Xylem Inc. XYL recently announced its partnership with water consultancy firm, Isle Utilities, to sponsor a new funding process for the water technology companies to develop new advanced technologies for deployment.The company’s shares gained 1.7% yesterday to eventually close the trading session at $116.19.Inside the HeadlinesThe new source of funding, known as the “Trial Reservoir”, provides water technology companies with access to the capital required for pilot projects that focus on carbon-reducing technologies. The new source of funding will help the technology innovators and water utilities to execute the trial of advanced technology deployments in water systems. If successful, the trials will move to the commercialization phase with the help of funding from the proceeds of commercial deals.As noted, the “Trial Reservoir” is accessible to technology vendors throughout the world. The initiative’s foundation sponsor has been Xylem, along with other partners in the water sector. The first utility pilot of the initiative is expected to be funded in the first quarter of this year.This initiative is in sync with Xylem’s efforts to reduce greenhouse gas emissions from water systems. Over time, the company has come up with several solutions, including eXM SMART drives and AquaTalk. While the eXM SMART drives help in reducing carbon emissions from pump systems, the AquaTalk has been enabling its users in China to run their water infrastructure more efficiently and cost-effectively with reduced carbon emissions.Zacks Rank, Price Performance and Estimate TrendXylem, with a $21-BILLION market capitalization, currently carries a Zacks Rank #3 (Hold). The company is likely to benefit from strong demand for digital water solutions, solid backlog level, focus on innovation, effective operational execution and shareholder-friendly policies. However, supply-chain woes, cost inflation and high debt level might hurt its performance.Image Source: Zacks Investment ResearchIn the past month, the company’s shares have lost 4.8% against the industry’s increase of 0.2%.The Zacks Consensus Estimate for 2021 earnings has declined 0.8% to $2.48 in the past 60 days. Earnings estimates for 2022 have increased 1% to $2.97 over the same period.Key PicksSome better-ranked companies from the Zacks Industrial Products sector are discussed below.Greif, Inc. GEF presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Its earnings surprise in the last four quarters was 16.76%, on average.In the past 60 days, Greif’s earnings estimates have increased 5.6% for fiscal 2022 (ending October 2022). Its shares have gained 2.8% in the past month.Franklin Electric Co., Inc. FELE presently carries a Zacks Rank #2 (Buy). Its earnings surprise in the last four quarters was 16.27%, on average.Franklin Electric’s earnings estimates have been stable for 2021 and increased 0.6% for 2022 in the past 60 days. Its shares have lost 1.4% in the past month.Graco Inc. GGG presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 6.58%, on average.Graco’s earnings estimates have been stable for 2021 and increased 1.9% for 2022 in the past 60 days. Its shares have lost 4.7% in the past month. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Graco Inc. (GGG): Free Stock Analysis Report Greif, Inc. (GEF): Free Stock Analysis Report Franklin Electric Co., Inc. (FELE): Free Stock Analysis Report Xylem Inc. (XYL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research