $7.62 in premarket on the last check Monday.