3M Company (MMM - Free Report) recently signed a patent license agreement with Hunan Reshine New Material Company, Ltd. to boost nickel, manganese and cobalt (NMC) usage in lithium ion batteries. Reshine is a Chinese company engaged in manufacturing and sales of cathode materials.
A lithium-ion battery is a rechargeable battery in which lithium ions move from the anode to the cathode during discharge and move back when charging.
NMC cathode compositions address a diverse range of consumer requirements in devices ranging from high-energy, handheld consumer electronic products to high-power electric vehicles. For large format battery applications, the thermal stability of NMC cathode compositions reduces battery system cost and enhances battery safety.
This agreement is a win-win deal for both the companies. The agreement with 3M enhances Reshine’s product range in the consumer electronics market and further enables it to meet the rapidly increasing demands of lithium ion battery manufacturers. As for 3M, the agreement reinforces its global clout as it remains focused on inventing new products and maintains its competitive edge. The company continues to invest in diverse product offerings and technological solutions targeting lithium ion batteries to capitalize on emerging business propositions.
Together with its subsidiaries, 3M operates as a diversified technology company with manufacturing operations across 70 countries worldwide. The company aims to deliver innovative security solutions to businesses and governments worldwide, thus maintaining security of people and documents. 3M is committed to actively contributing to sustainable developments through environmental protection, social responsibility, and economic progress.
3M currently has a Zacks Rank #4 (Sell). However, stocks that look promising and are worth a look now in the industry include Honeywell International Inc (HON - Free Report) , Macquarie Infrastructure Company LLC (MIC - Free Report) and Tyco International Ltd , each carrying a Zacks Rank #2 (Buy).