SEOUL -- In a bid to create a green hydrogen value chain, Hanwha Solutions, a unit of South Korea's Hanwha Group, took over Cimarron Composites, an American company that produces NASA-derived composite pressure vessels. Some $100 million will be invested in Cimarron by 2025, including the acquisition price.
Hanwha Solutions said in a statement on December 28 that it would acquire a 100 percent stake in Cimarron. The South Korean company plans to complete the acquisition of Cimarron by April 2021, saying it would target global markets by producing large hydrogen transportation trailers or tanks for charging stations through Cimarron.
In 2008, Tom DeLay founded Cimarron Composites to produce composite overwrapped pressure vessels (COPVs) for spacecraft. The company has developed Neptune, a carbon fiber reinforced polymer tank, which can transport 1,200 kilograms of hydrogen gas in a standard 40-foot container.
Hanwha Solutions said Cimarron's technology can be used for aerospace, ships and urban air mobility (UAM), which is an ecosystem covering personal air vehicles and infrastructure. The Hanwha Group is a key member of UAM Team Korea, a public-private consultative body launched in June to commercialize drone taxis in 2025.
"Through the acquisition of Cimarron, we will further upgrade our tank technology and expand our global business," Ryu Doo-hyung, head of Hanwha Solutions' advanced materials division, said, adding his company aims to become a top player in the high-pressure hydrogen tank market.
The group is nurturing green hydrogen as one of its next growth engines. Green hydrogen is produced from water using renewable power while blue hydrogen is derived from natural gas with carbon capture technology.
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