3M Company (MMM - Free Report) recently entered into a joint development agreement) with British Columbia -based Svante Technologies, Inc. (Svante) to advance products that can trap carbon dioxide (CO2) found in the atmosphere and remove it permanently.
The process for coating solid sorbents onto laminate sheets and stacking into high-performance filters, which has been developed by Svante, can capture CO2 from industrial point-source (from hydrogen, cement, steel, aluminum, pulp & paper plants, and refineries) and from direct air as well. Svante's technology can be applied to 85% of the total carbon capture and removal segment, given that it serves a wide array of markets.
The venture capital unit of MMM, 3M Ventures, recently raised $318 million by partaking in Svante’s Series E fundraising round, to speed up the advancement of the latter’s carbon capture and removal technology.
The collaboration between the two companies is aimed at developing and manufacturing solutions by utilizing parallel channel structured adsorbent technology for sale in the carbon dioxide removal industry. MMM's competence in filtration technology is likely to be leveraged by Svante to scale the carbon-adsorbing solutions with the required pace to combat climate change.
Zacks Rank & Stocks to Consider
MMM currently carries a Zacks Rank #3 (Hold). Some top-ranked companies are discussed below:
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
IR’s earnings surprise in the last four quarters was 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6%. The stock has rallied 8.8% in the past six months.
Alamo Group Inc. (ALG - Free Report) presently sports a Zacks Rank of 1.ALG’s earnings surprise in the last four quarters was 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 16.8% in the past six months.
Parker-Hannifin Corporation (PH - Free Report) presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 12.4%, on average.
In the past 60 days, estimates for Parker-Hannifin’s fiscal 2023 (ending June 2023) earnings have increased 5.3%. The stock has gained 5.8% in the past six months.
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Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
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3M Company (MMM - Free Report) recently entered into a joint development agreement) with British Columbia -based Svante Technologies, Inc. (Svante) to advance products that can trap carbon dioxide (CO2) found in the atmosphere and remove it permanently.
The process for coating solid sorbents onto laminate sheets and stacking into high-performance filters, which has been developed by Svante, can capture CO2 from industrial point-source (from hydrogen, cement, steel, aluminum, pulp & paper plants, and refineries) and from direct air as well. Svante's technology can be applied to 85% of the total carbon capture and removal segment, given that it serves a wide array of markets.
The venture capital unit of MMM, 3M Ventures, recently raised $318 million by partaking in Svante’s Series E fundraising round, to speed up the advancement of the latter’s carbon capture and removal technology.
The collaboration between the two companies is aimed at developing and manufacturing solutions by utilizing parallel channel structured adsorbent technology for sale in the carbon dioxide removal industry. MMM's competence in filtration technology is likely to be leveraged by Svante to scale the carbon-adsorbing solutions with the required pace to combat climate change.
Zacks Rank & Stocks to Consider
MMM currently carries a Zacks Rank #3 (Hold). Some top-ranked companies are discussed below:
Ingersoll Rand Inc. (IR - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
IR’s earnings surprise in the last four quarters was 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 6%. The stock has rallied 8.8% in the past six months.
Alamo Group Inc. (ALG - Free Report) presently sports a Zacks Rank of 1.ALG’s earnings surprise in the last four quarters was 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 16.8% in the past six months.
Parker-Hannifin Corporation (PH - Free Report) presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 12.4%, on average.
In the past 60 days, estimates for Parker-Hannifin’s fiscal 2023 (ending June 2023) earnings have increased 5.3%. The stock has gained 5.8% in the past six months.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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