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Hanwha Solutions Corp. has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC to secure advanced technologies required for hydrogen tanks for vehicles and trailers and high-pressure tanks for charging stations and others.
It plans to complete the process to take over an entire stake by April.
Hanwha Solutions also said it plans to invest $100 million in Cimarron, including the acquisition capital, by 2025.
Cimarron, which offers composite tank and pressure vessel equipment, was set up as an in-house venture in 2008 by Tom DeLay, a former National Aeronautics and Space Administration (NASA) researcher.
It became an independent company in 2015.
