NORTHBOROUGH, Mass., June 7, 2023 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen", the "Company"), a technology leader in aerogel-based sustainability and electrification solutions, today announced that the Company is celebrating the opening of its cutting-edge engineering and rapid prototyping facility in Marlborough, MA. Aspen's Advanced Thermal Barrier Center (ATBC) will be the engineering hub of PyroThin cell-to-cell barriers, which help manufacturers optimize the safety and performance of battery packs for eMobility and energy storage system (ESS) markets.
The opening of this 59,000-square-foot facility upholds Aspen Aerogels' commitment to supporting the growth of the electrification movement. As electric batteries continue improving to meet performance requirements, thermal runaway events dampen public acceptance of eMobility technology. PyroThin thermal barriers are at the forefront of thermal runaway propagation protection.
"Our strategy is to leverage our Aerogel Technology Platform® into large important markets, especially those with sustainability and electrification themes," said Don Young, President and CEO. "The ATBC is designed to be the center of our customer-facing work as we continue to establish ourselves as an important industry resource and play an essential role in battery safety and performance."
Thermal runaway propagation is a complex challenge where there is not a one-size-fits-most solution. PyroThin cell-to-cell barriers are optimized based on the manufacturer's performance and critical safety requirements. The Advanced Thermal Barrier Center highlights Aspen's dedication to a collaborative approach. Located 45 minutes outside Boston, global manufacturers can travel to the ATBC to collaborate with engineers in real time and take advantage of its rapid prototyping capabilities. In addition to customer-facing engineering services, the Advanced Thermal Barrier Center will also house the commercialization of the next generation of thermal runaway solutions.
Corby Whitaker, Senior Vice President of Sales and Marketing, commented, "Aspen Aerogels is thrilled to inaugurate our new Technology Center for Thermal Barriers, a testament to our commitment to innovation and excellence in thermal management. This facility represents a significant milestone for our company and reinforces our determination in solving the world's toughest challenges. We aim to revolutionize thermal mechanical barrier technologies for battery electric vehicles, pushing the boundaries of what is possible and driving sustainable value. We look forward to collaborating with industry partners, academia, and customers to create transformative solutions that will shape the future of thermal management."
Aspen Aerogels is hosting an invitation-only ribbon-cutting ceremony on June 7th at 9:30 am to celebrate the facility's opening.
About Aspen Aerogels' PyroThin® Thermal Barriers
PyroThin® is an ultrathin, lightweight, high-temperature thermal insulation and fire barrier engineered to mitigate thermal runaway propagation at cell-to-cell, module, and pack barrier level. PyroThin's flexible and robust format accommodates a lithium-ion battery's daily breathing and progressive swelling as it ages. Even at the end-of-life, PyroThin has sufficient thermal resistance to mitigate thermal propagation. Use of PyroThin thermal barriers in lithium-ion battery packs helps automotive manufacturers meet critical safety goals without sacrificing drive range. PyroThin's aerogel technology evolved from more than two decades of thermal protection development in energy infrastructure, chemical processing, and transportation applications, including internal combustion engine and electric vehicle platforms. To learn more about PyroThin aerogel technology, please visit www.aerogel.com/product/pyrothin/.
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. facilities. For more information, please visit www.aerogel.com.
Special Note Regarding Forward-Looking and Cautionary Statements
This press release 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, including statements relating to Aspen's Advanced Thermal Barrier Center and its technology. These statements are not historical facts but rather are based on Aspen's current expectations, estimates and projections regarding Aspen's business, operations, technology 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," "targets," "opportunity," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen's expectations and beliefs about its Advanced Thermal Barrier Center, thermal mechanical barrier technologies and other technologies developed or being developed by Aspen and their relation to the battery electric vehicle industry and market. 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 risk factors discussed under the heading "Risk Factors" in Aspen's Annual Report on Form 10-K for the year ended December 31, 2022 and filed with the Securities and Exchange Commission ("SEC") on March 16, 2023, as well as any updates to those risk factors filed from time to time in Aspen's 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.
