We are excited to feature Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen," the "Company"), a technology leader in aerogel-based sustainability and electrification solutions, in this month’s newsletter. Aspen’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, electrification, and sustainability.
On February 17, 2022 the Company announced that Koch Strategic Platforms ("KSP"), a subsidiary of Koch Investments Group, has agreed to make a $150 million investment in Aspen through the purchase of convertible notes and common stock to support the Company's aerogel thermal barrier growth opportunities.
As part of the investment, KSP agreed to purchase convertible notes in the aggregate principal amount of $100 million. In addition, KSP agreed to purchase 1,791,986 shares of Aspen's common stock at a price of $27.902 per share, resulting in proceeds to Aspen of $50 million.
Donald R. Young, Aspen's President and CEO, noted, "Aspen's strategy is to leverage our Aerogel Technology Platformô into high-value, high-growth markets, driven by our PyroThin® thermal barriers which address thermal runaway in electric vehicles (EVs) and by our energy infrastructure products which promote resource efficiency, asset resiliency and safety in traditional and emerging energy settings. KSP's additional investment will support our growth and allow us to address additional high-value applications in ESG driven markets, including battery materials, hydrogen energy, carbon capture, and filtration, among others, further solidifying our position as a technology leader in sustainability."
The Company also announced plans to construct an advanced manufacturing facility at Bulloch County, Georgia’s Southern Gateway Commerce Park. The Company reported that combined with its original East Providence, Rhode Island plant, the planned state-of-the-art facility in Georgia is designed to triple Aspen's nameplate aerogel capacity in support of the Company's thermal barrier expansion plans in the fast-growing EV market. Through the project, Aspen is seeking to capitalize on increased demand for Aspen's Aerogel Technology Platform as EV OEMs continue to adopt its PyroThin thermal barrier solutions.
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