According to Mura, the money would be used to combat the climatic effect of plastic waste.
Mura Technology, a London-based plastics recycling technology producer, has announced an equity investment from Houston-based science, technology, and engineering firm KBR. Mura will be able to launch many new initiatives with the $100 million investment, removing more than 1 million metric tons of plastic from global waste sources.
Mura has been working with KBR, its only global license partner, since 2021, according to the company. A representative from KBR management will join Mura’s board of directors in addition to the investment to assist develop the company’s business plan.
“By combining Mura’s game-changing Hydro-PRT technology with KBR’s scalable engineering and licensing experience, we’ve created a world-leading collaboration in advanced plastics recycling,” says Steve Mahon, Mura Technology’s chief resource officer. “Plastic pollution is a global concern that will require millions of metric tons of sophisticated recycling to overcome.”
Mura’s mission is to develop and deliver projects with strong risk-return profiles that inspire investor confidence, and cooperation with partners like KBR will help us do so as swiftly and efficiently as feasible.”
Mura and KBR have joined their experience and reach to provide Mura’s Hydro-PRT (hydrothermal plastic recycling technology) to worldwide markets, allowing future projects to be delivered faster and with less risk.
Mura claims that demand for this technology is continuing to rise, and it has now signed a licensing arrangement with Mitsubishi Chemical Corp. for 2021, as well as strategic relationships with Dow and Chevron Phillips Chemical Corp.
Mura and its licensees want to develop facilities all over the world, with the first one set to open in Teesside, England, by the end of 2022. Following that, locations in the United States and Germany will begin building in the coming months. More facilities are in the works for Europe and Asia, including a partnership with LG Chem in South Korea that will initially facilitate the recycling of 25,000 metric tons of plastic garbage.
Every year, an estimated 300 million metric tons of plastic trash is produced, with single-use plastics accounting for half of that. Furthermore, every year, the extraction of fossil fuels and transportation to plastic production facilities releases 12.5 to 13.5 million metric tons of greenhouse gases.
Mura says the Hydro-PRT is capable of recycling end-of-life plastic, and converting mixed plastic streams into fossil-replacement oils and chemicals. This enables plastic waste to be upgraded into new plastics and other products. There is no anticipated limit to the number of times the same material can be recycled, and Mura’s supercritical water technology within the process makes it scalable.
“Building on our strong partnership of collaboration and innovation, we are very excited to announce our expanded investment in Mura,” Stuart Bradie, KBR president and CEO. “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.”