# Aspen Aerogels

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/aspen-aerogels

- Industry: Materials
- Headquarters: Northborough, US
- Website: www.aerogel.com
- Total disclosed funding: $62M
- Latest round: Series D (May 25, 2005)
- Investors on record: 4

## About

Aspen Aerogels, Inc. specializes in advanced aerogel-based materials designed for energy efficiency and asset protection across diverse industries, delivering innovative solutions that meet stringent operational demands.Founded in 2001 in Northborough, US, Aspen Aerogels, Inc. operates in the energy and industrial sectors, focusing on innovative insulation products. CEO Donald Young leads the company, which has undergone strategic pivots to enhance product offerings. The firm raised USD 75.00 mn in a PIPE funding round, totaling the amount raised to USD 75.00 mn since inception. The company's latest deal was in June 2014, when it raised USD 82.5 mn through an IPO, selling 7.5 million shares at USD 11 per share on the NYSE.Aspen Aerogels specializes in advanced aerogel-based solutions designed for energy conservation and asset protection. Key products include Pyrogel, engineered for extreme conditions, and Cryogel Z, which offers thermal insulation and acoustic properties for LNG facilities. PyroThin enhances battery efficiency in e-mobility applications. These products serve a broad client base across North America, Europe, and Asia, addressing significant challenges in energy efficiency and operational costs for industries such as LNG refining and power generation.In the most recent year (2023), Aspen Aerogels reported revenue of USD 238.72 mn, with an EBITDA of USD -28.56 mn. The company generates income through the direct sale of proprietary insulation products to energy and industrial sectors, engaging in B2B transactions that include both individual sales and long-term contracts for ongoing supply.Aspen Aerogels aims to expand its product line and market reach with upcoming innovations designed to enhance energy efficiency and safety in various applications. The company intends to venture into new international markets, with specific targets set for expansion within Asia and Europe by 2025. The recent funding of USD 75.00 mn will support R&D initiatives for new product development and assist in scaling operations to meet growing demand, ensuring that Aspen Aerogels continues to provide tailored solutions for its clients.

## Funding rounds

- Series D, May 25, 2005, $50M — RockPort Capital Partners, Reservoir Capital Group, Lehman Brothers, Tae Kwang
- Series B, Jun 20, 2002, $8M — RockPort Capital Partners
- Series A, May 17, 2001, $4M — RockPort Capital Partners

## Investors

- RockPort Capital Partners (https://capitalatlas.ai/funds/rockport-capital-partners) — Series A, Series B, Series D
- Reservoir Capital Group (https://capitalatlas.ai/funds/reservoir-capital-group) — Series D
- Lehman Brothers (https://capitalatlas.ai/funds/lehman-brothers) — Series D
- Tae Kwang — Series D