Hanwha Solutions acquires U.S. hydrogen tank maker

SEOUL, Dec. 28 (Yonhap) -- Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire U.S. hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy.

Hanwha Solutions plans to complete the process to take over an entire stake in the U.S. industrial tank equipment maker by April, the company said in a statement.

"The company will invest US$100 million, including the acquisition capital, in Cimarron by 2025," the statement said.

The acquisition of Cimarron will help Hanwha Solutions secure advanced technologies required for hydrogen tanks for vehicles, trailers, high-pressure tanks for charging stations and others, it said.

Tom DeLay, a former National Aeronautics and Space Administration (NASA) researcher, set up Cimarron as an in-house venture in 2008. It became an independent company in 2015 that offers composite tank and pressure vessel equipment.

kyongae.choi@yna.co.kr
(END)