KBR Signs MoU with Cummins Inc for an Integrated Green Ammonia Solution
HOUSTON – (May 05, 2021) – KBR (NYSE: KBR) has signed a memorandum of understanding (MoU) with Cummins Inc. to offer a complete and integrated solution to produce ammonia from renewable sources, commonly referred to as green ammonia.
Under the terms of the MoU, KBR plans to integrate Cummins’ proton exchange membrane (PEM) electrolysis technology into its proprietary green ammonia solution, K-GreeN®. Both KBR and Cummins have unique strengths and market leadership in ammonia technology and electrolysis respectively, which when combined aims to deliver a comprehensive and competitive green ammonia offering for clients worldwide.
“We are very pleased to take this important step with Cummins,” says Doug Kelly, KBR President, Technology. “Collectively, our companies have the proprietary knowhow and expertise that will allow us to offer an integrated green ammonia solution to clients worldwide and help with achieving their corporate ESG initiatives.”
“Cummins is excited to explore working with KBR, whose leading ammonia technology can deliver tremendous value with our electrolysis technologies,” says Amy Davis, Vice President and President of New Power at Cummins. “We see great potential to deploy large scale electrolyzer solutions in green ammonia projects and working with KBR on an integrated solution provides value for our customers while enabling decarbonization.”
The MoU is a non-exclusive agreement under which KBR and Cummins will identify areas of deeper collaboration and specific opportunities worldwide.
KBR has been licensing, designing and engineering ammonia plants around the world since 1943. Green ammonia is recognized as one of the most viable options enable the global transition from fossil fuels to renewables and can be used directly as a carbon-free fertilizer, hydrogen transport fuel or chemical.
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.
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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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