Aspen Aerogels Announces Additional EV Thermal Barrier Commercial Award and Provides Update on US Department of Energy Loan Application Status.
Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or the “Company”), a technology leader in sustainability and electrification solutions, today announced a commercial award for its PyroThin® EV Thermal Barrier segment and provided an update on its application for a loan through the U.S. Department of Energy Loan Programs Office.
European EV Thermal Barrier Commercial Award
Aspen announces an additional PyroThin vehicle platform award from The Automotive Cells Company (“ACC”), a battery cell joint venture between Stellantis N.V., Saft-TotalEnergies and Mercedes-Benz, to supply the Stellantis STLA Medium vehicle platform with an expected start of production in 2025. Stellantis N.V. is one of the world’s leading automakers with the Jeep, Ram, Fiat, Peugeot, Citroën, DS Automobiles, Chrysler, Dodge, Opel, Vauxhall, Alfa Romeo, Lancia, Maserati, Abarth, Free2move and Leasys brands in its portfolio.
U.S. Department of Energy Loan Application Update
The Company received a letter from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) confirming that its pending application seeking a loan pursuant to the DOE LPO’s Advanced Technology Vehicles Manufacturing (“ATVM”) lending program is substantially complete and inviting the Company to formal due diligence. This application is in connection with the construction of Aspen’s planned second aerogel manufacturing facility in Georgia.
While this invitation does not guarantee or imply that the Company will be invited any further forward in the process, Aspen continues to engage with the LPO and its advisors. DOE’s invitation into the due diligence and term sheet negotiation process is not an assurance that DOE will issue a loan, nor that the terms and conditions of a loan will align with terms proposed by the applicant.
Don Young, Aspen’s President and CEO, said:
These developments are meaningful steps in our near-term execution as we continue to diversify our customer base for PyroThin and work to optimize our near and long-term cost of capital.
“The European market will drive a meaningful portion of our revenues over the next few years as we maximize our existing assets and commercial arrangements.”
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Aspen Aerogels Announces Additional EV Thermal Barrier Commercial Award and Provides Update on US Department of Energy Loan Application Status. source
