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We are delighted to celebrate one year of working with our exclusive licensing partner KBR, to rapidly deploy and scale our game-changing technology to address one of the most pressing environmental challenges today: plastic pollution.
The partnership has enabled us to expand Hydro-PRSTM advanced recycling technology around the world. Collectively, we have identified new markets for the Hydro-PRSTM technology to break into, whilst offering our clients the exceptional engineering and technical services and equipment to develop sites, provided by KBR.
Hydro-PRSTM is a world-first advanced recycling process that uses supercritical steam to convert all forms of plastics back into chemicals and oils to create new, virgin-grade plastic and other materials. The technology is designed to champion a global circular plastics economy and in turn, support the global fight to tackle plastic pollution.
In just a little over 12 months, the partnership has led to licensing agreements from major chemical companies including Mitsubishi Chemical Corporation in Japan and LG Chem in South Korea. Both agreements mark a major milestone for KBR and Mura’s partnership, providing access to the Asian market, which represents 48% of global plastic production.
Both agreements will lead to the construction of additional facilities, to further expand recycling capacity around the world. The partnership with LG Chem alone will initially support the recycling of 25,000 tonnes of waste plastic and has formed a blueprint for other countries around the world to follow suit.
Our partnership with KBR will play a significant role in supporting us to reach our goal of 1,000,000 tonnes of recycling capacity by 2025. Together, we will enable a circular plastics economy to reach every corner of the globe.