The funds will be paid in two tranches – the first in the quarter ending Jun. 30 and the rest in 2023. Alongside the investment, a representative from KBR management will join Mura’s board of directors to help shape the business’s future strategy.
KBR entered into an alliance in January 2021 to become Mura’s exclusive licensor for its Hydrothermal-Plastic Recycling Technology, Hydro-PRT. Together, the companies have won numerous license awards and feasibility studies, saying the alliance has also produced advances in process technology innovation, such as closed loop power, water recycling, modularization and digital operating solutions. KBR may also expand its engagement on Mura’s own projects to provide advanced engineering, program management and integration expertise.
“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 Mura CEO Steve Mahon.
KBR president and CEO Stuart Bradie added: “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.”
The monies will provide Mura with further capital to accelerate development of its plastics recycling projects. The company announced a licensing agreement with Japan’s Mitsubishi Chemical in June 2021, and has also formed strategic partnerships with Dow and Chevron Phillips Chemical.
Together, Mura and its licensees plan to build facilities around the world – the first is due to open in Teesside, UK, at the end of 2022, followed by sites in Germany and the US, where construction is due to start in the coming months. Further sites are planned for Europe and Asia, including a project with LG Chem in South Korea. Mura’s target is to reach 1 million t/y of recycling capacity in operation or development by 2025.
Author: Elaine Burridge, Freelance Journalist
