The Babcock & Wilcox Company (B&W) (NYSE:BWC) and Generation mPower LLC (Generation mPower) will dedicate the unique B&W mPower™ Integrated System Test (IST) facility in Bedford County, Va., at a ceremony today. The facility is located at the Center for Advanced Engineering and Research (CAER) at the New London Business & Technology Center.
The facility contains a prototype of the B&W mPower reactor that will undergo extensive testing to collect data to verify the reactor's design and safety performance in support of Generation mPower's ongoing licensing activities with the Nuclear Regulatory Commission. The primary technical features of the B&W mPower reactor are included in the IST, although the source of energy is electricity rather than nuclear.
The IST facility supports further development of the B&W mPower reactor technology that represents a new generation of smaller, scalable nuclear power plants. This world-class testing facility was made possible in part by generous support from the Virginia Tobacco Indemnification and Community Revitalization Commission (TICRC), which provided more than $7 million in grants to support construction of the facility and the purchase of process equipment.
"B&W and Generation mPower appreciate the support from all of those involved as we establish this key element of the B&W mPower reactor program," said Brandon C. Bethards, President and Chief Executive Officer of B&W. "The IST facility will allow us the opportunity to demonstrate to the world the value of small modular reactors as a practical and affordable choice for nuclear power generation. Today's dedication marks another step in our progress toward commercializing small modular reactor technology."
Christofer Mowry, President of Babcock & Wilcox Nuclear Energy. Inc. and Chairman of the Board of Generation mPower, said, "We continue to see tremendous interest from potential customers in the United States and abroad for our small modular reactor. Generation mPower is working to meet a need for a reliable, carbon-free power source that can be deployed at a new site or replace an aging facility in North America or overseas."
The multi-year testing program is scheduled to begin in the fourth quarter of 2011.
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,000 joint venture employees. Learn more at www.babcock.com.
About Generation mPower LLC
Generation mPower LLC is designing the world's first commercially viable Generation III++ small modular nuclear power plant based on B&W mPower small modular reactor technology. The company was formed by two established energy industry leaders, The Babcock & Wilcox Company, with more than 50 years of experience in nuclear engineering and manufacturing, and Bechtel, backed by 60 years of global experience in the nuclear power industry.
About the Virginia Tobacco Indemnification and Community Revitalization Commission
The Tobacco Indemnification and Community Revitalization Commission is a 31-member body created by the 1999 General Assembly to promote economic growth and development in tobacco-dependent communities, using proceeds of the national tobacco settlement. To date, the Commission has awarded 1,407 grants totaling more than $793 million across the tobacco region of the Commonwealth, and has made available nearly $288 million in indemnification payments to tobacco growers and quota holders. For information on the Commission's history, mission, funding programs and recent grant awards, visit our website at www.tic.virginia.gov or call toll free 877-807-1086.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that statements in this release that are not historical fact may constitute forward-looking statements, including statements relating to the scope and timing of the B&W mPower reactor testing program. These forward-looking statements involve a number of risks and uncertainties, including, among other things, adverse changes in funding sources or requirements for the IST facility and adverse changes in the supply of or demand for nuclear power. If one or more of these or other risks materialize, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010, as supplemented by its 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 hereof, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Public Relations Manager
The Babcock & Wilcox Company
Michael P. Dickerson
Vice President and Investor Relations Officer
The Babcock & Wilcox Company