Hanwha Solutions has signed a deal to acquire a 100% stake in Cimarron Composites, as part of an effort to accelerate its expansion into the green hydrogen industry.
As a result of the recently announced purchase, Hanwha will secure the technology to manufacture tanks for hydrogen tube trailers, ultra-high-pressure tanks for hydrogen filling stations, tanks for aerospace applications, as well as tanks for hydrogen vehicles.
The South Korea-based company intends to invest at least $100m in Cimarron before 2025.
“The acquisition is currently being reviewed by the Committee on Foreign Investment in the United States. We intend to complete the acquisition by April of 2021,” said a spokesman for Hanwha Solutions.
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