KBR, Inc. has entered into an agreement to invest an additional $100 million in Mura Technology ("Mura") bringing KBR's aggregate investment in Mura to 18.5%.
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 Dr. Steve Mahon, CEO of Mura Technology. "This additional investment by KBR in Mura Technology and the addition of a member of KBR's management to Mura's Board of Directors demonstrates a strong commitment to this partnership by both parties."
In early 2021, KBR entered into an alliance to become Mura's exclusive licensing partner, broadening the addressable market and customer access for this highly differentiated plastics recycling technology. Together, KBR and Mura have won numerous license awards and feasibility studies. 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.
A circular economy, in which plastics are reused, remade, and recycled, could slash CO2 emissions by almost 40% across the globe. Mura's plastics recycling solution will play a central role in a global circular economy by providing an innovative new way to recycle all forms of end-of-life plastic, many of which would otherwise be incinerated, sent to landfill, or leak into the environment as plastic pollution, helping to eliminate unnecessary single-use plastic and cut carbon emissions.