PPG-Dutch University Partner to Build 1st Off-Road Solar Car
PPG Industries Inc. PPG recently collaborated with the Eindhoven University of Technology in the Netherlands to develop the Stella Terra, which is anticipated to be the world's first off-road car powered by solar energy, making it independent of charging stations and paved roads.
PPG, which is among the prominent players in the chemical space along with Dow Inc. DOW, Eastman Chemical Company EMN and Celanese Corporation CE, is donating $37,000 to the Solar Team Eindhoven as part of its recent $5 million commitment to environmental sustainability education. PPG CoraChar fire protection coating is also being supplied by the company to protect the vehicle's lithium (Li)-ion battery pack. The Stella Terra has been engineered to resist the rigors of off-roading, and the crew will depart for Morocco in October to do extensive testing, including in the Sahara desert.
PPG CoraChar battery fire protection coatings are intumescent, which means they expand in the presence of strong heat or fire to form an insulating layer that protects against thermal damage. PPG's knowledge of industrial and commercial fire protection is leveraged in the coatings, which improve light-weighting, increase battery performance and support passenger and first-responder safety in the event of a fire.
The project contributes to PPG's goals of producing environmentally friendly solutions and promoting sustainability education. It intends to use this investment to support educational programs relating to sustainable energy and the future of mobility, as well as to train the next generation of leaders to comprehend the effects of climate change.
The company, on its second-quarter call, said that it expects third-quarter adjusted EPS in the range of $1.85-$1.95. For the full year, PPG raised its adjusted EPS projection to the range of $7.28-$7.48. These projections consider various factors such as current global economic activity, soft global industrial production, continued economic uncertainty associated with geopolitical issues in Europe and higher interest rates in most developed countries.
Another prominent chemical maker, Dow, delivered forecast-topping earnings performance in the second quarter. DOW’s EPS of 75 cents surpassed the Zacks Consensus Estimate of 70 cents. The company expects net sales in the band of $10.25-$10.75 billion for the third quarter.
Eastman Chemical’s second-quarter adjusted EPS of $1.99 also beat the Zacks Consensus Estimate of $1.95. It expects EPS for 2023 to be between $6.50 and $7.00. Furthermore, EMN expects to deliver $1.4 billion in operating cash flow in 2023.
Celanese, however, missed earnings estimates in the second quarter. Its adjusted earnings of $2.17 per share lagged the Zacks Consensus Estimate of $2.46. Celanese sees adjusted earnings in the range of $2-$2.50 per share for the third quarter of 2023.
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