Aspen Aerogels provides update on BASF supply arrangement.
Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen”, the “Company”), a technology leader in sustainability solutions, provided an update on the termination of its supply arrangement with BASF Polyurethanes (“BASF”), which was previously disclosed in Aspen’s Form 10-Q filed November 4, 2021 and updated in a Form 8-K filing by the Company dated December 27, 2021.
Since October 2021, Aspen and BASF have been working together to effect an arrangement whereby Aspen would be solely responsible for the future development and commercialization of the Company’s Spaceloft® A2 insulation product in the sustainable building materials and other markets.
With the execution of the amendment to the supply agreement, Aspen has assumed direct responsibility for the commercialization of Spaceloft A2. Aspen’s Spaceloft A2 non-combustible insulation product targets the global building materials market with the value proposition of superior thermal management and fire safety.
Don Young, Aspen’s President and CEO.
We have appreciated BASF’s partnership and are excited to add the non-combustible building product back into our portfolio of sustainable building products.
“We are investing heavily in our Aerogel Technology Platform™ with a particular focus on thermal management and fire safety. These attributes are valuable drivers of demand in the electric vehicle and energy infrastructure markets and extend to our sustainable building materials.”
“While sustainable building materials constitute a smaller portion of our overall revenue, Aspen is positioned for strong 2021 revenue and will carry solid momentum going into 2022.”
Mr. Young concluded, “Aspen is committed to providing world class service to the sustainable building market. We believe we are well positioned to advance our Spaceloft products to architects and building engineers around the world.”
About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability. The Company’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, electrification and sustainability. Aspen’s PyroThin® thermal barrier products enable solutions to thermal runaway challenges within the electric vehicle and energy storage markets.
The Company’s carbon aerogel program seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of electric vehicles. Aspen’s Spaceloft® sustainable building materials provide industry-leading energy efficiency and fire safety to building owners.
The Company’s Cryogel® and Pyrogel® products are valued by the world’s largest energy infrastructure companies. Aspen’s strategy is to partner with world-class industry leaders to leverage its aerogel technology platform into additional high-value markets.
Headquartered in Northborough, MA, Aspen manufactures its products at its East Providence, R.I. facility. For more information, please visit www.aerogel.com.
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Aspen Aerogels Provides Update on BASF Supply Arrangement, NORTHBOROUGH, Mass., December 29, 2021
