Licella congratulates Mura, UK-based developer and licensee of their Cat-HTR™ platform, on its announcement that KBR will invest an additional US$100 million in Mura.
Licella Holdings (Licella), congratulates Mura Technology (Mura), UK-based developer and licensee of Licella’s Cat-HTR™ platform, on its announcement that KBR, Inc. (NYSE: KBR), will invest an additional $100 million in Mura. KBR is a leading international provider of science, technology and engineering solutions, and in early 2021 became Mura’s exclusive licensing partner for this highly differentiated plastics recycling technology.
The investment supports the global deployment of Licella’s commercial-ready Cat-HTR™ advanced recycling solution for post-consumer plastic waste, which is at the core of the Mura Hydro PRS process.
Mura, which Licella remain the largest shareholder in, holds the exclusive licence to the Cat-HTR™ technology for post-consumer plastic outside of Australia and New Zealand (ANZ). Licella retains the rights to their Cat-HTR™ platform in ANZ, under its new venture Advanced Recycling Australia.
Licella’s Catalytic Hydrothermal Reactor (Cat-HTR™) platform was developed specifically for a carbon-constrained world and uses supercritical water to convert waste plastics, otherwise destined for landfill, into the highest-yield of oil of any plastic to oil technology. In doing so, it unlocks an economically and environmentally sustainable circular economy for all plastic. The additional investment by KBR provides Mura incremental capital to accelerate development of its plastics recycling projects and enables KBR to participate more fully in this sustainability-focused, high growth sector. Funding is expected in two tranches with the first payment in the quarter ended June 30 2022, and the remainder in 2023.
The combination of game-changing advanced recycling technology with KBR’s scalable engineering and licensing expertise has now established a world-leading alliance in the advanced recycling of plastics.
Mura is targeting 1,000,000 tonnes of annual recycling capacity in operation or development by 2025, with KBR supporting this global deployment through investment and licensing arrangements.
Licella CEO and Cat-HTR™ Co-Inventor, Dr Len Humphreys, commended Mura on their progress towards a global-roll out of Licella’s breakthrough technology.
“With a shared vision for a more sustainable future for plastic, Licella are delighted to continue to support the Mura and KBR alliance with technology development activities. The rapid and system-wide change in the way we manage plastics needed for a circular economy will only be achieved through collaboration, and this is an industry-leading example,” he said.
A circular economy, in which plastics are reused, remade, and recycled, could cut CO2 emissions by almost 40% globally.
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