KBR Awarded Contract to Expand Capacity, Advance Technology for Hydrogen Project

Rhea-AI Summary

KBR (NYSE: KBR) has secured an engineering and design services contract from Chemours, part of a $200 million investment aimed at enhancing its Nafion™ ion exchange materials platform. This technology is pivotal in the hydrogen economy, facilitating clean hydrogen production through water electrolysis. KBR's involvement supports its strategic direction in clean hydrogen and specialty chemicals, enhancing its existing partnership with Chemours. Jay Ibrahim, president of KBR's Sustainable Technology Solutions, emphasized the significance of this contract for promoting sustainability and advancing energy transition. KBR's experience in the hydrogen value chain positions it as a key player in delivering innovative solutions for a cleaner future.

Positive

• Awarded a significant contract from Chemours worth part of a $200 million investment.
• Strengthens KBR's partnership with Chemours and showcases its expertise in clean hydrogen technology.
• Expands capabilities in the Nafion™ ion exchange materials platform, contributing to the hydrogen economy.

Negative

• None.

HOUSTON , April 20, 2023 /PRNewswire/ -- KBR (NYSE: KBR) announced today it has been awarded an engineering and design services contract from The Chemours Company to increase capacity and advance technology for its industry-leading Nafion™ ion exchange materials platform.

The contract is part of Chemours' $200 million investment to expand the Nafion™ membranes and dispersions technology platform to support the growing hydrogen economy. Nafion™ membrane technology is the heart of hydrogen power generation, storage and use. Its chemical properties help generate clean hydrogen from water electrolysis, with vapor water as the only byproduct. Fuel cells — another Nafion™ proton exchange membrane application — convert hydrogen to create power instantly, making zero-emission fuel cell-powered vehicles a reality.

"We are excited to be a part of this important program, which furthers our partnership with Chemours, and to deliver solutions that will contribute to a cleaner, more sustainable world," said Jay Ibrahim, president of KBR's Sustainable Technology Solutions business. "This win highlights KBR's extensive clean hydrogen and specialty chemical expertise and is indicative of KBR's strategic commitment to support our customers through the energy transition."

For decades KBR has been a leader in the hydrogen value chain, serving as both technology provider and advisor and as a provider of differentiated project delivery solutions.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 30,000 people performing diverse, complex and mission-critical roles in 34 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.

Visit www.kbr.com  

Forward Looking Statements

The statements in this press release that are not historical statements, including statements regarding the company's contract with Chemours, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks, uncertainties and assumptions, 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, uncertainties and assumptions include, but are not limited to, those set forth in the company'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, which discuss some of the important risks, uncertainties and assumptions that the company has identified that may affect its business, results of operations and financial condition. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.  Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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SOURCE KBR, Inc.

FAQ

What is the recent contract awarded to KBR about?

KBR was awarded an engineering and design services contract by Chemours to expand its Nafion™ ion exchange materials platform.

How much is Chemours investing in the Nafion™ technology?

Chemours is investing $200 million to enhance its Nafion™ membranes and dispersions technology.

What role does Nafion™ technology play in the hydrogen economy?

Nafion™ technology is essential for clean hydrogen production and is utilized in fuel cells for zero-emission power generation.

Who is the president of KBR's Sustainable Technology Solutions?

Jay Ibrahim is the president of KBR's Sustainable Technology Solutions.

What does KBR's contract with Chemours signify for the company?

The contract highlights KBR's commitment to clean technology and reinforces its strategic focus on the energy transition.