Hanwha Solutions wins $260-million supply contract for high-pressure tanks in U.S.
SEOUL, South Korea and HUNTSVILLE, Ala., Aug. 24, 2021 /PRNewswire/ — Hanwha Solutions announced that its newly acquired tank manufacturer Hanwha Cimarron signed a deal with Texas-based energy company Sunbridge Energy Services to provide storage tanks for compressed natural gas (CNG).
The 10-year, $260-million deal aims to deliver tube trailers containing dozens of vessels that can store CNG and other pressurized gases such as hydrogen. Each trailer is 42 to 45 feet long and able to carry 18 Jupiter Tanks developed by Hanwha Cimarron.
Given each Jupiter Tank boasts a maximum storage capacity of 485 kilograms, one tube trailer can deliver up to 9 tons of CNG at a time. Jupiter Tank is a Type IV composite tank made of full carbon fiber, which can withstand a 300-bar pressure level.
“We will take the supply of CNG tanks in the United States as an opportunity to expand into the fast-growing hydrogen storage and transport business,” said Ryoo Du-hyoung, who heads Hanwha Solutions’ Advanced Materials Division.
It is the first time that Hanwha Cimarron has won a contract for providing carbon fiber-wrapped, high-pressure tanks since its establishment last year. Formerly known as Cimarron Composite, the company was acquired by Hanwha Solutions in December 2020.
The agreement is expected to accelerate Hanwha Cimarron’s expansion into carbon overwrap pressure vessel market amid the increasing needs for storage technologies applicable to hydrogen, aerospace and other high-tech industries.
The company has decided to spend $51 million building a production facility in Opelika. When the construction is complete next year, the factory will churn out 4,000 high-pressure tanks every year. Further investments will be made by 2025 to develop storage tanks for hydrogen-powered vehicles, drones and rockets.
Established in 2019, Sunbridge Energy Services is based in Austin, Texas. Its primary business involves delivering CNG through tube trailers to shale gas operators in Permian Basin, the largest oil field in the US. The operators working there use CNG as fuel for drilling rigs.
“Sunbridge is very excited about entering into a partnership with Hanwha Solutions,” said Sunbridge CEO Michael Hinds. “It will help oil and gas producers in the Permian Basin meet their environmental goals by substantially reducing their operational carbon footprint.”
For more information about Hanwha Solutions, see: www.hanwhasolutions.com/en/
Contact: Junseok Yeo, Communication Team/Hanwha Solutions, email@example.com
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SOURCE Hanwha Solutions
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