Earlier today, Hanwha Solutions announced that it had acquired US high-pressure hydrogen tank company Cimarron Composites.
According to the agreement Hanwha “will invest a total of 100 million dollars (approximately 110 billion won) in Cimarron by 2025 which will include the purchase price.”
With this new acquisition Hanwha Solutions will be able to secure technology for tanks for hydrogen transport tube trailers, ultra-high pressure tanks for filling stations, and tanks for aerospace, in addition to existing tanks for hydrogen vehicles.
An official of the company said, “We plan to complete the acquisition within April next year after being reviewed by the US Foreign Investment Deliberation Committee.”.. “Including the acquisition price, we will invest about 100 million dollars in Shimaron by 2025 to develop a global hydrogen tank business. We plan to secure a foundation for this.”
Ryu Doo-hyung, CEO of Hanwha Solutions’ Advanced Materials Division, said, “With this acquisition, we will further advance our tank technology and expand our global business.”
About Cimarron
Cimarron Composites was established in 2008 for the purpose of the development and manufacturing of advanced composite structures. We are an ISO 9001 certified company, located in Huntsville, Alabama. Cimarron is located in Chase Industrial Park, offering close proximity to a myriad of high technology companies.
Cimarron Composites testing facilities can provide ambient or cryogenic proof tests and cycle tests. We are able to provide all testing needed for DOT qualifications of pressure vessels. Cimarron is also outfitted with ovens and an autoclave used for vacuum bag cured structures such as: nose cones, fairings and optical benches. We also develop new, innovative patented technologies and develop new composite materials for extreme environments.
Cimarron has a highly skilled staff with expert knowledge in the various and ever-changing areas of composite technology, development and testing.
Cimarron Composites has a state of the art cryogenic testing facility and new materials development that have enabled the production of all-composite cryogenic tank structures. With several patented carbon-fiber technologies and trade-secret resins, Cimarron Composites sets itself apart, fulfilling the roles of research, design, testing and manufacturing of products.
Read the most up to date Fuel Cell and Hydrogen Industry news at FuelCellsWorks
