Babcock & Wilcox (B&W) is an industrial energy technology company with roughly 160 years of history, focused on designing, manufacturing, and servicing steam generation equipment — primarily boilers — for electric utilities, industrial facilities, and AI data centers. B&W's business has two main components. The first is Parts & Services, the primary earnings driver, where B&W sells replacement parts and provides maintenance, repair, and engineered upgrades to operators of its large global installed base of steam generation equipment. This is recurring, higher-margin business that grows when power plants run harder and longer, increasing wear and maintenance needs. The second is large EPC (engineering, procurement, and construction) projects for new or upgraded power systems, where revenue is recognized on a percentage-of-completion basis and margins depend heavily on execution. B&W has been deliberately shifting away from large international newbuilds toward North American projects and its Parts & Services business. A key near-term growth driver is rising electricity demand from AI data centers — B&W has signed a limited notice to proceed with Applied Digital to design and install four 300-megawatt natural gas-fired boilers for an AI data center, with B&W valuing its scope at over $1.5B at full notice to proceed. B&W is also developing BrightLoop, a chemical looping combustion process that can produce steam or hydrogen while isolating CO2, and a broader decarbonization suite called ClimateBright. B&W has been selling non-core assets to pay down debt, including Diamond Power for $177M and its Denmark waste-to-energy business for $20M.