Aspen Aerogels produces aerogel-based thermal insulation and battery materials, including PyroThin®, Cryogel®, and Pyrogel®, aimed at energy infrastructure and EV battery thermal management. The company is focused on electrification and battery-materials initiatives to address thermal runaway and improve lithium-ion battery performance. Management is pursuing capacity expansion, including a planned second aerogel manufacturing facility in Statesboro, Georgia. In August 2024 Aspen arranged a $125 million term loan and a $100 million revolving credit facility with MidCap Financial to reduce its cost of capital and increase financial flexibility. Proceeds from the facilities will be used to cash redeem an existing convertible note; the CFO said the financing supports access to liquidity and profitable revenue growth. Aspen is headquartered in Northborough, Massachusetts, was founded in 2001, employs roughly 201–500 people, and has previously raised $21.5M. Aspen Aerogels supplies reinforced, nanoporous aerogel insulation products and has developed a proprietary blanket form of aerogels. The company’s blanket technology targets a range of markets, including building and construction, chemicals, transportation and oil and gas. Aspen plans to work with BASF to target and rapidly penetrate the European market. The company raised $21.5M (about €15.7M) in an equity financing led by BASF Venture Capital. Aspen was founded in 2001 and is based in Northborough, Massachusetts. It currently employs 120 people.

Total raised

$247M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Aug 2024