Source: Uttam
Karan Bhatia at Uttam Composites plant
Uttam, a manufacturer of ultra-lightweight composite cylinders and systems for compressed natural gas and hydrogen with headquarters in India, says it will invest ‘at least $20m’ in CNG and hydrogen production.
“We’re delighted to be acquiring this facility and we will be investing at least $20m to greatly expand staff, purchase new machinery and invest in research and development of new product lines,’’ said Uttam CEO Karan Bhatia.
“With demand skyrocketing for clean energy solutions, particularly in compressed natural gas and hydrogen, this expansion will help us grow.”
The 107,000-square-foot facility, which produces thousands of cylinders a year, has already doubled its staff from 11 to 22 employees and will grow to around 50 people in the next two years, Bhatia said.
“Uttam is helping shape a new era of the energy industry through hydrogen, which is a growing solution to the world’s energy needs,’’ Bhatia explained.
The acquisition will allow Uttam to expand to the US and Europe, in addition to the Asian market. Uttam’s business in India, Uttam Cylinders, has had a compounded annual growth rate of more than 60% in the last three years, according to Uttam.
Catalina Composites said in a message to employees, “The long-term prospects of the composites business under the ownership of the acquiring company are significantly more favourable than other available alternatives.’’