The venture capital arm of German chemical company BASF (BAS.DE) led a $21.5 million round of investment in Aspen Aerogels Inc., Northborough, Massachusetts.
Aspen supplies reinforced, nanoporous aerogel insulation products that it says are up to five times more effective than other insulation materials. The company’s solutions enable customers to conserve energy in a variety of industries including building and construction, chemicals, transportation and oil and gas.
The current round of financing also included RockPort Capital, Tenaya Capital, Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity, among others.
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. These blankets are more robust than the existing monoliths and spheres, and just as easy to process as any other flexible insulation material, the company says.
“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.”
BASF said Aspen Aerogels products are already in use at the company’s Antwerp site and others, and they "see an additional very large market potential and further opportunities for profitable growth in the construction industry.”
In June 2008, Aspen Aerogels raised $37 million in funding.
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