Investment group KBR is making a $100 million investment in United Kingdom-based chemical recycling company Mura Technology Ltd., creating a platform for the recycler to further expand its technology across multiple projects envisioned around the world.
The investment proceeds will be used to support Mura’s first commercial-scale plant in Teesside, England, later this year as well as fund the development of several plants in the U.S. and Europe, said Mura CEO Steve Mahon.
Alongside the investment, a representative from KBR management will join Mura’s board of directors to help shape the future strategy of the business.
The additional investment follows a successful 18-month partnership between Mura and KBR, to establish license agreements and commercialize Mura's Hydro-PRT (Hydrothermal Plastic Recycling Technology).
KBR became Mura’s exclusive global licensing partner in January 2021. The alliance aims to bring Mura’s technology to markets around the world, accelerating and de-risking the delivery of future projects. It is a strategic approach to commercializing and scaling the technology that positions Mura for "profitable growth and value creation as the plastics circular economy develops and matures," said KBR President and CEO Stuart Bradie.
That strategy has seen Mura enter into alliances with investors and licensees across the globe, which have included both a licensing agreement with Mitsubishi Chemical Corp. in June 2021, as well as strategic partnerships with Dow Inc. and Chevron Phillips Chemical Corp.
Demand continues to grow for this technology and together, Mura and its licensees have plans to build facilities around the world.
The first is due to open in Teesside at the end of 2022, followed by sites in the US.. and Germany which will commence construction in the coming months. Further sites are planned for Europe and Asia, including a project in South Korea with LG Chem which will initially support the recycling of 25,000 metric tons of plastic waste.
Each year, an estimated 300 million tonnes of plastic waste is generated, half of which is single-use plastics. Furthermore, the extraction of fossil fuels and their transportation to plastic manufacturing sites emits 12.5 to 13.5 million tonnes of greenhouse gases every year.