Diamond Power And Hubei Huaxing Reached The License Agreement

March 12, 2024 — Under the witness of relevant leaders from the Hubei Provincial Government and Jingmen Municipal Government in China, Babcock & Wilcox Power Equipment Supply (Hubei) Co., Ltd. (a wholly-owned subsidiary of Diamond Power International LLC under the American Babcock & Wilcox Group) and Hubei Huaxing Machinery Technology Co., Ltd. (hereinafter referred to as "Huaxing") held a grand brand licensing agreement signing ceremony at the Tianmu Hot Spring Hotel in Jingshan, Hubei, China. The ceremony officially authorized Huaxing to operate the Diamond Power brand in mainland China. This cooperation marks an important step in Diamond Power International LLC's strategic layout in the Chinese market and brings new opportunities for technological upgrades and market expansion for Huaxing. It also signifies the further consolidation and deepening of the partnership between the two companies.

At the brand licensing ceremony, Michael Michael P, Vice President & General Manager of Diamond Power & ASH, stated "today, I stand before you excited by the announcement of this partnering arrangement between Huaxing and Diamond Power. This action will strengthen the already five-year-old strong relationship between our two companies. Our partnership will also benefit the workers and their families, add to the economic power of this region and benefit customers in many industries in this country. When Diamond Power was choosing a partner organization many factors were considered: technical ability, financial strength, work force talent, work ethic, reputation, leadership and desire to improve as an organization. HX has all these attributes. Also, in forty years of conducting business in this county, the government has always been fair and supportive”

Witnesses from left to right:                                                                                                     Signatory from left to right:

General Manager of Hubei Huaxing Machinery Technology Co., Ltd.   — Wang Yuzhen        VP & GM of Diamond Power & ASH — Michael Michael, P

Deputy Secretary-General of Jingmen Municipal Government — Fu Qiang                            Chiarman of Hubei Huaxing Machinery Technology Co., Ltd.   — Dong Hualin

Secretary of the Jingshan Municipal Committee — Zhang Yong

Vice Mayor of Jingmen Municipal Government — Liu Guofang

Inspector of the Hubei Provincial Department of Commerce — Mao Shengqian

Asia Regional Director of Diamond Power & ASH — Mike Parker

General Manager of Babcock & Wilcox Power Equipment Supply (Hubei) Co., Ltd. — Wang Chuanrui

Mayor of Jingshan City — He Hongtao

Empowering Technology, Driving Green Development

As one of the core brands under the Babcock & Wilcox Group, the Diamond Power brand is globally renowned for its advanced environmental equipment and technical solutions. This licensing cooperation will not only bring more efficient and environmentally friendly products to the Chinese market but will also contribute to the green transformation and sustainable development of China's industrial sector.

The President of Diamond Power International LLC & ASH stated: "We are very pleased to reach this cooperation with Huaxing. The Chinese market is an important part of Babcock & Wilcox's global strategy. We believe that through this cooperation, we can provide Chinese customers with higher-quality products and services while promoting mutual growth in technological innovation and market expansion."

The Chairman of Hubei Huaxing Machinery Technology Co., Ltd. also said: "This cooperation with the Babcock & Wilcox Group is an important milestone in the development of Huaxing Machinery. We will fully leverage the technological advantages of the Diamond Power brand to further enhance product quality and service levels, creating greater value for Chinese customers."

Looking to the Future with Hope, Creating Brilliance Together

This cooperation represents a significant exploration between the international brand Diamond Power and the Chinese domestic brand Huaxing. It is a joint effort to promote the development of green energy in the Chinese market and provide global customers with high-quality services at fair prices.

We look forward to even more fruitful achievements and progress in the future cooperation between the two parties.