Hanwha Solutions acquires Cimarron Composites, aims to be a global leader in high-pressure tanks by 2030

Hanwha Cimarron LLC will build a new $130 million production facility in Alabama to produce large-scale tanks for hydrogen transport, filling stations, and support expansion into tanks for UAM, drones, launch vehicle rockets, defense, rail, cargo ships, transportation and more.

Hanwha Cimarron currently manufactures large tanks for compressed hydrogen gas as well as tanks for cryogenic fuels used in space launch vehicles. This acquisition is part of Hanwha Solutions’ efforts to accelerate its expansion into the green-hydrogen industry. The company reports that Hanwha Cimarron provides the technology to manufacture tanks for hydrogen tube trailers, ultra-high-pressure tanks for hydrogen filling stations and tanks for aerospace applications, as well as for hydrogen-powered vehicles.

“Including the acquisition costs, we plan to invest at least $100 million in Cimarron Composites by 2025 to establish a strong foundation from which to develop our global hydrogen tank business,” said a spokesman for Hanwha Solutions in Dec 2020. This investment includes funding for the expansion of Cimarron’s production facilities.

Supplying tanks for Elon Musk’s SpaceX Program

According to Hanwha Cimarron, it supplied prototype high-pressure tanks to SpaceX (Hawthorne, Calif., U.S.) and in 2014 began supplying tanks that are used for the Falcon 9 rockets. Hanwha Cimarron has also expanded into producing industrial tanks. Currently, the company manufactures hydrogen tanks, cryogenic liquid gas fuel tanks for space launch vehicles and compressed natural gas (CNG) tanks to a variety of customers, including rocket manufacturers and industrial gas companies.

Cimarron complements and strengthens Hanwha’s hydrogen storage strategy

Hanwha Solutions began pursuing its hydrogen storage strategy by acquiring TK-Fujikin Corp.’s (Busan, South Korea) Type IV tank production business in December 2019. Hanwha Solutions reports that it can now produce tanks for hydrogen-powered drones and passenger cars for the Korean market. Overseas, it intends to use its Cimarron Composites acquisition to produce large-scale tanks for hydrogen tube trailers, tanks for hydrogen filling stations, and to expand into tanks for UAM vehicles, aerospace applications, and cargo ships carrying liquefied natural gas (LNG).

“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, but we also aim to become the global leader for high-pressure tanks by 2030.”

Source: Compositesworld