Chemours Opens State-of-the-Art Battery Innovation Center to Accelerate the Evolution of Electric Vehicle Batteries

Rhea-AI Summary

Chemours (NYSE: CC) has opened the Chemours Battery Innovation Center (CBIC) at its Discovery Hub in Newark, Delaware. This multi-million-dollar facility is designed to support the testing and scaling of next-generation battery technologies for hybrid and electric vehicles (EVs). The CBIC aims to enable more sustainable, cost-effective, and high-performing batteries.

The center leverages Chemours' expertise to drive innovation in partnership with customers, focusing on scaling production of more sustainable, high-performance lithium-ion batteries (LiBs). It features state-of-the-art equipment and data analytics capabilities for predictive modeling, helping EV manufacturers adopt novel battery manufacturing technology.

Chemours' Teflon™ fluoropolymer binders are highlighted as vital in developing solvent-free battery electrode manufacturing, which could lead to more cost-effective and energy-efficient vehicles.

Positive

• Multi-million-dollar investment in battery innovation facility
• Potential to improve sustainability and performance of EV batteries
• Collaboration opportunities with customers and partners
• Focus on scaling production of high-performance lithium-ion batteries
• Application of Teflon™ fluoropolymer binders for solvent-free battery electrode manufacturing

Negative

• None.

Insights

Tech Expert

The opening of Chemours' Battery Innovation Center (CBIC) marks a significant step in advancing electric vehicle (EV) battery technology. This multi-million-dollar investment demonstrates Chemours' commitment to driving innovation in the EV sector. The facility's focus on dry electrode coating technology is particularly noteworthy.

Dry electrode manufacturing could revolutionize battery production by eliminating the need for toxic solvents, potentially reducing costs and environmental impact. This aligns with the industry's push towards more sustainable and efficient manufacturing processes. The CBIC's predictive modeling capabilities could accelerate the adoption of this technology, potentially leading to faster development cycles and more rapid improvements in battery performance.

While promising, it's important to note that the success of this venture will depend on Chemours' ability to translate research into commercially viable solutions and effectively collaborate with EV manufacturers. The impact on Chemours' bottom line may not be immediate but could be substantial in the long term if their innovations gain traction in the rapidly growing EV market.

Financial Analyst

Chemours' investment in the Battery Innovation Center demonstrates a strategic pivot towards high-growth sectors, particularly the burgeoning EV market. This move could diversify Chemours' revenue streams and position the company as a key player in the EV supply chain. However, investors should consider several factors:

• The return on investment timeline for this facility is likely long-term, as battery technology development and adoption cycles can be protracted.
• Success will hinge on Chemours' ability to secure partnerships with major EV manufacturers and battery producers.
• The competitive landscape in EV battery technology is intense, with numerous well-funded players vying for market share.

While the exact investment amount isn't disclosed, the "multi-million-dollar" nature suggests a significant commitment. Investors should monitor for future announcements of partnerships or technological breakthroughs as indicators of the CBIC's success and potential impact on Chemours' financial performance.

The facility will enable more sustainable, cost-effective, and high-performing EV batteries

WILMINGTON, Del.--(BUSINESS WIRE)-- The Chemours Company (Chemours) (NYSE: CC), a global leader in delivering innovative performance chemistry, today announced the opening of the Chemours Battery Innovation Center (CBIC), a first-in-its-class laboratory facility located at the Chemours Discovery Hub in Newark, Delaware. A multi-million-dollar investment, the CBIC supports the testing and scaling of next generation battery technologies, to enable more sustainable, cost-effective, energy-efficient, and high-performing batteries for hybrid and electric vehicles (EVs).

Chemours opens state-of-the-art Battery Innovation Center at its Chemours Discovery Hub in Newark, Del. (From left to right): Chemours President & CEO Denise Dignam, U.S. Senator Chris Coons (Del.), Chemours – Advanced Performance Materials President Gerardo Familiar. (Photo: Business Wire)

“Chemours has a rich history of using our unmatched knowledge of chemistry to develop innovations that help solve our customers' biggest challenges,” said Denise Dignam, President and Chief Executive Officer at Chemours. “The Chemours Battery Innovation Center is a state-of-the-art lab and investment in the long-term potential of improving the sustainability footprint and performance of hybrid and electric vehicle batteries. We are committed to supporting the electrification of the automotive industry through collaboration and putting our team’s deep technical expertise to work.”

“Delaware is on the cutting-edge of technology worldwide thanks in large part to investments like this, where Chemours has turned to the workforce around Newark to launch their state-of-the-art laboratory facility,” said Senator Chris Coons of Delaware. “I’m all charged up to see Delaware lead the way in battery innovations that will bring about a cleaner future.”

“Innovation is the Delaware way, and that’s exactly what we’re celebrating today,” said Representative Lisa Blunt Rochester, member of the House Energy and Commerce Committee. “Through this new, state-of-the-art Battery Innovation Center, Chemours is helping propel us closer toward actualizing a clean energy future for all.”

The CBIC leverages Chemours’ application development expertise to drive innovation in partnership with customers to scale production of more sustainable, high-performance lithium-ion batteries (LiBs). The facility will serve as a technical support lab for partners and customers to collaborate with Chemours’ engineers to iterate, pilot, and adopt novel approaches to fabricating cost-effective LiBs.

“Electric vehicles are an essential part of the clean energy transition, and Chemours is dedicated to applying our advanced chemistry and material science knowledge to accelerate the electric future,” said Gerardo Familiar, President of Advanced Performance Materials at Chemours. “For example, our Teflon™ fluoropolymer binders are vital in developing solvent-free battery electrode manufacturing, which unlocks the path for more cost-effective and energy-efficient vehicles. Through the Chemours Battery Innovation Center, we can enable the adoption and scalability of this novel dry electrode coating technology to advance the capabilities of LiBs and the electric vehicle industry.”

The CBIC’s state-of-the-art equipment and data analytics capabilities enable predictive modeling to help EV manufacturers adopt this novel battery manufacturing technology to make better-performing EVs a reality.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Ti-Pure™, Opteon™, Freon™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 6,100 employees and 28 manufacturing sites, and serves approximately 2,700 customers in approximately 110 countries.

For more information, visit chemours.com or follow us on X (formerly 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, expected contributions to advancing the performance of electric vehicles batteries, improving sustainability, plans to continue investment in research and development, 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. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions and global health events, and changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, have affected or may affect 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 such as through strikes, labor disruptions or other events, 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 Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 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/20240813311055/en/

INVESTORS

Brandon Ontjes

Vice President, Investor Relations

+1.302.773.3300

investor@chemours.com

Kurt Bonner,

Manager, Investor Relations

+1.302.773.0026

investor@chemours.com

NEWS MEDIA

Cassie Olszewski

Corporate Media & Brand Reputation Leader

+1.302.219.7140

media@chemours.com

Source: Chemours

FAQ

What is the Chemours Battery Innovation Center (CBIC)?

The CBIC is a state-of-the-art laboratory facility opened by Chemours (NYSE: CC) at its Discovery Hub in Newark, Delaware. It's designed to support the testing and scaling of next-generation battery technologies for hybrid and electric vehicles.

How will the CBIC impact electric vehicle (EV) battery development?

The CBIC aims to enable more sustainable, cost-effective, and high-performing batteries for EVs. It will support the adoption and scalability of novel dry electrode coating technology to advance lithium-ion battery capabilities and the EV industry.

What role does Chemours' Teflon™ play in EV battery innovation?

Chemours' Teflon™ fluoropolymer binders are vital in developing solvent-free battery electrode manufacturing, which could lead to more cost-effective and energy-efficient vehicles.

How does the CBIC facilitate collaboration in battery innovation?

The CBIC serves as a technical support lab where partners and customers can collaborate with Chemours' engineers to iterate, pilot, and adopt novel approaches to fabricating cost-effective lithium-ion batteries.