Aspen Aerogels, Inc. a technology leader in sustainability solutions, provided an update on the termination of its supply arrangement with BASF Polyurethanes (“BASF”), which was previously disclosed in Aspen’s Form 10-Q filed November 4, 2021 and updated in a Form 8-K filing by the Company dated December 27, 2021.
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Since October 2021, Aspen and BASF have been working together to effect an arrangement whereby Aspen would be solely responsible for the future development and commercialization of the Company’s Spaceloft A2 insulation product in the sustainable building materials and other markets. With the execution of the amendment to the supply agreement, Aspen has assumed direct responsibility for the commercialization of Spaceloft A2. Aspen’s Spaceloft A2 non-combustible insulation product targets the global building materials market with the value proposition of superior thermal management and fire safety.
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“We have appreciated BASF’s partnership and are excited to add the non-combustible building product back into our portfolio of sustainable building products,” said Don Young, Aspen’s President and CEO. “We are investing heavily in our Aerogel Technology Platform™ with a particular focus on thermal management and fire safety. These attributes are valuable drivers of demand in the electric vehicle and energy infrastructure markets and extend to our sustainable building materials. While sustainable building materials constitute a smaller portion of our overall revenue, Aspen is positioned for strong 2021 revenue and will carry solid momentum going into 2022.”
Mr. Young concluded, “Aspen is committed to providing world class service to the sustainable building market. We believe we are well positioned to advance our Spaceloft products to architects and building engineers around the world.”
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