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3M (MMM), Svante Collaborate to Develop CO2 Removal Products

3M Company MMM 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.

3M Company Price

 

3M Company price | 3M Company Quote

 

Zacks Rank & Stocks to Consider

MMM currently carries a Zacks Rank #3 (Hold). Some top-ranked companies are discussed below:

Ingersoll Rand Inc. IR 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 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 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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