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Chemours Now Taking Orders in North America for Opteon™ XL41 Zero ODP, Low GWP Refrigerant
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The Chemours Company (NYSE: CC) launched its new Opteon™ XL41 refrigerant, aimed at replacing R-410A, with orders starting in December 2022 and fulfillment expected by the end of Q1 2023. This refrigerant boasts zero ozone depletion potential and approximately 78% lower global warming potential compared to R-410A, aligning with upcoming HFC regulations due to the American Innovation and Manufacturing Act. The company plans a $80 million expansion at its Texas facility to boost production capacity by 40%. Major manufacturers like Carrier and Johnson Controls have already selected Opteon™ XL41 for their systems, enhancing Chemours' market position.
Positive
Launch of Opteon™ XL41 refrigerant, replacing R-410A.
Zero ozone depletion potential and 78% reduction in global warming potential.
Alignment with upcoming regulations under the American Innovation and Manufacturing Act.
$80 million expansion to increase production capacity by 40%.
Major OEMs like Carrier and Johnson Controls already adopting Opteon™ XL41.
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, began taking orders from North American customers in December for its Opteon™ XL41 (R-454B) hydrofluoroolefin (HFO) refrigerant, which the company will start fulfilling by the end of Q1 2023. Opteon™ XL41 is an R-410A replacement in new air conditioning and heat pump applications, offering zero ozone depletion potential (ODP) and an approximate 78% reduction in global warming potential (GWP) when compared to R-410A (AR4 GWP). One of the latest next-generation solutions in the Chemours Opteon™ portfolio, in addition to being the lowest GWP replacement for R-410A alternatives on the market today, Opteon™ XL41 offers the optimal balance of performance, sustainability, and cost, and is classified as a low-flammability (A2L) refrigerant.
The availability of Opteon™ XL41 refrigerant comes approximately one year ahead of the next major scheduled step-down outlined in the American Innovation and Manufacturing (AIM) Act. Starting January 1, 2024, regulations will require an additional 30% reduction in hydrofluorocarbon (HFC) production and consumption. Amidst this regulatory landscape, Opteon™ XL41 will offer customers product longevity.
“As the industry prepares for the next HFC phasedown, Chemours is fully committed to supporting a diverse group of HVACR applications in making a successful transition to sustainable refrigeration solutions,” said Alisha Bellezza, President of Thermal & Specialized Solutions at Chemours. “We are excited that so many of the major players in equipment manufacturing recognize the environmental and performance efficacy of Opteon™ XL41. Together, we are ensuring the refrigerant and equipment are readily available to support an industry-wide move to the lowest possible GWP operation without sacrificing performance.”
Opteon™ XL41 has already been selected by most leading global OEMs, including Carrier, Johnson Controls, and Rheem, which have announced alignment with Chemours for the utilization of this product. Overall, OEM system design changes required for Opteon™ XL41 will be minimal, and it is expected that new equipment filled with the refrigerant will be available to customers before 2025. In addition to product innovation, Chemours commits extensive resources to provide customers with the training, technical support, customer service, and product supply necessary to upgrade, maintain, and service new equipment.
Chemours will spotlight Opteon™ XL41—which was recently selected as the cooling category winner in the 2023 AHR Expo Innovation Awards—and other solutions in the Opteon™ portfolio at the 2023 AHR Expo. Chemours will exhibit at booth C-6425 at the Expo in Atlanta, Georgia, from Feb. 6-8, 2023.
Supporting the anticipated growth in demand for Opteon™ XL41 and steady demand growth for other ultra-low GWP refrigerants in the Opteon™ portfolio, Chemours’ $80 million capital expansion project and debottlenecking efforts at Chemours in Ingleside – located 20 minutes outside of Corpus Christi, Texas – will increase production capacity by approximately 40%. The expansion project will help Chemours meet the significant increase in product orders and aligns with the company’s corporate responsibility targets.
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 are sold under 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.
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 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.
NEWS MEDIA
Cassie Olszewski Media Relations and Financial Communications Manager
+1.302.219.7140
media@chemours.com
Source: Chemours
FAQ
What is Opteon™ XL41 and its significance for Chemours (CC)?
Opteon™ XL41 is a refrigerant designed to replace R-410A, offering zero ozone depletion potential and 78% lower global warming potential, crucial for compliance with new HFC regulations.
When will Chemours start fulfilling orders for Opteon™ XL41?
Chemours will begin fulfilling orders for Opteon™ XL41 by the end of Q1 2023.
What is the purpose of Chemours' $80 million expansion?
The $80 million expansion aims to increase production capacity by approximately 40% to meet growing demand for low-GWP refrigerants like Opteon™ XL41.
Which companies have selected Opteon™ XL41 refrigerant?
Major companies such as Carrier, Johnson Controls, and Rheem have chosen Opteon™ XL41 for their HVAC systems.
How does Opteon™ XL41 comply with future regulations?
Opteon™ XL41 is designed to align with upcoming HFC regulations that mandate a 30% reduction in hydrofluorocarbon production starting January 1, 2024.
