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Chemours (CC) Opens Cutting-Edge Facility for EV Batteries
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The Chemours Company (CC - Free Report) recently announced the opening of the Chemours Battery Innovation Center (CBIC), a state-of-the-art laboratory facility located at the Chemours Discovery Hub in Newark, DE. This multi-million-dollar investment aims to support the testing and scaling of next-generation battery technologies, ultimately enabling more sustainable, cost-effective, energy-efficient and high-performing batteries for hybrid and electric vehicles (EVs).
Chemours, which is among prominent players in the chemical space along with Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Air Products and Chemicals, Inc. (APD - Free Report) , emphasized its longstanding commitment to leveraging its extensive chemistry expertise to address its customers' most significant challenges. According to the company, the CBIC represents a cutting-edge lab and a strategic investment in enhancing the sustainability footprint and performance of hybrid and electric vehicle batteries. It is dedicated to supporting the automotive industry's electrification by fostering collaboration and applying the team's deep technical knowledge.
The CBIC will leverage Chemours’ application development expertise to drive innovation in partnership with customers, scaling the production of more sustainable, high-performance lithium-ion batteries (LiBs). The facility will serve as a technical support lab, providing partners and customers the opportunity to collaborate with Chemours’ engineers in iterating, piloting and adopting novel approaches to fabricating cost-effective LiBs.
CC also emphasized the critical role of electric vehicles in the clean energy transition. It is committed to applying its advanced chemistry and material science knowledge to accelerate the electric future. Chemours highlighted the importance of Teflon fluoropolymer binders in developing solvent-free battery electrode manufacturing, which paves the way for more cost-effective and energy-efficient vehicles. Through the CBIC, Chemours aims to enable the adoption and scalability of this innovative dry electrode coating technology, advancing the capabilities of LiBs and the electric vehicle industry.
Equipped with state-of-the-art equipment and data analytics capabilities, the CBIC facilitates predictive modeling to help EV manufacturers adopt this new battery manufacturing technology, bringing the vision of better-performing EVs closer to reality.
During its second-quarter earnings call, CC projected a low to mid-single-digit sequential decline in third-quarter net sales, primarily due to ongoing impacts from unplanned downtime at its Altamira, Mexico site and seasonal fluctuations in refrigerant demand. Weaker Freon pricing in Thermal & Specialized Solutions and a modest recovery in Advanced Performance Materials are also expected to contribute to the expected decline.
Despite these headwinds, the company anticipates strong double digit year-over-year growth in Opteon refrigerants and solid performance in APM's Performance Solutions portfolio. The company also expects a high-single-digit sequential decline in adjusted EBITDA, reflecting $15-$20 million in costs from the Altamira shutdown.
Dow’s second-quarter adjusted earnings per share of 68 cents fell short of the Zacks Consensus Estimate of 72 cents. The company reported revenues of $10,915 million, a decline of around 4% year over year, also missing the consensus estimate of $10,960.3 million.
Celanese posted second-quarter 2024 adjusted earnings of $2.38 per share, down from $2.17 in the same quarter last year, missing the Zacks Consensus Estimate of $2.80. The company’s net sales of $2,651 million were down about 5% year over year, below the consensus estimate of $2,725.7 million.
Air Products exceeded earnings expectations in the fiscal third quarter, with adjusted earnings of $3.20 that surpassed the Zacks Consensus Estimate of $3.04. However, its net sales of $2,985.5 million missed the consensus estimate of $3,039.8 million.
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Chemours (CC) Opens Cutting-Edge Facility for EV Batteries
The Chemours Company (CC - Free Report) recently announced the opening of the Chemours Battery Innovation Center (CBIC), a state-of-the-art laboratory facility located at the Chemours Discovery Hub in Newark, DE. This multi-million-dollar investment aims to support the testing and scaling of next-generation battery technologies, ultimately enabling more sustainable, cost-effective, energy-efficient and high-performing batteries for hybrid and electric vehicles (EVs).
Chemours, which is among prominent players in the chemical space along with Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Air Products and Chemicals, Inc. (APD - Free Report) , emphasized its longstanding commitment to leveraging its extensive chemistry expertise to address its customers' most significant challenges. According to the company, the CBIC represents a cutting-edge lab and a strategic investment in enhancing the sustainability footprint and performance of hybrid and electric vehicle batteries. It is dedicated to supporting the automotive industry's electrification by fostering collaboration and applying the team's deep technical knowledge.
The CBIC will leverage Chemours’ application development expertise to drive innovation in partnership with customers, scaling the production of more sustainable, high-performance lithium-ion batteries (LiBs). The facility will serve as a technical support lab, providing partners and customers the opportunity to collaborate with Chemours’ engineers in iterating, piloting and adopting novel approaches to fabricating cost-effective LiBs.
CC also emphasized the critical role of electric vehicles in the clean energy transition. It is committed to applying its advanced chemistry and material science knowledge to accelerate the electric future. Chemours highlighted the importance of Teflon fluoropolymer binders in developing solvent-free battery electrode manufacturing, which paves the way for more cost-effective and energy-efficient vehicles. Through the CBIC, Chemours aims to enable the adoption and scalability of this innovative dry electrode coating technology, advancing the capabilities of LiBs and the electric vehicle industry.
Equipped with state-of-the-art equipment and data analytics capabilities, the CBIC facilitates predictive modeling to help EV manufacturers adopt this new battery manufacturing technology, bringing the vision of better-performing EVs closer to reality.
During its second-quarter earnings call, CC projected a low to mid-single-digit sequential decline in third-quarter net sales, primarily due to ongoing impacts from unplanned downtime at its Altamira, Mexico site and seasonal fluctuations in refrigerant demand. Weaker Freon pricing in Thermal & Specialized Solutions and a modest recovery in Advanced Performance Materials are also expected to contribute to the expected decline.
Despite these headwinds, the company anticipates strong double digit year-over-year growth in Opteon refrigerants and solid performance in APM's Performance Solutions portfolio. The company also expects a high-single-digit sequential decline in adjusted EBITDA, reflecting $15-$20 million in costs from the Altamira shutdown.
Dow’s second-quarter adjusted earnings per share of 68 cents fell short of the Zacks Consensus Estimate of 72 cents. The company reported revenues of $10,915 million, a decline of around 4% year over year, also missing the consensus estimate of $10,960.3 million.
Celanese posted second-quarter 2024 adjusted earnings of $2.38 per share, down from $2.17 in the same quarter last year, missing the Zacks Consensus Estimate of $2.80. The company’s net sales of $2,651 million were down about 5% year over year, below the consensus estimate of $2,725.7 million.
Air Products exceeded earnings expectations in the fiscal third quarter, with adjusted earnings of $3.20 that surpassed the Zacks Consensus Estimate of $3.04. However, its net sales of $2,985.5 million missed the consensus estimate of $3,039.8 million.