Aspen Aerogels extends German partnership; gets millions towards new factory
Courtesy Aspen Aerogels
One of Aspen Aerogels products is insulation material.
Aspen Aerogels has expanded a partnership in Germany that nets the Northborough company with millions towards a new factory and secures an exclusive supply agreement.
The agreement with Germany’s BASF has secured “a low double-digit million investment” in the construction of Aspen's new manufacturing plant in Statesboro, GA where BASF will become a base load customer for Aspen's capacity expansion. That location is a more than $70 million dollar plant.
As part of the supply agreement, Aspen will commit to the exclusive supply of its Spaceloft A2 product for incorporation within BASF's aerogel enhanced Slentex wall system for the building materials market. BASF may also directly sell or incorporate Spaceloft® A2 into other systems for applications in certain building, transportation, consumer and industrial markets worldwide. The agreement will run through 2027.
The partnership will both further Aspen's market diversification and growth strategy and support BASF's objective to provide innovative solutions to meet current and future customer needs, according to a release from Aspen. The original partnership dates to 2010 when BASF Venture Capital made an equity investment in Aspen and the two companies began to explore technology development and commercialization opportunities within the building materials market.
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