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4-Traders Homepage  >  Equities  >  Nyse  >  3M Co    MMM

3M CO (MMM)

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3M Company : 3M and Gossamer Space Frames to Inaugurate World's Largest Aperture Parabolic Trough Installation- A New Benchmark in Solar Collectors

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05/02/2012 | 01:05pm CET

Cutting edge design and performance reduces costs for Concentrated Solar Power (CSP)

3M's Renewable Energy Division has teamed with Gossamer Space Frames to unveil a new parabolic trough solar collector technology designed to significantly reduce equipment and installation costs for CSP systems used in power generation. The Large Aperture Trough 73 (LAT 73) features a concentration factor of over 100x and an aperture size of 7.3 m, both world benchmarks for the industry.

Large Aperture Trough, engineered by Gossamer and 3M, sets a new benchmark in solar collector techno ...

Large Aperture Trough, engineered by Gossamer and 3M, sets a new benchmark in solar collector technology for the concentrated solar power industry. (Photo: Gossamer Space Frames)

The system combines the durability, design flexibility, and high reflectivity of 3M™ Solar Mirror Film 1100 with the mechanical design innovations of Gossamer Space Frames; the result is a CSP solar collector system that reduces the installed cost of a parabolic trough solar field by over 25 percent. The demonstration system is fully operational and is installed at the Sunray Energy facility in Daggett, California. Sunray is owned and operated by Cogentrix Energy, LLC (Cogentrix) and is the longest operating CSP facility in the United States. An event and ribbon cutting ceremony hosted by Cogentrix, 3M and Gossamer is planned for May 2, 2012, at the Sunray facility to introduce the demonstration system.

"The LAT technology is an exciting development for the CSP industry, as it demonstrates the possibilities in solar concentrating technology," said Dr. Dan Chen, business development manager, 3M Renewable Energy Division.

"By combining 3M innovations in materials and Gossamer Space Frames innovations in structure and alignment, we are leading the industry on a new cost-reduction trend," said Glenn Reynolds, President and Co-founder of Gossamer Space Frames. "Many in the industry thought the re-birth of CSP was not possible, but we are delighted to prove them wrong. Not only does this design revitalize CSP, but the entire system comprises U.S.-manufactured components that, in turn, helps to create U.S. jobs. We are thrilled to continue leading the way in CSP."

3M Renewable Energy Division and Gossamer Space Frames, located in Huntington Beach, Calif., worked together closely on the LAT 73. The system's technical and economic viability is enabled by 3M Solar Mirror Film 1100 reflector panels, which are 50 percent lighter than glass, and offer 94.5 percent reflectivity (solar weighted total hemispherical reflectance). The combination of the film's superior optical performance and light weight enables the high accuracy, large aperture collector design. The National Renewable Energy Laboratory (NREL) has verified performance of the system, measuring an optical accuracy of more than 99 percent.

"We are pleased to be the first site for this state-of-the art technology," said Sid Frymyer, General Manager of Sunray Energy. "Innovative developments like this help demonstrate the on-going advancements that lower the cost of solar energy within the U.S. power supply mix."

The new system began operating in October 2011 and provides a peak of approximately 275 kw of electricity to the output of the Sunray facility, all of which is provided under contract to Southern California Edison.

3M and Gossamer Space Frames have received significant interest in the LAT 73 system from the global CSP industry. A second LAT 73 project is underway in the Southern U.S., with the project commissioning scheduled for June 2012.

For more details and downloadable information, visit: www.3m.com/presskits

About 3M
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $30 billion in sales, 3M employs about 80,000 people worldwide and has operations in more than 65 countries. For a record-setting eighth consecutive year, 3M received the 2012 ENERGY STAR Sustained Excellence Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy for its comprehensive worldwide energy conservation efforts. For more information, visit www.3M.com or follow @3MNews on Twitter.

3M is a trademark of 3M Company.

About Cogentrix
Cogentrix is a leading developer, owner and operator of independent power in North America. Cogentrix was founded in 1983 and has continually been at the forefront of the development and evolution of the independent power market. Cogentrix has been directly responsible for the development, engineering, construction and operation of fossil and renewable power facilities with a combined generating capability in excess of 5,000 MWs.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50255600&lang=en

Karwoski & Courage Public Relations
Emily Wozniak, 612-342-9635
e.wozniak@creativepr.com
or
3M
Colleen Harris, 651-733-1566


© Business Wire 2012
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Financials ($)
Sales 2016 30 144 M
EBIT 2016 7 266 M
Net income 2016 5 054 M
Debt 2016 10 122 M
Yield 2016 2,57%
P/E ratio 2016 20,98
P/E ratio 2017 19,75
EV / Sales 2016 3,76x
EV / Sales 2017 3,71x
Capitalization 103 332 M
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Average target price 178 $
Spread / Average Target 3,6%
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NameTitle
Inge G. Thulin Chairman, President & Chief Executive Officer
Hak Cheol Shin Executive Vice President-International Operations
Nicholas C. Gangestad Chief Financial Officer & Senior Vice President
Julie L. Bushman Senior Vice President-Business Transformation
Ashish K. Khandpur CTO, Senior Vice President-Research & Development
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