Press release via MarketWatch:
3M and Chesapeake Energy Corporation Partner to Create New CNG Tank Technology
And that boys and girls is how you write a press release.ST. PAUL, Minn. & OKLAHOMA CITY, Feb 21, 2012 (BUSINESS WIRE) -- 3M MMM -0.19% and Chesapeake Energy Corporation CHK +0.20% today announced an agreement to collaborate in designing, manufacturing and marketing a broad portfolio of compressed natural gas (CNG) tanks for use in all sectors of the United States transportation market. Currently the fuel tank on a CNG vehicle is its most expensive single component. The new CNG tanks developed through the 3M and Chesapeake partnership will reduce costs while increasing performance. Less expensive tanks will enable greater market adoption of CNG as an alternative automotive fuel source.3M's CNG tank solution combines the company's proprietary liner advancements, thermoplastic materials, barrier films and coatings, and damage-resistant films to transform the pressure vessel industry. Using nanoparticle-enhanced resin technology, 3M(TM) Matrix Resin for Pressure Vessels, 3M will create CNG tanks that are 10 to 20 percent lighter with 10 to 20 percent greater capacity, all at a lower cost than standard vessels....MORE
Lighter, better, cheaper. Nary a mention of insolvency.