01/11/2023, 10857 characters
The Chemours Company (“Chemours”) (NYSE: CC), a global chemicals company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions and Advanced Performance Materials, today announced a $200 million investment to… to increase capacity and technology for its industry-leading ion exchange media Nafion™ to be located at Chemours’ manufacturing facility in Villers-Saint-Paul, France. Chemours’ investment builds on existing efforts in the US to have a reliable supply chain and robust capabilities to enable the hydrogen economy. It will support growing market demand for clean hydrogen production using water electrolysers, energy storage in flow batteries and hydrogen conversion to power fuel cell vehicles, and contribute to European and broader global efforts to enable the clean energy transition. As part of the investment, the capacity of Chemours’ regional manufacturing facility will be expanded to support and drive technological advances and new products for the global hydrogen economy.
“Our society has a tremendous opportunity to build a more sustainable future and that must include the transition to clean energy. Chemistry is key to that future and will continue to play an important role in advancing the hydrogen economy,” said Mark Newman, President and CEO of Chemours. “Chemours has chosen France for this investment in the hydrogen economy. This is due to the strong alignment between our vision for sustainable growth, the French government’s goal to create a reliable and strong hydrogen economy, and the European Union’s aspiration to achieve a clean energy transition based on the targets set in the EU climate law. With the amazing team at our Villers-Saint-Paul site, the surrounding community and the entire Hauts-de-France region, we will expand the impact of our Nafion™ Proton Exchange Membrane technology to drive decarbonization on a global scale.”
Despite the solid growth in the deployment of green hydrogen technologies, expanding the capacity and capacity of the hydrogen economy supply chain remains critical to realizing the full potential of hydrogen energy and meeting increasing demand. Nafion™ Proton Exchange Membrane Technology (PEM) represents one of the most promising solutions for green hydrogen production, offering multiple benefits including faster startup, fewer components, smaller footprint, easier maintenance and zero emissions associated with renewable Energy.
“Advancing the hydrogen economy is a recipe for success for people and the planet, but its success requires product performance, innovation, scalable supply and responsible, sustainable manufacturing,” said Denise Dignam, President of Advance Performance Materials at Chemours. “Chemours is committed to enabling the transition to a global hydrogen economy and our investment in Villers-Saint-Paul supports that goal. The addition of manufacturing capabilities in France provides Europe with direct, domestic access to our Nafion™ ion exchange media while expanding our global capacity to help our customers grow and rapidly implement hydrogen solutions.”
Chemours’ investment is subject to receipt of all customary permits and licenses required to construct and operate at the 40-hectare Villers-Saint-Paul site, which includes the expansion of ionomer production and associated membranes to add additional capacity in the Create Nafion Material Supply Chain™. The $200 million investment demonstrates Chemours’ continued commitment to responsible manufacturing while supporting Chemours’ 2030 corporate responsibility goal, Generate 50% or more of its sales from products that contribute to the United Nations Sustainable Development Goals. In addition, the site expansion will create jobs in the Hauts-de-France region and Chemours expects to employ approximately 80 full-time positions and approximately 50 long-term contract positions.
Chemours’ commitment to supporting the hydrogen economy also includes the company’s participation in and support of the Hydrogen Shot and regional hydrogen hub initiative of the US Department of Energy and the formation of The Clean Hydrogen Partnership und Center for Clean Hydrogen with the University of Delaware. The company is also an active member of the Hydrogen Council, Hydrogen Europe and the Renewable Hydrogen Coalition.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader with leading market positions in Titanium Technologies, Thermal & Specialized Solutions and Advanced Performance Materials and offers its customers application expertise and chemistry-based innovations with market-defining products for numerous industries. We deliver tailored solutions with a wide range of industrial and specialty chemicals for markets such as coatings, plastics, refrigeration & air conditioning, transportation, semiconductors & consumer electronics, general industry and oil & gas. Our main products are prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™ and Krytox™. The company employs approximately 6,400 people, has 29 manufacturing sites and serves approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
Learn more at 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 that involve risks and uncertainties. Forward-looking statements include current expectations about future events based on certain assumptions and include any statements that are not directly related to a historical or current fact. The words “believe,” “expect,” “will,” “assume,” “plan,” “estimate,” “aim,” “project” and similar expressions, among other things, generally identify “forward-looking statements,” which are made only as of the date of the making such statements shall apply. These forward-looking statements may affect, among other things, the outcome or resolution of pending or future environmental obligations, the initiation, outcome or successful completion of any governmental inquiry, investigation or proceeding, the initiation, outcome or resolution of any litigation, changes in Environmental regulations in the United States and other jurisdictions relevant to demand for or introduction of our products, anticipated future operational and financial performance for each of our segments and our company as a whole, business plans, prospects, aspirations, goals and commitments, investments and projects and target investments, dividend or stock repurchase plans, adequacy or longevity of intellectual property protection, cost reduction or savings targets, plans to increase profitability and growth, our ability to acquire Akq uistions, integrating acquired businesses or assets into our operations and achieving anticipated synergies or cost savings, all of which are subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Forward-looking statements are based on certain beliefs and expectations about future events, which may not exactly materialize. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy, commodity and financial markets, which has adversely impacted and is expected to continue to impact our financial results. The full extent and impact of the pandemic is still under investigation. So far, there has been extreme volatility in financial and commodity markets and a significant disruption in global economic activity. The public and private sector response has resulted in restrictions on travel, temporary business closures, quarantines, volatility in stock markets and a general slowdown in consumer and business activity around the world. Matters beyond our control have impacted and may continue to affect our business and operations making it difficult to provide goods and services to our customers causing disruptions in our supply chains adversely affecting our business partners severely reducing demand for our products affect the health and well-being of our employees and lead to unforeseeable events. In addition, there may be other risks and uncertainties that Chemours is unable to predict at this time or that Chemours does not currently anticipate will have a material effect on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our reports to the US Securities and Exchange Commission, including our quarterly report on Form 10-Q for the September 30th quarters ended 2022 and our annual report on Form 10-K for the year ended December 31, 2021. Chemours undertakes no obligation to revise or update any forward-looking statements for any reason, except as required by law.
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