Hanwha Solutions announced on Dec. 28 that it has signed a contract to acquire 100% of shares of 'Cimarron', a high-pressure tank company in the U.S. Cimarron is a startup that started as an in-house NASA venture in 2008 and became independent in 2015.
Through the acquisition, Hanwha Solutions will be able to secure technologies related to tanks for hydrogen transportation tube trailers, ultra-high pressure tanks for charging stations, and tanks for aerospace, in addition to existing tanks for hydrogen cars.
A Hanwha Solutions official said, "We plan to finish the acquisition process in April next year after reviewing by the U.S. Foreign Investment Review Committee. We will invest about $100 million in Cimarron by 2025, including the acquisition amount, to secure the foundation for the global hydrogen tank business."
Previously, Hanwha Solutions entered this field when it acquired TK-Fujikin’s hydrogen tank business in December last year.
Hanwha Solutions is planning to target markets by producing tanks that are applied to hydrogen-based drones, passenger cars, and commercial vehicles through T TK-Fujikin, and by producing large-scale hydrogen transportation trailers or tanks that enter charging stations through Cimarron.
"With this acquisition, we will further upgrade our tank technology to expand our global business. We will play an important role in the hydrogen ecosystem with the goal of becoming the top global company in the high-pressure tank market by 2030," said Ryu Doo-hyung, CEO of Hanwha Solutions’ high-tech materials division.