Benzinga | Dec 16, 2021 06:32AM EST

Babcock & Wilcox And Applied Blockchain, Inc. Sign Cooperation Agreement To Develop Energy Projects For Cryptocurrency Mining

Babcock & Wilcox (B&W) (NYSE:BW) announced today that it has signed a cooperation agreement with Dallas-based Applied Blockchain, Inc. (Applied Blockchain) (OTC:APLD) to identify and explore opportunities to develop, supply, construct and operate baseload power and clean energy projects in the next three years to support cryptocurrency mining operations.

These projects could result in up to 1.5 gigawatts of electrical generation capacity and will be a platform for using B&W's solutions such as renewable waste-to-energy, BrightLoopTM carbon capture and hydrogen production, solar generation and long-duration energy storage to provide baseload power and clean energy to support Applied Blockchain's power needs in North America.

"The global demand for cryptocurrency mining has been growing substantially and we're excited to play a key role in helping our partner, Applied Blockchain, develop the infrastructure necessary to power this technological revolution in a sustainable and economic way," said B&W Vice President, Corporate Development & Investor Relations, Megan Wilson. "Clean energy technologies, including solar, hydrogen and long-term energy storage, will play a pivotal role in providing the electrical capacity needed to power cryptocurrency mining, and B&W is well-positioned to be a solutions provider to support this growing need."

"B&W has more than 150 years of experience in the U.S. energy industry providing innovative solutions to meet customers' unique power needs, making us well-positioned to develop these types of projects for diverse and novel energy users," Wilson said. "Applied Blockchain is a dynamic, forward-thinking company and we're excited to team with them to pursue multiple clean energy and baseload power projects."

B&W's clean energy capabilities include its ClimateBrightTM suite of decarbonization technologies -- including BrightLoop, which can use multiple fuels to produce clean hydrogen -- as well as waste- and biomass-to-energy technologies and solar installation services. In addition, B&W industry-leading thermal energy generation and environmental technologies round out a diverse and flexible array of options to power cryptocurrency mining using virtually any fuel.