KBR and Petron Scientech Inc Sign Alliance Agreement to License Sustainable Technologies
03 Aug 2021
HOUSTON – August 3, 2021 – KBR (NYSE: KBR) and Petron Scientech Inc. (PSI) announced today that they have signed an alliance agreement to license differentiated, energy-efficient, and sustainable technologies for renewable chemicals production.
Under this agreement, KBR will be the exclusive licensor for PSI’s Ethylene Oxide / Ethylene Glycol (K-MEG℠), Alcohol Dehydration (K-SEET℠) and Maleic Anhydride (Max-Leic℠) technologies, which are used to convert ethanol into ethylene and further derivative chemicals used in a wide range of industry and consumer products.
PSI has developed these technologies over the past 30 years and is recognized as a leader in renewable ethanol and ethylene value chains and biorefineries. KBR will license these technologies and provide engineering services for new biorefineries as well as integrating the technologies in existing refineries and petrochemical plants to offer sustainable alternatives.
“We are excited to announce the alliance agreement with PSI for these differentiated ethanol and ethylene value chain technologies,” said Doug Kelly, KBR President, Technology. “Our collaboration will benefit clients globally and allow them to set new standards for meeting corporate ESG ambitions.”
“PSI offers unique, patented, renewable, and sustainable technologies and services for broad industrial applications which are highly sought after today to reduce carbon footprint and mitigate climate change,” said Yogendra Sarin, founder and CEO, PSI. “We are proud to work with KBR, who have the right experience and leadership to help advance and commercialize our technologies on a global scale.”
Petron Scientech Inc, (PSI) based in Princeton, New Jersey, is a leader in the field of integrated and hybrid biorefineries, production of ethanol from first and second generation feedstocks for gasoline additive, and industrial conversion of renewable ethanol into a variety of important chemical building blocks specifically, higher alcohols, bio ethylene, bio ethylene oxide (EO), bio ethylene glycols (MEG) and other ethylene applications.
We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 29,000 people worldwide with customers in more than 80 countries and operations in 40 countries.
KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic; the company's ability to respond to the challenges and business disruption presented by the COVID-19 pandemic; the recent dislocation of the global energy market; the company's ability to realize cost savings and efficiencies relating to the streamlining of its Energy Solutions business; the company's ability to manage its liquidity; the company's ability to continue to generate anticipated levels of revenue, profits and cash flow from operations during the COVID-19 pandemic and any resulting economic downturn; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company's indemnities from its former parent; changes in capital spending by the company's customers, including as a result of the COVID-19 pandemic; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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