Aspen Aerogels, Inc., an aerogel technology company, designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials and electric vehicle (EV) markets.
The company provides high-performance aerogel insulation to the energy industrial and sustainable insulation markets. It has developed and commercialized its proprietary line of PyroThin aerogel thermal barriers for use in battery packs in EVs. In additio...
Aspen Aerogels, Inc., an aerogel technology company, designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials and electric vehicle (EV) markets.
The company provides high-performance aerogel insulation to the energy industrial and sustainable insulation markets. It has developed and commercialized its proprietary line of PyroThin aerogel thermal barriers for use in battery packs in EVs. In addition, it is developing applications for its aerogel technology in the battery materials market, as well as a number of other high-potential markets.
Segments
The company’s core businesses are organized into two reportable segments: Thermal Barrier and Energy Industrial.
Thermal Barrier
The segment is actively developing a number of promising aerogel products and technologies for the EV market. It has developed and is commercializing its proprietary line of PyroThin aerogel thermal barriers for use in battery packs in EVs. The company’s PyroThin product is an ultra-thin, lightweight, and flexible thermal barrier designed with other functional layers to impede the propagation of thermal runaway across multiple lithium-ion battery system architectures. The company’s thermal barrier technology is designed to offer a unique combination of thermal management, mechanical performance, and fire protection properties. These properties enable EV manufacturers to achieve critical battery performance and safety goals. In addition, it is seeking to leverage its patented carbon aerogel technology to develop industry-leading battery materials for use in lithium-ion battery cells. The company’s carbon aerogel initiative seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to reduce charging time and the cost of EVs. The commercial potential for its PyroThin thermal barriers and its carbon aerogel battery materials in the EV market is significant.
The company has entered into multi-year production contracts with a number of automotive EV original equipment manufacturer (OEM) customers to supply fabricated, multi-part thermal barriers for use in the battery systems of their EV models. These customers include General Motors LLC (GM), Toyota, Scania, Automotive Cells Company, which is a battery cell joint venture between Stellantis N.V, Saft-TotalEnergies, and Mercedes-Benz (ACC), Audi, a luxury brand of the Volkswagen Group, Volvo Truck, and a large EU battery manufacturer to supply a next-generation vehicle platform of a major EU luxury sports car brand. The company is supplying thermal barrier production parts to both General Motors and Toyota, and thermal barrier prototype parts to a number of global manufacturers of EVs, grid storage, and home battery systems.
The company’s patented aerogel products and manufacturing technologies are significant assets. Although silica aerogels are usually fragile materials, it has developed innovative and proprietary manufacturing processes that enable it to produce industrially robust aerogel insulation cost-effectively and at commercial scale.
Aspen Aerogels' cathode material suspends and separates the LFP material in carbon aerogel, which is highly conductive, keeping the LFP separate and preventing sintering and agglomeration while creating a structural, highly conductive carbon network. The company is in the process of scaling this technology to reduce the use of less sustainable materials in the battery, such as nickel and cobalt, while simultaneously reducing charging time to 5-10 minutes. It is working alongside Oak Ridge National Laboratory to scale this technology from bench to pilot-scale.
The company’s aerogel thermal barrier products are designed to enable its customers to enhance the safety and performance of their lithium-ion battery systems. These barriers are designed to impede the propagation of thermal runaway in lithium-ion battery systems at the battery cell, module, and pack levels across multiple lithium-ion battery system architectures. The company’s ultra-thin, lightweight, and flexible thermal barriers are designed to allow battery manufacturers to achieve critical safety goals without sacrificing energy density.
Energy Industrial
The segment also designs, develops, and manufactures innovative, high-performance aerogel insulation used primarily in the energy industrial and sustainable insulation markets. The company’s end-user customers select its products where thermal performance is critical, and to save money, improve resource efficiency, enhance sustainability, preserve operating assets, and protect workers.
The company’s technologically advanced insulation products are targeted at the multi-billion dollar global market for energy industrial insulation materials. The company’s aerogel insulation has undergone rigorous technical validation and is used by many of the world’s largest oil producers, as well as the owners and operators of refineries, petrochemical plants, liquefied natural gas facilities, and power-generating and distribution assets, such as ExxonMobil, Reliance Industries, PTT LNG, and Royal Dutch Shell. The company’s products replace traditional insulation in existing facilities during regular maintenance, upgrades, and capacity expansions. In addition, the company’s aerogel products are increasingly being specified for use in new-build energy industrial facilities.
The company introduced its two key aerogel insulation product lines for the energy industrial market, Pyrogel and Cryogel, in 2008. Pyrogel and Cryogel have undergone rigorous technical validation by industry-leading end-users and achieved significant market adoption. It has sold over $1.5 billion of its insulation products globally, representing an installed base of more than 500 million square feet of insulation.
The company has grown its business by forming technical and commercial relationships with industry leaders, which has allowed it to optimize its products to meet the particular demands of targeted market sectors. It has benefited from its technical and commercial relationships with ExxonMobil in the oil refinery and petrochemical sector, and with TechnipFMC in the offshore oil sector.
The company’s insulation products help end-users improve resource efficiency, reduce energy consumption, and reduce the carbon footprint of their operations. These products enable compact system design, reduce installation time and costs, promote freight and logistics cost savings, reduce system weight, minimize required storage space, and enhance job site safety. The company’s insulation products reduce the incidence of corrosion under insulation, which is a significant maintenance cost and safety issue in energy industrial facilities. Many of the company’s insulation products also offer strong fire protection, which is a critical performance requirement in its markets.
The company markets and sells its products primarily through a sales force based in North America, Europe, and Asia. The efforts of its sales force are supported by a small number of sales consultants with extensive knowledge of a particular market or region. The company’s sales force is responsible for establishing and maintaining customer and partner relationships, delivering highly technical information, and ensuring high-quality customer service.
The company’s salespeople work directly with end-user customers and engineering firms to promote the qualification, specification, and acceptance of its aerogel and thermal barrier products. It also relies on an existing and well-established channel of qualified insulation distributors and contractors in more than 50 countries around the world to ensure rapid delivery of its aerogel products and strong end-user support.
Markets
The company’s principal markets are the EV market and the energy industrial insulation market. These markets are global, well-established, and include large and well-capitalized end-users.
The company has developed and commercialized a proprietary line of aerogel-based thermal barriers for use in battery packs of EVs and energy storage systems. The market for the company’s thermal barrier products encompasses batteries used in mobile platforms, such as automobiles, trucks, buses, and light aircraft, as well as fixed platforms, including home storage, grid storage, and other commercial applications.
The company has entered into production contracts with GM to supply fabricated, multi-part thermal barriers (the Barriers) for use in the battery system of its next-generation EVs (the GM Contracts). It has also entered into production contracts with Toyota, Scania, Audi, a luxury brand of the Volkswagen Group, ACC, Volvo Truck, and a large EU battery manufacturer to supply a next-generation vehicle platform of a major EU luxury sports car brand.
The company also sells its products for use in the sustainable insulation materials and other end markets, including for the fabrication of insulation parts by OEMs. These OEMs develop products incorporating the company’s aerogel blankets for applications in a diverse set of markets, such as military aircraft, trains, buses, appliances, apparel, footwear, and outdoor gear.
The major end-user markets that drive demand for the company’s products include oil refining, petrochemical, natural gas, and LNG production and storage, onshore oil production, offshore oil production, and power generation. Global energy demand is expected to increase in the long term, and to serve this growing demand, its end-user customers will continue to invest in major energy industrial projects.
Competition
The company competes in the aerogel materials market with Armacell International S.A., JIOS Aerogel Pte. Ltd., IBIDEN Co., Ltd., Guangdong Alison Hi-Tech Co., Ltd., Nano Tech Co., Ltd., Beerenberg AS, IBIH Advanced Materials Co., Ltd., Nameite New Materials Technology Co., Ltd., Guizhou Aerospace Wujiang Electro-Mechanical Equipment Co., Ltd., Shenzhen Aerogel Technology Co., Ltd., and a growing number of other competitors that manufacture, sell, or resell aerogel-based insulation products.
Growth Strategy
The company’s strategy is to create economic value by leveraging its technological and market leadership in aerogels to be the premier provider of high-performance aerogel products serving the global EV and energy industrial markets. Key elements of the company’s strategy are to leverage the aerogel technology platform in the EV market, strategically increase capacity to meet demand, capitalize on innovation to develop new markets, and broaden energy market diversity and grow market share.
Aerogel Products
Silica aerogels are highly porous structures in which 97% of the volume consists of air trapped between intertwined clusters of amorphous silica solids. Silica aerogels are low-density, extremely fragile materials. However, the company’s proprietary manufacturing process produces silica aerogels in a flexible, resilient, durable, and easy-to-use blanket form.
The core raw materials in the production of the company’s aerogel insulation products are alkyl silicate and silane precursors. The company’s manufacturing process initially creates a semi-solid alcogel in which the silica structure is filled with ethanol. It produces aerogel by means of a supercritical extraction process that removes ethanol from the gel and replaces it with air. The company’s process allows the ethanol to be extracted without causing the solid matrix in the gel to collapse from capillary forces.
The materials used in the production of the company’s silica aerogel products consist primarily of several silica precursors, fiber batting, and other additives. The markets for these materials are generally competitive, and multiple sources of supply exist for all of its raw materials. However, from time to time, it has experienced a significant increase in the price of certain silica precursors due to supply imbalances in the silanes market. The company is actively working to reformulate its products to reduce its reliance on the materials that are susceptible to significant price fluctuations. It is also working to expand the geographic diversity of its supply base to reduce the risk of demand and supply imbalances in any one country or region.
The company purchases silica precursors from several suppliers in the United States, Europe, and Asia, including China. Suppliers of silica precursors include industrial companies that produce the materials directly or that produce them as a byproduct of other industrial processes. The company is working with a number of these suppliers to plan for its potential future needs and to develop its processes to reduce the long-term cost impact of these materials.
The company’s aerogel blankets are reinforced with fiber batting. It manufactures and sells its blankets primarily in 60-inch-wide, three-foot diameter rolls with a standard range of thickness from one millimeter to ten millimeters. The company’s base products are all flexible, hydrophobic, vapor permeable, compression resistant, and able to be cut and fabricated using conventional tools. It has specifically developed its line of aerogel blankets to meet the requirements of a broad set of applications within its target markets. The composition and attributes of its standard aerogel blankets are described below:
EV & Energy Storage Market
PyroThin: PyroThin thermal barriers are the company’s new generation of ultra-thin flexible aerogel products engineered to satisfy the needs of the EV and energy storage industries to address thermal runaway issues in lithium-ion batteries. PyroThin thermal barriers can be used to provide passive fire protection at the cell, module, or pack level within multiple lithium-ion battery system architectures. PyroThin thermal barriers can also be customized to offer a unique combination of thermal management, mechanical performance, and fire protection properties that enable an EV manufacturer to achieve targeted battery performance and safety goals.
Energy Industrial Markets
Pyrogel XTE: Pyrogel XTE, the company’s best-selling product, is reinforced with a glass-fiber batting and has an upper use temperature of 650° C. Pyrogel XTE was initially designed for use in refineries and petrochemical facilities, but has proven to have wide applicability throughout the energy industrial market. Pyrogel XTE is optimized for high-temperature applications between 100° C and 400° C. Pyrogel XTE’s hydrophobicity and vapor permeability reduce the risk of corrosion under insulation in energy industrial operating systems when compared to traditional insulation.
Pyrogel HPS: Pyrogel HPS is optimized for applications within the power generation market with operating temperatures greater than 400° C. With an upper use temperature of 650° C, high durability, and extremely low thermal conductivity, Pyrogel HPS is ideal for installation in high-performance turbine systems and in demanding thermal environments in power plants and systems. Pyrogel HPS also provides strong value at high temperatures and in demanding thermal applications in refining and chemical processing systems.
Pyrogel XTF: Pyrogel XTF provides thermal performance similar to Pyrogel XTE, but is reinforced with a glass- and silica-fiber batting. Pyrogel XTF is specially formulated to provide strong protection against fire.
Cryogel Z: Cryogel Z is designed for sub-ambient and cryogenic applications in the energy industrial market. Cryogel Z is reinforced with a glass and polyester-fiber batting and is produced with an integral vapor barrier. Cryogel Z is also specially formulated to minimize the incidence of stress corrosion cracking in stainless steel systems. Cryogel Z’s combination of properties allows for simplified system designs and reduced installation costs in cold applications throughout the energy industrial market when compared to traditional insulation.
Spaceloft Subsea: Spaceloft Subsea is reinforced with glass- and polyester-fiber batting and is designed for use in pipe-in-pipe applications in offshore oil production. Spaceloft Subsea is typically fabricated and pre-packaged to permit faster installation. Spaceloft Subsea allows for small profile carrier pipelines and associated reductions in capital costs.
Other Markets
Cryogel X201: Cryogel X201 is similar in composition to Cryogel Z, but is produced without the integral vapor barrier. Cryogel X201 is designed for use in cold system designs where space is at a premium. Cryogel X201 is targeted to OEMs that design, produce, and sell refrigerated appliances, cold storage equipment, and aerospace systems.
In 2024, consistent with the company’s expectations and plans for the growth of its business, it discontinued production of its Spaceloft sustainable insulation materials, including Spaceloft Grey and Spaceloft A2.
R-Values by Material
Insulation is a material or combination of materials that slows the transfer of heat from one side of the material to the other. The composition of the company’s aerogel products minimizes the three mechanisms of thermal transport:
Conduction: Heat conduction through a material is correlated to the material’s density. Aerogels are very low-density solids. As a result, thermal conductivity through the aerogel material itself is extremely low.
Convection: Heat convection in gases is through the movement of gas molecules. Due to the restricted movement of gases in the nanoporous aerogel structure, thermal convection is eliminated inside the aerogels.
Radiation: Radiation requires no medium to transfer the heat. Thermal radiation is partially absorbed by aerogels. The company’s aerogel products also contain infrared absorbing additives to reduce radiant heat transfer significantly.
The lower a material’s thermal conductivity, the more slowly heat is transferred through the material. R-values are a commonly used measure of an insulating material’s resistance to heat transfer. R-value is calculated as the thickness of an insulation material divided by the thermal conductivity of the insulation material. Materials with higher R-values have lower thermal conductivity and are better insulators. Traditional and specialty insulation materials provide a range of R-values. Aerogels have the highest R-value per unit of thickness in comparison to traditional insulation materials.
Qualification for Use
The company’s products have undergone rigorous testing and are qualified for global usage in both routine maintenance and in capital projects at many of the world’s largest oil producers, refiners, and petrochemical companies, as well as within the next-generation lithium-ion battery systems of five of the largest global automotive manufacturers. These end-users of the company’s products have well-defined practices, codes, specifications, and standards for materials and systems installed in their vehicles or used in their facilities. These specifications include system design standards, material qualification and selection processes, insulation application practices, and quality control requirements. As part of the material qualification process established by these companies, a new insulation or thermal barrier product must meet general industry standards, such as consensus standards developed by ASTM International, and, in many cases, company-specific internal standards to be considered and approved for use or designed into vehicle platforms. In addition, most of these companies require one or more field trials of tests to evaluate fitness for use in specific applications. These companies either run these qualification processes and field trials internally or through third parties engaged by them, and they generally do not publicly disclose the results of their testing. While the specific processes and timelines vary from company to company, in general, upon successful completion of the qualification process for an insulation or thermal barrier product, an end-user will typically deem the product to be qualified for use in its facilities on a local, regional, or global basis for one or more applications or vehicles. Because its end-user customers are typically businesses with very large operations in multiple sites, the company’s insulation or thermal barrier sales likely represent only a small portion of the total product used by any one of these companies. Accordingly, once the company’s products are qualified or designed into a platform at a specified company, it continues to seek to expand the use of its products by the end-use customer in additional applications, platforms, locations, or vehicles.
Sales Channel
The company markets and sells its products primarily through its global sales force. The company’s sales personnel are based in North America, Europe, and Asia, and travel extensively to market and sell its products to new and existing customers. The efforts of the company’s sales force are supported by a small number of sales consultants with extensive knowledge of a particular market or region. The company’s sales force establishes and maintains customer and partner relationships, delivers highly technical information, and provides first-class customer service. The company plans to expand its sales force and business development resources globally to support anticipated growth in customers and demand for its products.
The company’s sales force calls on and maintains relationships with participants at all levels of the energy industrial supply chain. It has established a network of insulation distributors to ensure rapid delivery of its products in critical regions. The company’s sales personnel work to educate insulation contractors about the technical and operating cost advantages of aerogel blankets. The company’s sales force also works directly with end-users and engineering firms to promote qualification, specification, and wider acceptance of its products in existing and new applications. In the energy industrial market, the company relies heavily on the existing and well-established channel of distributors and contractors to deliver products to its customers. In addition, the company’s sales and business development personnel work directly with OEMs and strategic partners, including within the EV industry, to create new product designs and solutions to expand its market reach.
The sales cycle for a new insulation material or thermal barrier is typically lengthy. The company’s sales cycle, from initial customer contact to widespread use, can take from one to three years, although it typically realizes increasing revenue at each stage in the cycle. These relationships have proven to accelerate the sales cycle with other customers within specific markets and to facilitate growth in market share. The company has focused its marketing efforts on developing technical support materials, installation guides, case studies, and general awareness of the superior performance of its aerogel blankets and thermal barriers. It relies principally on its website, social media, printed technical materials, participation in industry conferences and tradeshows, and presentation of technical papers to communicate its message to existing and potential customers. The company also receives strong word-of-mouth support from the growing network of distributors, installation contractors, OEMs, strategic partners, and end-users that understand the benefits of its products.
Customers and End-Users
Customers
EV and Energy Storage
The company’s customers in the evolving EV and energy storage markets include EV manufacturers, Tier 1 automotive suppliers, lithium-ion battery manufacturers, and e-mobility and energy storage companies. The company’s existing and prospective customers range from start-ups to the largest automotive manufacturers in the world.
The company typically supplies thermal barrier products to its automotive OEM customers through purchase orders, which are generally governed by general terms and conditions established by the OEM.
Individual purchase orders from the company’s automotive OEM customers are terminable for cause or non-performance and, in most cases, upon its insolvency and certain change of control events. In addition, its automotive OEM customers often have the option to terminate for convenience on certain programs, which permits its customers to impose pressure on pricing during the life of the vehicle program, and issue purchase contracts for less than the duration of the vehicle program, which potentially reduces its profit margins and increases the risk of losing future sales under those purchase contracts.
Although customer programs typically extend to future periods, and although there is an expectation that the company will supply certain levels of automotive OEM production during such future periods, customer agreements, including applicable terms and conditions, do not constitute firm orders. Firm orders are generally limited to specific and authorized customer purchase order releases. Firm orders are typically fulfilled as promptly as possible from the conversion of available raw materials, sub-components, and work-in-process inventory for OEM orders.
Energy Industrial
The company’s primary customers in the energy industrial market are distributors, installation contractors, and fabricators that stock, install, and customize insulation products, components, and systems for technically sophisticated end-users that require high-performance insulation.
Distributors: The company operates through a global network of insulation distributors. In general, insulation distributors stock, sell, and distribute aerogel materials to insulation contractors and end-users. The distribution of the company’s products outside of the United States is at times conducted under agreements that provide for exclusivity by geography linked to annual purchase volume minimums. These insulation distributors typically market, promote, and advertise the company’s aerogel materials across their markets.
Contractors: The company sells directly to a number of insulation contractors under project-specific contracts or general purchase orders. Insulation contractors generally perform insulation installation, inspection, maintenance, and project management for end-users. In addition, some insulation contractors provide end-users with project engineering and design services.
Fabricators: The company sells directly to a small network of fabricators that design, customize, and manufacture insulation components and systems for use in the energy industrial, sustainable insulation materials, transportation, appliance, and apparel markets.
Direct Sales to End-Users: In certain instances, the company sells directly to end-users in the energy industrial insulation market. In these instances, the company’s end-users directly manage and control specification, logistics, installation, inspection, maintenance, and fabrication activities of its aerogel products.
Additional Customer Information
GM represented 64% of the company’s total revenue in 2024 and was its only customer representing 10% or more of its revenue for that period.
A substantial portion of the company’s sales are to shipment destinations located outside of the United States, including Mexico, France, Norway, Thailand, Canada, Germany, Taiwan, Great Britain, Colombia, and South Korea.
End-Users
The end-users of the company’s aerogel blankets and thermal barriers include some of the largest and most well-capitalized companies in the world. The company’s products are installed in more than 50 countries worldwide.
EV Market
The company’s thermal barrier products are in use today in EV battery systems of GM and Toyota with a leading global platform.
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 EVs, among other uses. The company is targeting the manufacturers of battery components, batteries, grid battery systems, and EVs as potential customers for its carbon aerogel materials.
Energy Industrial
Oil Refining: The company’s products have been installed in more than 30% of the world’s 640 refineries. In addition, the company’s aerogel blankets are used by 24 of the world’s 25 largest refining companies, including ExxonMobil, Shell, and Chevron, among others. Over time, these companies have used the company’s products in an increasing range of applications and throughout an increasing number of their facilities.
Petrochemical: The company’s aerogel blankets are used by all of the world’s 20 largest petrochemical companies, including Reliance Industries, Formosa Petrochemical, and LyondellBasell Industries, among others.
Natural Gas and LNG: The company’s products are in use at facilities operated by PTT LNG, ExxonMobil, and Dominion Energy, among others.
Onshore: The company’s aerogel blankets are in use in several Canadian oil sands facilities owned and operated by Suncor Energy, ConocoPhillips, and Husky Energy, among others.
Offshore: The company’s products are used in subsea projects off the coast of Brazil, in the Gulf of Mexico, in the North Sea, off the coast of Malaysia, and off the west coast of Africa. The company’s products are installed in offshore projects owned by Total, Marathon Oil, ConocoPhillips, and Shell, among others.
Power Generation: The company is targeting operators of gas, coal, nuclear, hydro, and solar power-generating facilities. The company’s products are currently used at facilities owned and operated by NextEra Energy Resources, Southern Company, and Duke Energy, among others.
District Energy: The company’s products are used in medium- to high-temperature steam distribution networks in universities and municipalities within the United States and Asia.
Sustainable Insulation Materials and Other Markets
Traditionally, the company has relied on the efforts of a small network of partners, OEMs, and fabrication houses to serve the sustainable insulation materials, transportation, apparel, and appliance markets. These partners, OEMs, and fabricators are manufacturers of components and systems for refrigerated and hot appliances, cold storage equipment, automobiles, aircraft, trains, electronics, and outdoor gear and apparel. The end-users of the company’s products in these markets include a wide range of institutions, businesses, individuals, municipalities, and government agencies.
Research and Development
The company’s research and development expenditures were $18.1 million for the year ended December 31, 2024.
Intellectual Property
As of December 31, 2024, the company owned 83 issued U.S. patents, 63 pending U.S. patent applications, 271 issued foreign patents, and 372 pending foreign patent applications.
The company has successfully enforced its patent rights against Chinese aerogel manufacturers in the U.S. at the International Trade Commission and in Europe at the District Court in Mannheim, Germany. The company also has an ongoing patent infringement action against Beerenberg Services AS and Beerenberg Korea Ltd. at the Seoul District Court and against Beerenberg Korea Ltd., and Bronx (China) Co., Ltd. at the Seoul Administrative Court under appeal from the Korea Trade Commission (KTC) in connection with the alleged infringement of the Korean counterparts of its patents previously asserted successfully in Germany, and also an additional Korean patent family covering high-performance aerogel compositions. In January 2025, the company reached a mutual agreement to resolve its patent infringement action against AMA S.p.A. and AMA Composites S.r.l. (collectively, AMA) at the Court of Genoa, Italy. This settlement concludes the company’s legal action against AMA regarding the unauthorized sale of infringing aerogel insulation materials in Europe.
The company uses trademarks to brand some of its products, including Pyrogel, PyroThin, and Cryogel. As of December 31, 2024, the company had eight trademark registrations in the United States, and 81 trademark registrations in foreign jurisdictions, including the European Union, the United Kingdom, Japan, China, Canada, Mexico, India, South Korea, and Brazil. Additionally, the company had one pending U.S. trademark application and two pending foreign trademark applications.
Cross License Agreement with Cabot Corporation
The company has a cross-license agreement with Cabot Corporation under which each party grants to the other party certain intellectual property rights.
Seasonality
The company’s energy industrial product offerings make it less susceptible to seasonal patterns, as its operating results are generated in part by demand for insulation associated with new-build construction of facilities, capital expansions and related capital projects, and larger maintenance-related projects in the energy industrial market. Historically, the company’s third and fourth quarter (year ended December 31, 2024) results have shown increased levels of revenue.
History
Aspen Aerogels, Inc. was founded in 2001. The company was incorporated in 2008.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
