Babcock & Wilcox Receives Full Notice To Proceed On $2.4B Design-Build Agreement With Base Electron, Backed By Applied Digital, To Deliver 1.2 GW Of New Gen Capacity

• Project Will Deliver 1.2 GW of New Generation Capacity Through Four 300-MW Natural Gas Boilers and Steam Turbine Generators
• Siemens Energy Formally Released to Proceed with Steam Turbine Supply
• Base Electron Evaluating Option for an Additional 1.2 Gigawatts of Power

Babcock & Wilcox (B&W) (NYSE:BW) announced today that it has received full notice to proceed on a $2.4 billion design-build agreement with Base Electron, an independent power producer ("IPP") backed by Applied Digital (NASDAQ:APLD), to deliver 1.2 gigawatts (GW) of new generation capacity. The generation is intended to supply power to Applied Digital AI Factory campuses under separate power supply agreements. The project includes four 300-megawatt natural gas-fired boilers and steam turbine generator systems.

Base Electron, backed by Applied Digital, is focused on developing and owning generation assets that deliver new, dispatchable capacity to the grid and to contracted customers, including power supply agreements supporting Applied Digital's high-density AI data center campuses.

Under its agreement with Base Electron, B&W will engineer, procure and construct the facility, with engineering and manufacturing activities already underway. Siemens Energy, Inc. (Siemens Energy) has been formally released to design and supply the steam turbine generator sets.