3M and Chesapeake Energy Corporation reported 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 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. In addition to these benefits, the 3M technology produces safer and more durable tanks than those currently on the market. This tank innovation builds on 3M's proven history of developing and introducing pioneering technologies to the market.

'3M believes in the potential of natural gas, and this agreement illustrates our commitment to the industry,' said George Buckley, Chairman, President and Chief Executive Officer of 3M. 'We are excited about this collaboration to speed the development and adoption of natural gas-powered vehicles.'

Tags: Chesapeake Energy Corporation