Other investors included RockPort Capital, Tenaya Capital, Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity. Don Young, CEO of the Aspen Aerogels, said the strong technical, commercial and financial support will help the company, “target and rapidly penetrate the European market.”
Founded in 2001, Aspen Aerogels manufactures reinforced insulation products that are up to five times more effective than other insulation materials.
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.”
The company’s solutions enable customers to conserve energy in a variety of industries including building and construction, chemicals, transportation and oil and gas.
“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.”
For additional information:
____________________________________________________________________
