Celanese Corporation (CE Quick QuoteCE - Free Report) has entered into a partnership with Cloverdale Paint to leverage the carbon capture and utilization (CCU) technology to provide the latter with new-to-market sustainable paint solutions. This collaboration is focused on sustainability and innovation.

Through CCU, Celanese has commercialized an approach to convert waste emissions into renewable feedstocks. It is expected that more than 1 million pounds of CO2 emissions per year will be utilized in products made by Cloverdale Paint through this partnership. The CCU technology takes the industrial CO2 emissions and instead of emitting it into the atmosphere, hydrogen is applied to the captured CO2 to create methanol building blocks. These blocks are further used in making vinyl acetate-based emulsions used as raw material in the manufacturing of paints.

The process will reduce the use of fossil fuels, promote a circular economy and reduce carbon emissions. Accurate tracking of CCU and fossil-fuel-based feedstocks is ensured through mass balance accounting.

This initiative is part of Cloverdale Paint’s Green Guarantee program to ensure its commitment to a greener economy and environmental accountability. It will also help Celanese harness the power of CCU.

CE stock has plunged 56.4% in the past year compared with 19.7% decline of the industry.

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CE’s Zacks Rank and Key Picks

CE currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS Quick QuoteCRS - Free Report) , MAG Silver Corp. (MAG Quick QuoteMAG - Free Report) and Fortuna Mining Corp. (FSM Quick QuoteFSM - Free Report) . While CRS and MAG sport a Zacks Rank #1 (Strong Buy) each at present, FSM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Carpenter Technology’s current-year earnings is pegged at $6.77. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. CRS’ shares have soared 175.9% in the past year.

The Zacks Consensus Estimate for MAG Silver’s current-year earnings is pegged at 75 cents per share. MAG surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with an average earnings surprise of 17.1%. The stock has gained 45.2% in the past year.

The Zacks Consensus Estimate for Fortuna Mining’s current-year earnings is pegged at 48 cents, indicating a year-over-year rise of 118.2%. FSM’s earnings beat the Zacks Consensus Estimate in two of the last four quarters while missing in the other two with an average earnings surprise of 53.6%. The stock has gained 21.9% in the past year.