HOUSTON, June 1, 2022 /PRNewswire/ — KBR, Inc. (NYSE: KBR) is pleased to announce that it has entered into an agreement to invest $100 million in Mura Technology (“Mura”) bringing KBR’s total investment in Mura to 18.5%.
This investment provides Mura with additional capital to accelerate the development of its plastics recycling projects and enables KBR to participate more fully in this high-growth, sustainability-driven sector. The financing is planned in two tranches with the first payment of the quarter ended June 30, 2022 and the rest in 2023.
“Building on our strong partnership of collaboration and innovation, we are very pleased to announce our increased investment in Mura,” said Stuart Brady, Chairman and CEO of KBR. “With a strategic approach to commercializing and scaling its proprietary and differentiated plastics recycling solution, Mura is very well positioned for profitable growth and value creation as the circular plastics economy grows and matures.”
Mura’s mission is to commercialize its differentiated plastics recycling solution to enable a sustainable, plastic-neutral future by providing an end-to-end process to convert mixed plastic waste back into high-quality chemical feedstocks. Targeting 1,000,000 tonnes of annual recycling capacity in operation or under development by 2025, Mura licenses its technology through KBR to a global customer base and is also developing its own portfolio of global sites.
“The combination of Mura’s breakthrough Hydro-PRT℠ technology with KBR’s evolving engineering and licensing expertise has now established a leading alliance in advanced plastics recycling,” said Dr. Steve Mahon, CEO of Mura Technology. “This additional investment by KBR in Mura Technology and the addition of a member of KBR management to Mura’s board of directors demonstrates a strong commitment to this partnership from both parties.”
In early 2021, KBR entered into an alliance to become Mura’s exclusive licensing partner, expanding the addressable market and customer access to this highly differentiated plastics recycling technology. Together, KBR and Mura have won numerous licensing 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 can also extend 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 reduce CO2 emissions by almost 40% worldwide. Mura’s plastics recycling solution will play a pivotal 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 flowing into the environment like plastic pollution, helping to eliminate unnecessary single-use plastic and reduce carbon emissions.
We provide science, technology and engineering solutions to governments and businesses around the world. KBR employs approximately 28,000 people performing diverse, complex and mission-critical roles in 34 countries.
KBR is proud to work with customers around the world to provide technology, value-added services, and long-term operation and maintenance services to ensure consistent delivery with predictable results. At KBR, we deliver.
Statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company’s control and could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: material adverse impacts on economic and market conditions from the COVID-19 pandemic and the company’s ability to respond to resulting business challenges and disruptions; the recent dislocation of the global energy market; the company’s ability to manage its cash; results and publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and the potential adverse results and consequences of such proceedings; changes in capital expenditures by the company’s customers; the company’s ability to obtain contracts from existing and new customers and to execute on those contracts; structural changes in the industries in which the company operates; escalating costs associated with completing fixed-price projects and the company’s ability to control its costs under its contracts; claims negotiations and contractual disputes with the company’s customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in governmental regulations and regulatory requirements; compliance with income tax laws; unstable political conditions, war and the effects of terrorism; foreign operations and exchange rates and controls; the development and installation of financial systems; the possibility of cyberattacks and malware; increased competition for employees; the ability to complete and integrate acquisitions; and the activities of joint ventures, including joint ventures that are not controlled by the company.
The company’s most recently filed Annual Report on Form 10-K, all subsequent Forms 10-Q and 8-K, and other filings with the United States Securities and Exchange Commission discuss some of the material risk factors that the company has identified and which may affect its business, results of operations and financial condition. Except as required by law, the Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason.
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SOURCE KBR, Inc.