Babcock & Wilcox Enterprises Inc (NYSE: BW) and the U.S. Department of Energy’s National Renewable Energy Laboratory have entered a new deal. The signing of an Intellectual Property Option Agreement positions B&W field-limited favorably in its marketing undertakings.
The essence of the deal
It gains the much-needed exclusive rights to streamline the negotiation of a licensing agreement that would make it possible to undertake marketing activities of an advanced, particle-based thermal energy storage technology under development.
B&W happens to be one of NREL’s Duration Addition to Electricity Storage (DAYS) Advanced Research Projects Agency-Energy (ARPA-E) team focusing on developing some wide-ranging technologies that simplify matters for the power producers. For instance, it has become easier for them to guarantee users continuous, reliable, grid-scale power. The milestone becomes possible because of the help they get that lets them store solar or wind energy.
Young speaks out
The B&W Chairman and Chief Executive Officer Kenny Young deems the high-capacity, long-term energy storage to be crucial for renewable energy sources such as wind power and solar. In addition, he looks into a future where the outlined power sources transform to become more widespread, baseload power options for consumers.
Young states, “B&W’s fluidized-bed heat exchanger will be able to generate up to 135 megawatts of power for up to 100 hours from stored clean thermal energy with zero CO2 emissions. By facilitating long-term storage of zero-carbon, renewable energy, this technology enables power producers to deliver power to the grid 24-hours a day, including during periods of peak demand, or when solar or wind are not optimal conditions.”
Young hopes that their fluidized-bed heat exchanger will be employed in some wide-ranging global commercial applications. He reveals that they are pretty delighted to get to the point of negotiating a licensing agreement with NREL. He vows to support the expansion of B&W’s technology for use in the new, innovative energy storage platforms.