3M (NYSE: MMM) announces it has successfully completed the NGV2-2007 certification process for its first compressed natural gas (CNG) tank. The 21.5 x 60 inch tank is designed for light- and medium-duty pick-up trucks and corporate fleet vehicles. 3M’s tank capitalizes on improvements in geometries and proprietary 3M™ Matrix Resin featuring nanosilica technology to deliver a solution that is lighter, offers greater capacity, and is more cost effective than similar tanks.
“We are enthusiastic about the future of natural gas vehicles and are proud to introduce this tank to help companies take advantage of the benefits of natural gas as a transportation fuel,” said Mike Roman, Vice President of 3M’s Industrial Adhesive and Tapes Division, home to 3M’s advanced composites business. “With a tank that will help provide more range and more payload capacity at less expense, CNG vehicles are now an even more attractive alternative for fleet and individual retail customers alike.”
The tank will be showcased at the NTEA Work Truck Show, March 6-8 in Indianapolis, Ind. 3M will be located at Booth #5658 at the Indiana Convention Center, in the event’s “Green Pavilion.”
Initially, tanks will be available through five approved upfitters with whom 3M is collaborating. These companies include OEM Systems of Okarche, Okla.; Venchurs Vehicle Systems of Adrian, Mich.; Alternative Fuel Solutions of Mahaffey, Penn.; AVS of Salt Lake City, Utah; and World CNG of Kent, Wash.The successful certification follows the 2012 announcement by 3M and Chesapeake Energy Corporation (NYSE:CHK) that the two would collaborate in designing, manufacturing and marketing a broad portfolio of CNG tanks for use in all sectors of the United States transportation market. 3M expects to announce certification of other geometries in the coming months. Chesapeake is slated to become one of the first end users of the new 21.5 x 60 inch tank, which it will incorporate in its fleet vehicles. Chesapeake is currently converting its fleet of nearly 5,000 vehicles to run on natural gas.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV