WASHINGTON, Oct. 15, 2015 /PRNewswire/ -- The Chemours Company ("Chemours") (NYSE: CC) announced today at the White House that its low Global Warming Potential (GWP) products will eliminate an estimated 300 million tons CO2 equivalent by 2025, on a global basis.
Chemours Fluorochemicals announced this at the 2015 White House Hydrofluorocarbon Roundtable, expanding on a goal introduced at the same event last year to eliminate 245 million tons of greenhouse gases. This year's more ambitious goal is made possible largely due to rapid global adoption of Chemours' flagship Opteon™ low GWP refrigerants.
In 2015, Chemours commercially released three new low GWP refrigerants under its Opteon™ XP product line. In addition, the company introduced its new low GWP foam expansion agent, Formacel™ 1100, which saw its first residential installation in 2015 at a high-end, energy efficient home in Austin, Texas. Chemours also has seen continued growth of Opteon™ YF (HFO-1234yf) refrigerant for automotive applications, and now expects more than 18 million cars will be on the road using HFO-1234yf by the end of 2016.
"For more than 85 years the fluorochemicals business within Chemours has provided innovative refrigeration and foam expansion solutions to help meet our customers' changing needs," said Thierry Vanlancker, President of Chemours Fluoroproducts. "Our Opteon™ low GWP fluorochemicals are the latest innovation and represent a long-term solution for both our customers and the environment."
"We see Opteon™ as a significant opportunity to align Chemours with the U.S. government in its attempt to drastically reduce the impact that greenhouse gases have on the environment," added Vanlancker. "With our increased estimated reduction of 300 million CO2 ton equivalents by 2025, the global adoption of Opteon™ represents a clear path toward moving the world away from high global warming potential HFCs."
The Opteon™ family of fluorochemicals from Chemours is based on hydrofluoroolefin technology. These products represent a breakthrough in low global warming potential (GWP) solutions developed to help meet increasingly stringent global regulations while in many cases delivering improved performance compared to incumbent products. Chemours and its suppliers have invested hundreds of millions of dollars to bring these new products to market and will continue to invest as the need for low GWP solutions grows throughout the world.
To address the growing need for Opteon™ products, Chemours recently announced it has doubled its capacity of HFO-1234yf in China. As the world's HFO-1234yf capacity leader, Chemours is uniquely positioned to support its customer's needs of low-GWP products for commercial refrigeration, as well as other applications including mobile and stationary air conditioning, foam expansion agents, specialty fluids and propellants.
As the industry's leading supplier of more environmentally sustainable refrigerants, foams and aerosol propellants, Chemours is investing in the development of new products to help meet the growing demand for low GWP products throughout the world. The company and its suppliers have plans to invest hundreds of millions more in the next five years to bring online additional capacity of these more sustainable, high-performance products that serve a wide range of applications.
For more information, visit us at opteon.com.
About The Chemours Company
The Chemours Company helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers with solutions in a wide range of industries with market-defining products, application expertise, and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™ Viton™, Opteon™ and Nafion™. Chemours has approximately 9,000 employees across 37 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information, please visit chemours.com or follow Chemours on Twitter at @chemours.
This press release contains forward-looking statements, which often may be identified by their use of words like "plans," "expects," "will," "believes," "intends," "estimates," "anticipates" or other words of similar meaning. These forward-looking statements address, among other things, our anticipated future operating and financial performance, business plans and prospects, transformation plans, resolution of environmental liabilities, litigation and other contingencies, plans to increase profitability, our ability to pay or the amount of any dividend, and target leverage that 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 not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. The matters discussed in these forward-looking statements also are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements as further described in the "Risk Factors" section of the information statement contained in the registration statement on Form 10 and other filings made by Chemours with the Securities and Exchange Commission. Chemours undertakes no duty to update any forward-looking statements.
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SOURCE The Chemours Company