Babcock & Wilcox Enterprises (BW) said Tuesday its Mountaineer C2H unit will receive funding of up to $10 million from the West Virginia Department of Economic Development to construct a BrightLoop hydrogen production and carbon capture site in the state's Mason County.
The funding, to be released in phases based on project milestones, requires Mountaineer C2H to complete the construction by 2030, the company added.
The BrightLoop technology produces hydrogen by splitting water molecules while capturing carbon emissions at a lower cost, Babcock & Wilcox said.
Shares of the company were down about 3% in recent Tuesday trading.
Price: 1.95, Change: -0.06, Percent Change: -2.99
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