Hanwha Solutions has signed a deal to acquire a 100% stake in Cimarron Composites, as part of an effort to accelerate its expansion into the green hydrogen industry.
As a result of the recently announced purchase, Hanwha will secure the technology to manufacture tanks for hydrogen tube trailers, ultra-high-pressure tanks for hydrogen filling stations, tanks for aerospace applications, as well as tanks for hydrogen vehicles.
The South Korea-based company intends to invest at least $100m in Cimarron before 2025.
“The acquisition is currently being reviewed by the Committee on Foreign Investment in the United States. We intend to complete the acquisition by April of 2021,” said a spokesman for Hanwha Solutions.
“Including the acquisition costs, we plan to invest at least $100m in Cimarron Composites by 2025 to establish a strong foundation from which to develop our global hydrogen tank business.”
Cimarron Composites became an independent company in 2015 and currently manufactures large hydrogen tanks and aerospace tanks in Huntsville, Alabama. The company specialises in innovative high-pressure-tank technology that adds to the hydrogen value chain, including the ability to produce, store, and transport green hydrogen.
“Through this acquisition, we will advance our existing tank technology and expand our global tank business,” says Doo-Hyung Ryu, CEO of Hanwha Solutions’ Advanced Materials Division.
“Not only will we play a key role in the growing hydrogen economy, we aim to become the global leader for high-pressure tanks by 2030.”
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