HOUSTON, June 1, 2022 /PRNewswire/ — KBR, Inc. (NYSE: KBR) is delighted to announce it has entered into an agreement to invest an additional $100 million in Mura Engineering (“Mura”) bringing KBR’s aggregate financial commitment in Mura to 18.5%.
This investment gives Mura incremental cash to accelerate progress of its plastics recycling assignments and enables KBR to participate extra entirely in this sustainability-centered, substantial progress sector. Funding is expected in two tranches with the first payment in the quarter finished June 30, 2022 and the remainder in 2023.
“Making on our solid partnership of collaboration and innovation, we are very fired up to announce our expanded financial investment in Mura,” stated Stuart Bradie, KBR President and CEO. “With a strategic strategy to commercializing and scaling its proprietary, differentiated plastics recycling answer, Mura is quite perfectly positioned for financially rewarding progress and worth generation as the plastics round economic climate develops and matures.”
Mura’s mission is to commercialize its differentiated plastics recycling alternative to empower a plastic-neutral, sustainable foreseeable future by giving an finish-to-finish procedure to transform blended waste plastic back again to substantial high-quality chemical feedstocks. Focusing on 1,000,000 tonnes of annual recycling potential in operation or progress by 2025, Mura licenses its engineering as a result of KBR to a world-wide customer base and is also acquiring its possess portfolio of world websites.
“The combination of Mura’s video game-changing Hydro-PRT℠ technology with KBR’s scalable engineering and licensing skills has now established a environment-leading alliance in the state-of-the-art recycling of plastics,” mentioned Dr. Steve Mahon, CEO of Mura Technology. “This supplemental expense by KBR in Mura Technology and the addition of a member of KBR’s management to Mura’s Board of Directors demonstrates a solid commitment to this partnership by equally get-togethers.”
In early 2021, KBR entered into an alliance to come to be Mura’s special licensing associate, broadening the addressable current market and buyer accessibility for this very differentiated plastics recycling technologies. With each other, KBR and Mura have gained various license awards and feasibility studies. This alliance has also made improvements in system know-how innovation these types of as closed loop power, drinking water recycling, modularization and digital functioning options. By way of this partnership, KBR may perhaps also develop its engagement on Mura’s very own initiatives to deliver highly developed engineering, method administration and integration know-how.
A circular economic climate, in which plastics are reused, remade, and recycled, could slash CO2 emissions by practically 40% throughout the world. Mura’s plastics recycling alternative will enjoy a central part in a global circular financial system by supplying an innovative new way to recycle all varieties of conclude-of-daily life plastic, many of which would usually be incinerated, sent to landfill, or leak into the natural environment as plastic air pollution, encouraging to remove pointless solitary-use plastic and slice carbon emissions.
We provide science, technology and engineering remedies to governments and firms all around the world. KBR employs approximately 28,000 people carrying out diverse, complicated and mission essential roles in 34 international locations.
KBR is proud to get the job done with its clients throughout the globe to provide technological innovation, value-additional services, and extensive- time period functions and maintenance products and services to make certain constant delivery with predictable benefits. At KBR, We Supply.
Ahead Searching Assertion
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