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3M and Chesapeake Energy Corporation Partner to Create New CNG Tank Technology

ST. PAUL, Minn. & OKLAHOMA CITY--(BUSINESS WIRE)--3M (NYSE:MMM) and Chesapeake Energy Corporation (NYSE:CHK) 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.