10:32 AM EDT, 03/20/2024 (MT Newswires) -- Chemours ( CC ) said Wednesday that two applications for total grants worth $60 million were accepted by the US Department of Energy for advancing "a domestic hydrogen economy supply chain."

Chemours ( CC ) and its partners plan to utilize the grants to bolster technology for next-generation membranes in proton exchange membrane water electrolysis, according to a statement.

They will set up a consortium focused on recovery and recycling to facilitate circularity within PEM electrolyzers and fuel cells, Chemours ( CC ) said.

The company said the grants are part of DOE's $750 million funding under the Bipartisan Infrastructure Law with the aim to advance hydrogen technology, enhance manufacturing and boost recycling for clean hydrogen systems.

Chemours ( CC ) shares fell 0.8% in recent trading Wednesday.

Price: 27.24, Change: -0.21, Percent Change: -0.77