Hanwha Solutions acquired Cimarron, a US start-up company that has the best high-pressure tank technology in the world. The company believes that if hydrogen vehicles become popular in the future, the demand for high-pressure tanks for hydrogen transportation and storage will surge.
Hanwha Solutions announced on December 28 that it has signed a contract to acquire a 100% stake in Cimarron. Both parties keep the purchase price confidential.
Cimarron was founded in 2008 by Tom DeLay. DeLay has been a researcher in the field of aerospace materials at NASA for 23 years. DeLay is the current CEO of Cimarron. In the early days, the company produced high-pressure tanks for spacecraft. The Cimarron high-pressure tank enters the Falcon 9 rocket of the aerospace company SpaceX led by Elon Musk.
Cimarron was spun off from NASA in 2015 and expanded its business scope to various high-pressure tanks such as hydrogen tube trailer tanks, charging station tanks, and compressed natural gas (CNG) tanks.
Cimarron’s 2,000-liter Neptune Tank can withstand pressures up to 517 bar, the highest level among tanks of the same capacity. If a 12-meter hydrogen transport tube trailer is loaded with a Neptune tank, it can transport 1,200 kg of hydrogen at a time. The carrying capacity of the Neptune tank is four times that of the most widely used steel tank in Korea.
Hanwha Solutions plans to end the acquisition process in April 2021 after review by the Committee on Foreign Investment in the United States. It plans to invest 100 million US dollars by 2025, including the purchase price. “We will expand our global business by acquiring Cimarron and upgrading our tank technology,” said Ryu Doo-hyung, head of the high-tech materials division of Hanwha Solutions. “By 2030, we will become the number one company in the global high-pressure tank market.
Post time: Nov-23-2021