Aspen Aerogels sells $75M in stock to Koch family investment firm
Photo | Grant Welker
Aspen Aerogels's Northborough facility
Northborough insulation product manufacturer Aspen Aerogels has sold $75 million in stock to an affiliate of Koch Strategic Platforms.
According to a press release, Aspen has agreed to issue 3,462,124 shares of its common stock to KSP at a price of $21.663 per share. The private placement of shares was expected to close yesterday.
KSP, a subsidiary of Koch Investments Group in Kansas, invests in growth focused, strategic companies that are innovating in new economy industries, according to the release. Koch Investments Group is itself part of Kansas-based Koch Industries in Kansas, which was majority held by the conservative brothers Charles and David Koch. David Koch passed away in August 2019, and Charles Koch maintains an ownership stake in the company.
“We are eager to help Aspen scale its operations as it carves out a valuable role in electrification and in sustainability overall,” David Park, KSP's president, said in the release.
According to Donald Young, Aspen’s president and CEO, the funding will support the company’s growth and address additional high-value applications such as battery materials and carbon capture.
"KSP's investment in Aspen comes at an ideal time. In addition to its financial support, KSP's broader corporate resources will be invaluable to Aspen as we scale our operations and organization to keep pace with the rapidly growing demand for our aerogel products,” Young said in the release.
CORRECTION: A previous version of this story incorrectly said Koch Industries is owned by the Koch brothers. The brothers Charles and David Koch have been majority stakeholders in Koch Industries, but David Koch passed away in August 2019; and Charles Koch is the only one of his siblings with any ownership stake in the company.
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