Minnesota-based manufacturing company 3M Co. (NYSE: MMM) announced Tuesday it plans to create a new business unit next month to focus on increasing the company’s stake in the renewable energy business.
According to reports, the new unit will work to expand market share of existing products and technologies, particularly in solar power.
The company said it currently makes about $200 million a year on a range of solar products including Fresnel lenses for concentrating solar applications, mirrored solar panels, mirror films and other components.
By bringing management of these products into a single business unit, the company hopes to grab a larger piece of the $20 billion solar-energy market, which is expected to grow to around $50 billion by 2012.
3M CEO George Buckley said the unit will work to expand its core adhesive, tapes, films, lens and coating technologies into products that capture light and heat.
He also said there were opportunities for the unit to begin selling 3M’s electrical products for use in more wind farms. According to a Star Tribune, Minneapolis report, the company already generates about $12 million a year selling electrical tape and components for wind-power applications.
Loading...