Houston, TX /PRNewswire/ - KBR (NYSE: KBR) and Mura Technology announced today the first joint contract award for its plastics recycling technology, Hydro-PRT℠, with Mitsubishi Chemical Corporation (MCC) in Japan.
Developed by Mura and licensed exclusively by KBR, Hydro-PRT employs a unique patented process utilizing supercritical steam to convert all types of plastics into commercial products that can be used to produce new plastics to deliver a truly circular economy.
"We are thrilled to announce our first global license with KBR," said Dr. Steve Mahon, CEO of Mura Technology. "Our technology offers a differentiated, proven, and scalable solution to companies seeking to achieve an immediate impact towards their ESG objectives and we look forward to working closely with the MCC team to help them establish early leadership in reaching their circularity goals."
"KBR is proud to be Mura's exclusive licensing partner for this breakthrough technology," said Doug Kelly, KBR President, Technology. "Over the past few months, we have seen tremendous interest in Hydro-PRT from many leading companies worldwide and we are excited by MCC's decision to be an early adopter to achieve their sustainability objectives."
KBR has been a leader in process technology development, commercialization, and plant design solutions for over 50 years.
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.
KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
About Mura Technology
Mura Technology's mission is to eliminate global plastic pollution and create sustainable societies.
We are pioneering a globally scalable technology to prevent millions of tonnes of plastic and carbon from entering our natural environment every year and turning an $120 billion lost resource of plastic waste into a valuable global commodity. Our technology can recycle all plastic waste, and produces the ingredients for brand new products, reducing the need for new and fossil-fuel-derived plastics.
We are partnering with the biggest global brands to scale worldwide and feed a sustainable plastics economy in the next decade. We plan to have a capacity for 1,000,000 tonnes of plastic recycling in operation or development by 2025.
The company is based in London, UK. Visit http://www.muratechnology.com/
About Mitsubishi Chemical Corporation
Mitsubishi Chemical, as a core operating company of the Mitsubishi Chemical Holdings Group, seeks to provide solutions to environmental and social issues and to contribute to the sustainable development of people, society and the Earth through its businesses built on a foundation of chemistry. In this way, we aim to realize KAITEKI- a condition that contributes to sustainable development that is optimal for people, society, and the Earth.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that 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: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company's ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company's ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company's ability to manage its liquidity; the company's ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company's indemnities from its former parent; changes in capital spending by the company's customers, including as a result of the COVID-19 pandemic; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract 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 government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.