NORTHBOROUGH, Mass.,
Dec. 29, 2021 /PRNewswire/
-- 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.
"We have appreciated BASF's partnership and are excited to add
the non-combustible building product back into our portfolio of
sustainable building products," said Don
Young, Aspen's President
and CEO. "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.
Special Note Regarding Forward-Looking and Cautionary
Statements
This press release and any related discussion
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties that could cause actual results to be materially
different from historical results or from any future results
expressed or implied by such forward-looking statements. These
statements are not historical facts but rather are based on
Aspen's current expectations,
estimates and projections regarding Aspen's business, operations and other factors
relating thereto. Words such as "may," "will," "could," "would,"
"should," "anticipate," "predict," "potential," "continue,"
"expects," "intends," "plans," "projects," "believes," "estimates,"
"outlook," "assumes," and similar expressions are used to identify
these forward-looking statements. Such forward-looking statements
include statements regarding, among other things, Aspen's expectations about the general
strength, weakness or health of Aspen's business; beliefs about current or
future demand, revenue or trends in the sustainable building
materials, EV thermal barrier, or energy infrastructure markets;
and beliefs about Aspen's Aerogel
Technology PlatformÔ including investments in thermal management
and fire safety technologies. All such forward-looking statements
are based on management's present expectations and are subject to
certain factors, risks and uncertainties that may cause actual
results, outcome of events, timing and performance to differ
materially from those expressed or implied by such statements.
These risks and uncertainties include, but are not limited to, the
following: an inability to create new product, partnership and
market opportunities; any sustained downturn in the energy,
automotive or building industries; any sustained downturn in these
markets due to the coronavirus pandemic, COVID-19 or any other
factor; any failure of Aspen's
products to meet applicable specifications and other performance,
safety, technical and delivery requirements; the general economic
conditions and cyclical demands in the markets that Aspen serves; and the other risk factors
discussed under the heading "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31,
2020 and filed with the Securities and Exchange Commission
("SEC") on March 12, 2021, as well as
any updates to those risk factors filed from time to time in our
subsequent periodic and current reports filed with the SEC. All
statements contained in this press release are made only as of the
date of this press release. Aspen
does not intend to update this information unless required by
law.
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SOURCE Aspen Aerogels, Inc.