search icon
      blog search icon

      Rise In KBR Stock Aftermarket Following New Energy Move

      By Fahim Awan

      Published on

      November 17, 2023

      7:50 AM UTC

      Rise In KBR Stock Aftermarket Following New Energy Move

      KBR, Inc. (NYSE: KBR) experienced a notable upswing, reaching an elevation of 4.83% to attain a trading value of $54.69 during the extended session on Thursday. The KBR stock demonstrated a marginal decline of 0.72%, settling at $52.17 at the close of the regular session. The surge in KBR’s market performance is attributed to the unveiling of its novel energy strategy in the United Kingdom.

      In a strategic move, KBR Inc. (KBR) has declared an augmentation in its commitment to advancing emerging energy technologies, systems, and processes, aligning with the United Kingdom government’s ambitious pursuit of achieving net-zero emissions. This initiative builds upon the ongoing collaboration with Frazer-Nash Consultancy, a subsidiary of KBR, wherein the Department for Energy Security and Net Zero (“DESNZ”) has extended the value of their existing support contract.

      Initially awarded in December 2021, this contract forms an integral part of the UK’s substantial £1 billion Net Zero Innovation Portfolio. Frazer-Nash Consultancy is actively engaged in assisting DESNZ in program development, project assessment, and monitoring within the portfolio.

      Additionally, the company will persist in furnishing technical support in various domains of energy generation and distribution, encompassing hydrogen, nuclear, offshore wind, onshore wind, bioenergy, heat pumps, retrofit, heat distribution, biomass boilers, and solar heating.

      The collaborative efforts are aligned with the UK’s ambitious target of relying entirely on clean electricity by 2035 and achieving net-zero carbon emissions by 2050. This partnership underscores a vote of confidence in KBR’s commendable expertise and innovative contributions, bringing the company closer to the overarching goal of ensuring energy security within the framework of a sustainable future.

      In a separate development this month, KBR formalized a Memorandum of Understanding (MoU) with the Korean-based ISU Chemical, outlining plans for a commercial ammonia cracking project situated in Ulsan, Republic of Korea. Leveraging KBR’s cutting-edge technology, H2ACT, renowned as a leading ammonia cracking technology in the industry, the project is poised to commence production operations in the first half of 2026.

      Under the MoU’s terms, KBR assumes responsibility for licensing, proprietary engineering design, proprietary equipment, and catalyst for the envisaged 10 MTPD hydrogen production unit. This strategic venture is anticipated to pave the way for broader adoption of ammonia cracking in hydrogen production, contributing significantly to the transition towards a hydrogen-based economy.

      More From Stocks telegraph