3M Takes On Energy

With the energy industry taking on such significant changes and produces the best profits, many large corporations are looking to make the move into energy.  This idea attracted giant, 3M, into creating its own energy division. In early 2009, they announced the creation of it's Renewable Energy Division, which is aimed at reaching into every aspect of the industry.   “The products within the new division will include products currently sold to the industry, new-to-the-world products invented for the renewable energy market, and products adapted from existing technologies” (3M Press Release).  According to the press release, they plan to separate this new division into two units, one focusing on generating new ideas and  managing products currently available to the market and another on spreading these things throughout the market and handling deals already place.  3M is envisioning new innovations in wind and solar energy. Also, they want to create new geothermal and biofuel products that will reduce costs.  They hold big ideas for this endeavor.

Being as the energy industry is becoming a key factor in the world market today, it comes as no surprise to me that 3M is entering the industry. They are a giant company and it only makes sense.  However, competition from these companies should not be overlooked by the already key players in energy.  3M has the ability to significantly change the landscape and this could hurt companies like Shell, Chevron, and Exxon.  Yes, they possess a good portion of the industry, but companies like 3M won't have trouble finding the resources to accomplish their goals.  Their new Renewable Energy Division should prove to be nothing but successful in my opinion, being as they hold much success in many of their other ventures.  The energy industry is rapidly changing and growing and I feel this could be a good thing overall.  It will take away the power held by the current key players. Although, I'm not to sure if adding other giants to the mix will just shift the power in their direction as apposed to dividing it evenly.

3M Press Release
http://solutions.3m.com/wps/portal/3M/en_US/Renewable/Energy/Resources/Press_Releases/?PC_7_RJH9U52308NR50I0NISNKB32G3_assetId=1180612441603