CHARLOTTE, North Carolina - March 2, 2011
Generation mPower Names Executive Leadership
Generation mPower LLC, a joint company formed by The Babcock & Wilcox Company (B&W) (NYSE:BWC) and Bechtel to design, license, and build the next generation of nuclear power plants based on B&W mPower™ reactor technology, today announced several executive leadership appointments.
Christofer Mowry, President of Babcock & Wilcox Nuclear Energy, Inc. and previously Chief Executive Officer for Generation mPower, has been appointed Chairman and will focus on strategic and policy matters. Ali Azad has been named President and Chief Executive Officer and will assume responsibility for Generation mPower business operations. Ted Feigenbaum, Bechtel’s project director for Generation mPower, has been appointed as the Chief Operating Officer, concentrating on the mPower development program and project execution.
“We are adding additional executive leadership to our Generation mPower organization to keep pace with the acceleration of our mPower development activities, as well as the increased interest from our utility customers and government stakeholders, both in the United States and internationally,” said Mowry. “We are pleased to have attracted some of the best talent in the industry for these positions. Ali’s impressive track record of success and global experience makes him the right person to help me lead one of today’s highest profile nuclear programs, and Ted’s project leadership and nuclear operations experience have prepared him well to bring into service the first commercial small modular reactor.”
Depending on regulatory approval and other factors important to Generation mPower’s lead plant schedule, the first commercial deployment of a small modular reactor (SMR) in the United States is expected by 2020, using B&W mPower technology. Recent events, including the U.S. Department of Energy’s proposed five-year cost sharing program, have further strengthened industry interest in SMR technology as a more flexible, practical and affordable approach to the clean energy benefits of nuclear power.
Azad most recently served as Senior Vice President - International and Chief Business Development Officer for Aquilex Corporation, and before that as Senior Vice President and President of Welding Services, Inc. (WSI). He has also held management positions at Washington Group International, First Solar, American Electric Power Co. and Duke Energy Corp. Azad was founder and Managing Director of North Rim Energy, Inc. He began his career as an Operations Manager at Duke Energy’s Catawba Nuclear Station in South Carolina.
Feigenbaum most recently served with Bechtel as Project Director at the Hanford Waste Treatment Plant. He assumed that position after serving as the President and General Manager for Bechtel SAIC, the company that operated the Yucca Mountain Project. Previously, Feigenbaum led the Maine Yankee Atomic Power Plant decommissioning, and from 1992 to 2002 he served as the Site Vice President & Chief Nuclear Officer for Seabrook Station nuclear power plant where he oversaw nuclear plant operations.
About Generation mPower LLC
Generation mPower is a limited liability company formed by affiliates of B&W and Bechtel that offers a turnkey solution for the design, licensing and deployment of nuclear power plants based on the B&W mPower small modular reactor (SMR).
About The Babcock & Wilcox Company
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.
Cautionary Statement Regarding Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements relating to the scope and timing of the commercial deployment of a small nuclear reactor in the U.S. These statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties obtaining regulatory approval and adverse changes in the energy markets. 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. 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.