Hanwha Solutions and Sunbridge Energy Services sign supply contract

By Hope Hill |

South Korean conglomerate Hanwha Solutions has reportedly made it to the headlines for having inked a vital contract with the renowned Texas-based company Sunbridge Energy Services. The energy and petrochemical company has announced that Hanwha Cimarron, the tank manufacturer that it recently acquired last year, has signed an important supply contract with Sunbridge Energy Services, aimed at providing storage tanks for CNG (compressed natural gas).

The deal has been signed for a price of USD 260 million over a 10-year period, and is targeted at delivering tube trailers comprising numerous vessels for storing CNG as well as hydrogen and other pressurized gases. The trailers are 42 to 45 feet long and retain the capacity to carry 18 Jupiter Tanks manufactured by Hanwha Cimarron.

As per reports, each of the Jupiter Tank has a maximum storage capacity of 485 kilograms, while a single tube trailer is able to deliver close to 9 tons of CNG at a time. Jupiter Tank is basically a Type IV composite tank and is completely made of full carbon fiber, with the ability to withstand a 300-bar pressure level.

Sources familiar with the knowledge of the matter claim that this is the first time Hanwha Cimarron has won a contract to deliver high-pressure, fiber-wrapped tanks since its establishment last year. Earlier, the company was known as Cimarron Composite, and was purchased by and integrated into Hanwha Solutions in December 2020.

Ryoo Du-hyoung, Head, Advanced Materials Division, Hanwha Solutions, has been quoted to state that the company will take the CNG tanks supply contract as an opportunity to consolidate its expansion in the proliferating hydrogen storage and transport business.

In the midst of rising requirements for storage technologies pertaining to the aerospace, hydrogen, and other high-tech industries, the agreement is anticipated to fast-track the expansion of Hanwha Cimarron in the carbon overwrap pressure vessel industry.

For the unversed, the company has also planned to pour in a total of USD 51 million to construct a production facility in Opelika. The construction is anticipated to be completed next year, post which the factory may churn out 4,000 high-pressure tanks on an annual basis. More investments are expected to be in the pipeline by 2025 for the development of storage tanks for hydrogen-powered drones, rockets, and vehicles.



Source Credits:

https://markets.businessinsider.com/news/stocks/hanwha-solutions-wins-260-million-supply-contract-for-high-pressure-tanks-in-u-s-1030756251

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