Wilmington, Delaware –(Business Wire)– The Chemours Company (“Chemours”) (NYSE: CC), a global chemical company with market leadership in titanium technology, thermal and specialty solutions, and advanced performance materials, today announced plans to invest $200 million to increase capacity and provide advanced technology for its industry-leading Nafion™ ion exchange materials to support the hydrogen economy. Accelerating climate ambitions and energy challenges are driving demand for hydrogen and fuel cell technologies. Chemours’ investment will support growing demand for clean hydrogen using water electrolyzers, flow battery energy storage, and converting hydrogen to power future fuel cell vehicles.
“The hydrogen economy is at a critical juncture, driven by government and industry investment and the long-term trend towards carbon neutrality, and investment is needed to support our strategic partners in achieving these ambitious goals. Our Nafion™ membrane technology is at the heart of hydrogen power generation, storage and use,” said Denise Dignam, president of Chemours Advanced Performance Materials.”Building on more than 50 years of experience, this planned new investment will further support the growth of Chemours partners, the overall hydrogen economy, and position Chemours as a major industry player. ”
Investments will be focused on the Nafion™ ion exchange material technology platform, whose chemistry can help generate clean hydrogen from water electrolysis for a hydrogen economy. Nafion™ proton exchange membranes are used in fuel cells to instantly convert hydrogen into electricity, enabling zero-emission fuel cell-powered fleets of trucks, buses, trains and cars. Nafion™ ion exchange materials enable flow batteries to store excess renewable energy and convert it back into electricity, helping to solve the challenges of renewable energy intermittency.
Chemours is committed to leadership in responsible manufacturing, and this investment in capacity will help achieve its goal of transforming the company’s product portfolio into products that contribute to the United Nations Sustainable Development Goals (UN SDGs). Chemours is evaluating potential locations for investments in the U.S. and Europe based on applicable regulatory frameworks, and is particularly interested in supporting the local communities in which it operates.
Visit https://www.chemours.com/en/industries-applications/energy for more information.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in titanium technology, thermal and specialty solutions, and advanced performance materials, serving a variety of industries through market-defining products, application expertise, and chemistry-based innovation customers provide solutions. We provide custom solutions for a broad range of industrial and specialty chemical products for markets such as coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include well-known brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™ and Krytox™. The company has approximately 6,400 employees and 29 production sites serving approximately 3,200 customers in approximately 120 countries. Headquartered in Wilmington, Delaware, Chemours is listed on the New York Stock Exchange under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
forward-looking statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions, including any statements that are not directly related to historical or current facts. Expressions such as “believe,” “anticipate,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions generally identify “forward-looking statements” only as of the date such statements are made speak. These forward-looking statements may relate to the outcome or resolution of any pending or future environmental liability, the initiation, outcome or resolution of any regulatory investigation, investigation or proceeding, the initiation, outcome or resolution of any litigation, changes in the United States or other jurisdictions Environmental regulations affecting demand for or adoption of our products, expected future operating and financial performance of our individual divisions and the company as a whole, business plans, prospects, goals, objectives and commitments, capital investments and projects and targeted capital expenditures, dividends or stock Buyback programs, adequacy or longevity of intellectual property protection, cost reduction or savings goals, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve expected Synergies or cost savings, all of which are subject to significant risks and uncertainties, could cause actual results to differ materially from those expressed or implied in such statements. Forward-looking statements are based on certain assumptions and expectations about future events, which may not be accurate or materialize. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties beyond Chemours’ control. In addition, the current COVID-19 pandemic has had a significant impact on the national and global economy and commodity and financial markets, which has and we expect will continue to have a negative impact on our financial performance. The full scope and impact of the pandemic is still being determined and has so far included dramatic volatility in financial and commodity markets and severe disruptions to economic activity. The public and private sector responses have resulted in travel restrictions, temporary business closures, quarantines, stock market volatility and disruptions to consumer and business activity around the world. Events beyond our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to our customers, cause disruption to our supply chain, adversely affect our business partners, and significantly reduce our demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. In addition, there may be other risks and uncertainties that Chemours does not currently recognize or that Chemours currently does not expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and Our Annual Report on Form 10-K for the year ended December 31, 2021. Except as required by law, Chemours undertakes no obligation to revise or update any forward-looking statement for any reason.