BASF Venture Capital GmbH,
Ludwigshafen, has led a $21.5 million (about €15.7 million) round of investment
in Aspen Aerogels Inc., Northborough, Massachusetts. Aspen supplies reinforced,
nanoporous aerogel insulation products that are up to five times more effective
than other insulation materials. The company’s solutions enable customers
to conserve energy in a variety of industries including building and construction,
chemicals, transportation and oil and gas .
The current round of financing also included RockPort Capital, Tenaya Capital,
Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity, among
others.
Aerogels are silica foams with nanoporous cavities that comprise 97% of their
volume; thus earning them the name “solid air.” Aerogels have been
known as extremely fragile and brittle materials. Aspen has succeeded in producing
aerogels in the form of thin, flexible mats at acceptable cost. These blankets
are more robust than the existing monoliths and spheres, and just as easy to
process as any other flexible insulation material.
“High-performance insulation materials are the key technology for energy-efficient
retrofitting of buildings,” said Bruce Christensen, Vice President Global
Technology and Innovation Management at BASF Construction Chemicals. “These
new materials are space-saving and give home owners more options in designing
their house to suit their own tastes. Aspen technology can contribute in a major
way to energy-efficient homes that also look good.”
“Aspen has done an excellent job in advancing aerogel technology for
industrial applications,” said Dr. Oliver Guthmann, Investment Manager
at BASF Venture Capital. “We see an additional very large market potential
and further opportunities for profitable growth in the construction industry.”
Aspen Aerogels products are already in use at BASF, for example at the Antwerp
site.
“We are pleased to have developed a strong technical, commercial, and
financial partnership with BASF,” said Don Young, CEO of Aspen Aerogels.
“The global building and construction market offers a significant opportunity
for aerogel technology and BASF and Aspen will join forces to target and rapidly
penetrate the European market. ”