Benzinga | Jun 17, 2021 06:02AM EDT

KBR and Mura Technology Announce First Plastics Recycling Technology Contract with Mitsubishi Chemical Corporation

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.