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Aspen Aerogels, Inc., a leading provider of aerogel insulation, announced it has successfully raised $22.5 million in its latest convertible note financing. The funds will be used for working capital to support revenue growth and for capital expenditures to improve the efficiency and throughput of existing manufacturing assets. This round brings Aspen's total funds raised through issuance of convertible notes to more than $80 million.
"This financing is expected to provide Aspen with sufficient funding to continue to grow our business to meet increasing demand for our aerogel blankets. We also remain laser focused on improving our profitability while investing for growth," said Don Young, President and CEO of Aspen Aerogels, Inc.
In conjunction with the recent financing, Aspen has decided not to pursue an initial public offering at this time. The company intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
"We believe our recent financing provides Aspen with the financial flexibility to pursue a range of financing and strategic opportunities in the future," said Mr. Young.
Aspen Aerogels is a leading provider of industrial aerogel insulation, which delivers maximum thermal protection with minimal weight and thickness. Its flexible blanket form is up to five times thinner than traditional insulation products, saving space and total installed cost on piping, vessels, tanks and equipment. Aspen's insulation product line is used in industrial facilities worldwide on applications ranging from -460 degrees F (-270 degrees C) to 1200 degress F (650 degrees C) and in wall-systems for commercial and residential buildings.
About Aspen Aerogels, Inc.
Aspen Aerogels (www.aerogel.com) supplies reinforced, flexible aerogel insulation products that provide up to five times the thermal performance of other widely-used insulation materials. Aspen's aerogel insulation delivers thermal and other benefits that enable customers to conserve energy and save money in many industries including oil and gas production and processing, LNG transportation and storage, building and construction, outdoor apparel, appliances, transportation, military and aerospace. Headquartered in Northborough, Mass., Aspen manufactures its Cryogel®, Pyrogel® and Spaceloft® products at a state-of-the-art, high-capacity plant in East Providence, R.I.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
This press release contains "forward-looking" statements about Aspen Aerogels and its products and technology. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the possibility that Aspen Aerogels' future funding requirements or financial performance, including cash from operations, will not meet its expectations, and that demand for its products will be less than anticipated. Aspen Aerogels assumes no obligation to update the forward-looking statements contained in this release as the result of new information or future events or developments.
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