Renewables, Solar

3M to form renewable energy unit

9 September 2008 — 3M Co. said it is in the process of forming a renewable energy unit to be launched next month.

The unit will be comprised of existing and future 3M technologies aimed at alternative energy markets, such as wind and solar, Chief Executive George W. Buckley said.

Solar in particular is a massive opportunity for 3M, Buckley said during an investor day event hosted by 3M.

3M, based in St. Paul, Minn., already generates about $200 million annually from its solar-related products, a figure that is growing 20 percent annually, Buckley said.

He said the overall solar market is forecast to grow to $50 billion in 2012, from $20 billion in 2008.