Chemours and the University of Delaware Unveil the Center for Clean Hydrogen

Rhea-AI Summary

The Chemours Company (NYSE: CC) announced the launch of the Center for Clean Hydrogen in partnership with the University of Delaware, the U.S. Department of Defense, and other stakeholders. This facility aims to accelerate the development of low-cost, clean hydrogen technology. The Clean Hydrogen Partnership will address challenges in hydrogen production and conversion efficiency. This initiative is expected to create jobs in Delaware and contribute to the U.S. clean energy transition, targeting an 80% reduction in clean hydrogen costs to $1 per kilogram in a decade.

Positive

• Launch of the Center for Clean Hydrogen will enhance research and development in clean hydrogen technologies.
• Partnership with multiple stakeholders, including government, academia, and industry, bolsters resources and expertise.
• Potential job creation in Delaware, supporting local economy and workforce development.
• Aim to achieve a significant reduction in clean hydrogen production costs, promoting broader adoption.

Negative

• None.

• The Center is part of the Clean Hydrogen Partnership, a public-private partnership between the U.S. Dept. of Defense, the University of Delaware, Chemours, Plug, and NREL
• The partnership will work to solve the challenges of creating low-cost clean hydrogen and efficient hydrogen energy conversion
• The Center for Clean Hydrogen is a first-of-its-kind facility that enables real-world testing of new components at scale

WILMINGTON, Del.--(BUSINESS WIRE)-- The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company, today celebrated the announcement of the Clean Hydrogen Partnership co-developed with the University of Delaware, and the unveiling of the Center for Clean Hydrogen. The Clean Hydrogen Partnership (CHP) is an innovative public-private collaboration that brings the U.S. Department of Defense, the University of Delaware, Chemours, Plug, and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) together to solve the challenges of producing clean hydrogen at low cost and converting the hydrogen to energy in an efficient way. Senators Tom Carper (Del.), Chris Coons (Del.), Chuck Schumer (N.Y.), Congresswoman Lisa Blunt Rochester (Del.), and Congressman Paul Tonko (N.Y.) were instrumental in advocating for the establishment of the CHP and the Center for Clean Hydrogen.

Alongside U.S. Senators Carper (Del.), Coons (Del.), and Congresswoman Blunt Rochester (Del.), Chemours and the University of Delaware unveiled the Center for Clean Hydrogen. Pictured left to right: University of Delaware Provost Laura Carlson; Ron Schoon, executive manager, Partnership Development at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL); U.S. Rep. Lisa Blunt Rochester; U.S. Sen. Tom Carper; U.S. Sen. Chris Coons; Yushan Yan, director of the Center for Clean Hydrogen; Mark Newman, President and CEO, Chemours; Denise Dignam, President Advanced Performance Materials, Chemours; Kelvin Lee, UD interim vice president for research, scholarship and innovation; and Levi Thompson, UD dean of engineering. (Photo: Business Wire)

“Our planet is on fire, and if we want to combat the existential threat of climate change and position our economy for the future, we need to ensure that we are creating a nurturing environment for clean energy production,” said Senator Carper, chair of the Environment and Public Works Committee. “Clean hydrogen has a critical role to play in strengthening our country’s industrial sector and moving us closer to net-zero emissions by 2050. I am proud to help secure the funding for this partnership. Together, we can combat the biggest threat to our society today and grow our economy at the same time.”

“Today’s Center for Clean Hydrogen announcement is just one example of the collaboration between industry, academia, and the federal government that makes the First State a world leader in clean energy innovation,” said Senator Coons. “As a member of the Senate Appropriations Committee, I was thrilled to secure this funding to support critical research into clean hydrogen technologies that will help us reduce emissions from our manufacturing and transportation sectors and combat climate change. I’m grateful to the University of Delaware and Chemours for their leadership that will create manufacturing jobs right here in Delaware, and I will continue to fight alongside Senator Carper and Representative Blunt Rochester for federal funding to grow these types of partnerships.”

“Securing a clean energy future, utilizing sources such as hydrogen, creates a stronger workforce, a more robust and resilient economy, and a better and brighter future for our public health,” said Rep. Blunt Rochester. “The Center for Clean Hydrogen, a remarkable partnership between the University of Delaware, Chemours, and NREL, will be a hub for the research, development, and innovation needed to help us secure that clean energy future. As a member of the House Energy subcommittee and the founder and co-chair of the bipartisan Future of Work Caucus, I know that we cannot secure that future without ensuring we are preparing the workforce of the future and creating good-paying jobs. The Center for Clean Hydrogen will help us do both. I’m proud to join all the partners, including Senators Carper and Coons, to support the Center for Clean Hydrogen so that we can realize a safer, cleaner future for all.”

The CHP will drive research focused on lowering the cost and acceleration of green hydrogen and fuel cells by enabling the discovery of innovative materials, stack designs, and manufacturing improvements. The research results will be tested in the Center for Clean Hydrogen, a first-of-its-kind research facility that enables real-world testing of new components at scale located at the University of Delaware. The Center’s ability to test at scale will accelerate the adoption of new materials that are critical to meet the Department of Energy’s Hydrogen Shot, which seeks to reduce the cost of clean hydrogen by 80% to $1 per one kilogram in one decade.

“Clean hydrogen will play a major role in meeting our nation’s energy needs while decarbonizing the economy, creating clean energy jobs, and strengthening national security. Chemours’ Nafion™ membrane technology is vital to the production and utilization of hydrogen power, and we are proud to join this partnership to launch the Center for Clean Hydrogen at the University of Delaware,” said Mark Newman, Chemours President and CEO. “This Center will facilitate the research and development needed to drive these technologies forward while establishing Delaware as a world-class knowledge center for the hydrogen economy. On behalf of Chemours, I want to thank our partners and the entire Delaware Congressional Delegation for working together to shape a clean energy future.”

In addition, students and post-doctoral employees from the University of Delaware, a leading Chemical Engineering program, will have the opportunity to do stack assembly at scale, thereby helping to build the next-generation clean energy workforce. The students will gain experience with stack and component assembly, as well as electrical, mechanical, and chemical engineering skills that are required to operate the equipment safely. This experience and research are anticipated to lead to process improvements around the manufacturing of fuel cell and electrolyzer stacks.

“Through the new Center for Clean Hydrogen, University of Delaware leading researchers will collaborate with their peers in industry and government to develop breakthrough innovations and shape the talent and workforce to leapfrog into the future,” said University of Delaware President Dennis Assanis. “UD faculty and students will discover new ways to accelerate the energy transition by reducing the cost of clean hydrogen and related technologies. The Center will be a real game-changer in clean energy research as a catalyst for positive impact on our planet.”

As the U.S. and other nations across the globe work to accelerate the clean energy transition, hydrogen will play a major role. From providing power for military at bases to energy storage, or delivering clean, emission-free power for cars, heavy-duty trucks, and industry. Hydrogen power can help meet global needs in a way that is better for the climate and the environment. As the inventors of Nafion™ membranes and dispersion, Chemours’ chemistry plays a central role. The research and development that the Center for Clean Hydrogen will facilitate will help bring the solutions needed to drive hydrogen technology forward.

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.

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 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 June 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221019006014/en/

INVESTORS

Jonathan Lock

SVP, Chief Development Officer

+1.302.773.2263

investor@chemours.com

Kurt Bonner,

Manager, Investor Relations

+1.302.773.0026

investor@chemours.com

NEWS MEDIA

Cassie Olszewski

Media Relations and Financial Communications Manager

+1.302.219.7140

media@chemours.com

Source: The Chemours Company

FAQ

What is the Center for Clean Hydrogen?

The Center for Clean Hydrogen is a collaborative facility established by Chemours and partners to accelerate clean hydrogen technology research and development.

What stakeholders are involved in the Clean Hydrogen Partnership?

The Clean Hydrogen Partnership includes the U.S. Department of Defense, University of Delaware, Chemours, Plug, and the National Renewable Energy Laboratory.

What is the goal of the Clean Hydrogen Partnership?

The partnership aims to produce low-cost clean hydrogen and enhance energy conversion efficiency.

How much does Chemours aim to reduce clean hydrogen costs?

Chemours aims to reduce clean hydrogen production costs by 80% to $1 per kilogram within the next decade.

Where is the Center for Clean Hydrogen located?

The Center for Clean Hydrogen is located at the University of Delaware.