02. Jun 2022
KBR (Houston, TX, USA) is pleased to announce it has entered into an agreement to invest an additional USD 100 million in Mura Technology (London, UK) bringing KBR’s aggregate investment in Mura to 18.5 %.
Mura has been in alliance with KBR, its exclusive global licensing partner, since January 2021. Together they have combined technological expertise and global reach to bring Mura’s innovative recycling technology Hydro-PRT℠ (Hydrothermal Plastic Recycling Technology) to markets around the world, accelerating and de-risking the delivery of future projects. This alliance has also produced advances in process technology innovation such as closed loop power, water recycling, modularization and digital operating solutions. Through this partnership, KBR may also expand its engagement on Mura’s own projects to provide advanced engineering, program management and integration expertise.
Demand continues to grow for this technology, and Mura has since announced a licensing agreement with Mitsubishi Chemical Corporation (Tokyo, Japan) in June 2021, as well as strategic partnerships with Dow (Midland, MI, USA) and Chevron Phillips Chemical Corporation (The Woodlands, TX, USA). Together, Mura and its licensees have plans to build facilities around the world; the first is due to open in Teesside, United Kingdom, at the end of 2022, followed by sites in the USA and Germany which will commence construction in the coming months. Further sites are planned for Europe and Asia, including a project in South Korea with LG Chem (Seoul, South Korea) which will initially support the recycling of 25,000 tonnes of plastic waste.
Each year, an estimated 300 million tonnes of plastic waste is generated, half of which is single-use plastics. Furthermore, the extraction of fossil fuels and their transportation to plastic manufacturing sites emits 12.5 to 13.5 million tonnes of greenhouse gases every year.
Hydro-PRT℠ is capable of recycling end-of-life plastic; converting mixed plastic streams into fossil-replacement oils and chemicals, enabling plastic waste to be upgraded into new plastics and other products. There is no anticipated limit to the number of times the same material can be recycled, and the use of Mura’s ground-breaking supercritical water technology within the process makes it inherently scalable.
This investment provides Mura incremental capital to accelerate development of its plastics recycling projects and enables KBR to participate more fully in this sustainability-focused, high growth sector. Funding is expected in two tranches with the first payment in the quarter ended June 30, 2022 and the remainder in 2023.
“Building on our strong partnership of collaboration and innovation, we are very excited to announce our expanded investment in Mura”, said Stuart Bradie, KBR President and CEO. “With a strategic approach to commercializing and scaling its proprietary, differentiated plastics recycling solution, Mura is very well positioned for profitable growth and value creation as the plastics circular economy develops and matures”.
Mura’s mission is to commercialize its differentiated plastics recycling solution to enable a plastic-neutral, sustainable future by providing an end-to-end process to convert mixed waste plastic back to high quality chemical feedstocks. Targeting 1,000,000 tonnes of annual recycling capacity in operation or development by 2025, Mura licenses its technology through KBR to a global client base and is also developing its own portfolio of global sites.
“The combination of Mura’s game-changing Hydro-PRT℠ technology with KBR’s scalable engineering and licensing expertise has now established a world-leading alliance in the advanced recycling of plastics", said Steve Mahon, CEO of Mura Technology. "The investment proceeds will be used to support our first commercial-scale plant in Teesside later this year as well as fund the development of several plants in the US and Europe”. AT