The company aims to create new synergies and sustainable growth by resolving environmental and climate issues faced by customers and society. Hanwha Solutions was formed in 2020 by the merger of Hanwha Chemical, Hanwha Q CELLS and Hanwha Advanced Materials. “Not only will we play a key role in the growing hydrogen economy, we aim to become the global leader for high-pressure tanks by 2030.” Hanwha Solutions “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. 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). Hanwha Solutions reports that it can now produce tanks for hydrogen-powered drones and passenger cars for the Korean market. 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. Cimarron complements and strengthens Hanwha’s hydrogen storage strategy 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. Hanwha Cimarron has also expanded into producing industrial tanks. Photo Credit: Hanwha Cimarron Supplying tanks for Elon Musk’s SpaceX ProgramĪccording 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 developed high-performance composite tanks used for cryogenic liquid gas storage used by rocket manufacturers and space launch vehicles. Fuller welcomed Hanwha Cimarron to the East Alabama city’s business community and its new facility in the Northeast Opelika Industrial Park. Hanwha Cimarron officials joined Opelika Mayor Gary Fuller at the August 3 meeting of the Opelika City Council to outline the scope of the project. The Opelika project fulfills part of Hanwha’s plan for the acquisition, specifically its promise to invest at least $100 million in Cimarron Composites production by 2025. “We’re excited about bringing over 200 good-paying jobs to the local area and about being a part of the greater Opelika community,” said Jeon. Hanwha Cimarron LLC will create 261 jobs at its new factory. Hanwha Cimarron CEO David Jeon said the new facility will help fuel the company’s growth in the carbon overwrap pressure vessel market, catering to the needs of industries including aerospace, drone, defense, marine, rail and gas transport and storage. Hanwha Cimarron LLC to build $130 million new factoryĪs reported by Jerry Underwood for, Hanwha Cimarron LLC announced plans on Augto invest $130 million in a new manufacturing facility in Opelika, Alabama. This investment includes funding for the expansion of Cimarron’s production facilities. “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. 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. This acquisition is part of Hanwha Solutions’ efforts to accelerate its expansion into the green-hydrogen industry. Hanwha Cimarron currently manufactures large tanks for compressed hydrogen gas as well as tanks for cryogenic fuels used in space launch vehicles.
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