A $200 million investment will be made at Chemours’ Villers-Saint-Paul, France facility supporting global decarbonization initiatives and the acceleration of the Hydrogen Economy
WILMINGTON, Del.--(BUSINESS WIRE)-- The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announced a $200 million investment to increase capacity and advance technology for its industry-leading Nafion™ ion exchange materials to be located at Chemours’ manufacturing facility in Villers-Saint-Paul, France. Chemours’ investment builds on the existing efforts in the U.S. to have a reliable supply chain and robust capacity to enable the hydrogen economy. It will support growing market demand for clean hydrogen generation using water electrolyzers, 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 capabilities of Chemours’ regional manufacturing site will be expanded to support and advance technological progress and new products for the worldwide hydrogen economy.
“Our society has a tremendous opportunity to build a more sustainable future, and that must include transitioning to cleaner energy. Chemistry holds the keys to that future and will continue to play an important role in moving the hydrogen economy forward,” said Mark Newman, President and CEO at Chemours. “Chemours has chosen France for this investment in the hydrogen economy because of the strong alignment between our sustainable growth vision, the French government’s goal to create a reliable and strong hydrogen economy, and the European Union’s ambition to deliver a clean energy transition based on the objectives set in the EU Climate Law. With the outstanding 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 help drive decarbonization at a global scale.”
Despite solid growth in the deployment of green hydrogen technologies, the scale-up of the hydrogen economy supply chain capability and capacity remains critical in realizing the full potential of hydrogen energy and meeting escalating demand. Nafion™ Proton Exchange Membrane (PEM) technology represents one of the most promising solutions for green hydrogen production, which has several advantages, including faster start-up, fewer components, a smaller footprint, simpler maintenance, and zero emissions when coupled with renewable energy.
“Advancing the hydrogen economy is a winning formula 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 ambition. Adding production capability in France provides direct, domestic access for Europe to our Nafion™ ion exchange materials while extending our global capacity to help our customers grow and fast-track implementation of hydrogen solutions.”
Chemours’ investment is subject to obtaining all customary permits and licenses necessary for the construction and operations at the 40-hectare Villers-Saint-Paul site, which will include the expansion of ionomer production and associated membranes to deliver additional capacity in the Nafion™ materials supply chain. The $200 million investment demonstrates Chemours’ continued commitment to responsible manufacturing while also supporting Chemours’ 2030 Corporate Responsibility Commitment goal to generate 50% or more of its revenue from products that contribute to the United Nation's Sustainable Development Goals. In addition, the site expansion will create jobs in the Hauts-de-France region, and Chemours anticipates approximately 80 full-time jobs and about 50 long-term contracted positions.
Chemours’ commitment to supporting the hydrogen economy also includes the company’s participation and support of the U.S. Department of Energy’s Hydrogen Shot and regional hydrogen hub initiative, as well as the launch of The Clean Hydrogen Partnership and 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 in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
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 and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. 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 and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently 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 U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
SVP, Chief Development Officer
Manager, Investor Relations
Media Relations and Financial Communications Manager