Hanwha Solutions acquires spacecraft hydrogen tank specialist Cimarron
The Korean company said on Monday that it has signed a deal to acquire the Huntsville, Alabama-based firm as part of its push to boost its standing in the hydrogen energy business.
“The company will invest $100 million, including the acquisition capital, in Cimarron by 2025 to establish the basis for an overseas hydrogen tank business," Hanwha Solutions said in a statement, adding that the deal will be completed by April next year, upon the approval of the regulatory agency in the United States.
Hydrogen tanks are built using high-pressure technology capable of storing different types of hydrogen, used in fuel-cell vehicles and drones.
Cimarron specializes in building tanks and pressure vessels for space rockets with the founder of the company having held a researcher position at NASA. ■