Chemours Announces Project to Reduce HFC-23 Emissions

Rhea-AI Summary

The Chemours Company (NYSE: CC) has announced a project to significantly reduce HFC-23 emissions at its Louisville, Kentucky manufacturing site. The initiative includes custom-built technology that aims to capture at least 99% of HFC-23 emissions, a potent greenhouse gas used in critical applications like vaccine refrigeration. This move aligns with Chemours' commitment to environmental responsibility and its 2018 Corporate Responsibility goals, which include reducing fluorinated emissions by 99% and greenhouse gas intensity by 60%. The project is expected to be completed by the end of 2022.

Positive

• Implementation of technology to capture at least 99% of HFC-23 emissions.
• Supports Chemours' goals of reducing fluorinated emissions by 99% and greenhouse gas intensity by 60%.
• Aligns with initiatives like the Paris Climate Agreement and American Innovation and Manufacturing (AIM) Act.

Negative

• None.

WILMINGTON, Del., March 8, 2021 /PRNewswire/ -- The Chemours Company (NYSE: CC), a global chemistry company with leading positions in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials and Chemical Solutions, announced the implementation of an improvement project to significantly reduce emissions of HFC-23 at its Louisville, Kentucky manufacturing site.

The project includes the design, custom-build and installation of proprietary technology to capture at least 99% of HFC-23 process emissions from the site. HFC-23 is a unique hydrofluorocarbon that is commercialized for critical low-volume applications such as ultra-low temperature refrigerants for vaccines, medical utilization, and semiconductor manufacturing. If emitted, HFC-23 does not remain at ground level and instead, rises-up into the atmosphere as a greenhouse gas with high global warming potential (GWP).

"Chemours operates with an imperative to be a responsible manufacturer, that includes our commitment to safe operations and continuous efforts to reduce our environmental footprint," said Sheryl Telford, Chief Sustainability Officer. "This project is another important step on our journey to ensure we deliver essential products that address growing societal needs while manufacturing them responsibly." 

According to Tim Byrd, Vice President, Operations, Advanced Performance Materials, Chemours' Louisville manufacturing site has been on a journey of continual improvement. "Our Louisville site currently captures a majority of HFC-23 process emissions. We've also implemented other process improvements to reduce the amount of HFC-23 that gets created. It's taken us  some time to get here, but we are pleased to have initiated this next piece of our emission control plan that will allow us to capture at least 99% of HFC-23 process emissions and move us closer to meeting our overall goal of a 99% or greater reduction in fluorinated emissions," Byrd said.  He noted that the company has explored various options for HFC emissions control over the past few years in order to decide on a final solution that is both efficient and highly effective. The custom manufacturing and installation of the multiple components needed for the proprietary system are expected to be completed by the end of 2022.

In 2018, Chemours announced 10 ambitious Corporate Responsibility Commitment goals including at least a 99% reduction in fluorinated emissions, a 60% reduction in greenhouse gas intensity and longer-term carbon goals. The company is a proponent of the Paris Climate Agreement, the Kigali Amendment to the Montreal Protocol and the recently passed bipartisan American Innovation and Manufacturing (AIM) Act that will begin the national phase-down of HFCs. Chemours has also invested in a more sustainable product offering including Opteon™ low GWP refrigerants and Nafion™ ion exchange membranes that enable green hydrogen gas production and low emitting vehicles.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions 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, mining and oil and gas.  Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Nafion™, Krytox™, Teflon™, and Viton™. In 2019, Chemours was named to Newsweek's list of America's Most Responsible Companies. The company has approximately 6,500 employees and 30 manufacturing sites serving approximately 3,300 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 unknown and to date has included extreme volatility in financial and commodity markets, a significant slowdown in economic activity, and increased predictions of a global recession. The public and private sector response has led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, and a general reduction in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to limit travel of employees to our business units domestically and internationally, adversely affect the health and welfare of our personnel, significantly reduce the demand for our products, hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners 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 Annual Report on Form 10-K for the year ended December 31, 2020. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACT:

NEWS MEDIA 
Thomas Sueta
Director, Corporate Communications
+1.302.773.3903
media@chemours.com  

INVESTORS 
Jonathan Lock 
VP, Corporate Development and Investor Relations 
+1.302.773.2263 
investor@chemours.com 

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SOURCE The Chemours Company

FAQ

What is Chemours' plan to reduce HFC-23 emissions?

Chemours plans to implement technology at its Louisville site to capture at least 99% of HFC-23 emissions.

When is the completion date for Chemours' emissions reduction project?

The project is expected to be completed by the end of 2022.

What are the environmental goals set by Chemours in 2018?

Chemours set goals to reduce fluorinated emissions by 99% and greenhouse gas intensity by 60%.

How does HFC-23 impact the environment?

HFC-23 is a greenhouse gas with high global warming potential, and its emissions contribute to climate change.

What regulatory frameworks support Chemours' emission reduction efforts?

Chemours' efforts align with the Paris Climate Agreement, the Kigali Amendment, and the AIM Act.