HOUSTON, Jan. 14, 2021 /PRNewswire/ -- January 14, 2021 - KBR, Inc. (NYSE: KBR) announced today that it has signed an alliance agreement with Mura Technology Limited to offer Cat-HTRTM, an innovative advanced plastics recycling process.
Cat-HTR is a sustainability-focused, innovative technology that recycles end-of-life plastic such as thin plastic packaging, which would otherwise be combusted, sent to landfills or leaked into the environment. Cat-HTR converts these mixed plastics into an intermediate hydrocarbon feedstock that can be further refined to produce virgin polymers and chemicals. The technology is based on a patented hydrothermal upgrading process which utilizes supercritical water to produce stable hydrocarbon products from a wide range of mixed plastic waste.
Mura has invested over 10 years in the development of this technology and has proven its performance at a large-scale pilot plant in Australia. Mura was awarded its first commercial license in 2020.
Under the terms of the alliance, KBR will be the exclusive licensing partner for Mura Technology and will provide studies, basic engineering, technical services, proprietary equipment and modules for the Cat-HTR technology to customers across the world.
"We are extremely excited to announce that KBR will offer Cat-HTR for license to clients so they can efficiently recycle end-of-life waste plastic and convert it into a reusable feedstock for plastics or other valuable chemicals production," said Doug Kelly, KBR President, Technology. "This technology aligns with KBR's commitment to sustainability by reducing lifecycle greenhouse gas emissions and the volume of waste that enters landfills and the environment, while contributing to the growth of the plastic circular economy."
"We believe that aligning with KBR will make it possible to meet the strong global demand for a superior plastic recycling process," said Dr. Steve Mahon, CEO, Mura Technology. "Cat-HTR offers an innovative advanced recycling solution to one of the largest global pollution issues we face today, and we look forward to the commercial roll-out of our game-changing technology with KBR."
KBR has been a leader in petrochemical plant design, construction and technology development for more than 50 years.
Mura Technology's Cat-HTR technology is at the center of their global ambition for 1,000,000 annual tons of plastic recycling in operation or development by 2025.
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 28,000 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.
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.
SOURCE KBR, Inc.