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Loans related to of Aspen PyroThin® thermal barrier capacity expansion
Northborough, Massachusetts., November 29, 2022 /PRNewswire/ — Aspen Aerogels, Inc. (NYSE: ASPN) (“Aspen” or “the Company”), a technology leader in sustainability and electrification solutions, today announced that its wholly owned subsidiary, Aspen Aerogels Georgia LLC, has entered into a definitive financing agreement with the Company and Aspen Aerogels Rhode Island, LLC. announced. General Motors Holdings LLC (“GM”), an affiliate of General Motors (NYSE: GM), $100 million in relation to of Aspen construction and equipping of a second airgel manufacturing facility in statesboro, georgia. of $100 million of loan income (“loans”) Aspen withdraw regularly from January 2023 finished September 2023, subject to certain conditions preceding funding and other funding requirements.The maturity date of the loan is March 31, 2025 No prepayment penalty.
“Aspen We are pleased to add this additional financial dimension to our strong technical and commercial relationship with GM. Donald R. Young, of Aspen President and CEO. “GM’s investment is dedicated to supporting the construction of a new state-of-the-art airgel manufacturing facility. Georgiais designed to triple of Aspen Nameplate airgel capacity to support our significant growth plans. For more than 20 years, we have leveraged the Aerogel Technology Platform™ to bring sustainability solutions to large and critical markets. of Aspen The focus on increasing the performance and safety of electric vehicle batteries fits well with that strategy. ”
“We are proud to be a major supplier to GM,” Young continued. Aspen Overdrive award winner as part of GM’s 30th Annual Supplier of the Year Award. In addition, Aspen Signed GM’s ESG Supplier Pledge, sharing a vision of a collaborative supply chain that strives to minimize environmental impact and enhance long-term sustainable electrification. of Aspen Sustainability performance was assessed by EcoVadis, GM’s independent third-party supplier verification platform. November 2022, Aspen Received EcoVadis Silver Medal for Comprehensive Sustainability Scorecard. Aspen in 87th Percentile of companies evaluated by EcoVadis.
About Aspen Aerogels, Inc.
Aspen A technology leader in sustainability and electrification solutions. Our airgel technology enables customers and partners to achieve their unique goals in line with global megatrends in resource efficiency, e-mobility and clean energy. of Aspen PyroThin® products enable a solution to the thermal runaway challenge in the electric vehicle (“EV”) market. The company’s carbon airgel initiative, Aspen Battery Materials, aims to improve the performance of lithium-ion battery cells, enabling EV manufacturers to increase driving range and reduce the cost of EVs. of Aspen Spaceloft® products provide building owners with industry-leading energy efficiency and fire safety. Our Cryogel® and Pyrogel® products are highly rated by the world’s largest energy infrastructure companies. of Aspen Its strategy is to partner with world-class industry leaders to leverage their Aerogel Technology Platform™ into value-added markets.Head office location Northborough, Massachusetts, Aspen that product East Providence, Rhode Island Facility. For more information, please visit www.aerogel.com.
SPECIAL NOTICE OF FORWARD-LOOKING AND CAUTIONS
This press release and related discussion contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which do not refer to actual results as past results or forward-looking statements. It involves risks and uncertainties that could cause results to differ materially.is implied by such forward-looking statements, including statements relating to of Aspen 2022 financial outlook.These statements are not based on historical facts, but rather on of Aspen current expectations, estimates and projections regarding of Aspen Business, operations and other factors related thereto. of Aspen 2022 financial outlook. “may”, “will”, “could”, “would”, “should”, “predict”, “predict”, “could”, “continue” , “expect,” “intend,” “plan,” etc. are used interchangeably with “forecast,” “believe,” “estimate,” “outlook,” “assume,” “goal,” “opportunity,” and similar. The term is used to identify these forward-looking statements. Such forward-looking statements include, among other things, statements regarding: of Aspen Ability to meet funding preconditions and other funding requirements $100 million Loan from GM. of Aspen Capacity, revenue, backlog, costs, expenses, profitability, cash flow, gross margin, gross margin, operating margin, net loss, adjusted EBITDA, adjusted EBITDA margin and related declines, improvements, timing and fluctuations Predictions about gender or tendency.Belief in higher than expected demand from automotive original equipment manufacturer (“OEM”) customers and how they enable a path to profitability, absorbing fixed costs beliefs about the general strengths, weaknesses, or health of of Aspen Jobs; Accelerating Demand; Increasing Demand from Remaining OEM Customers in 2022, Remaining Energy Industry Demand Book Acceleration in 2022, Penetration Level in EV Market, Energy Industry Market Growth.beliefs about current or future trends in energy, energy infrastructure, chemicals and refining, liquefied natural gas (“LNG”), sustainable building materials, EV insulation, EV battery materials, or other markets and those trends; Impact of of Aspen beliefs about the strength, effectiveness, productivity, cost, profitability, or other basis of work; of Aspen work; beliefs about the role of of Aspen Technologies and opportunities in the EV market.belief about of Aspen Ability to provide and deliver products and services to EV customers.Beliefs about content, revenues, costs, expenses, profitability, investments, or related cash flows by vehicle of Aspen EV opportunities, including EV thermal insulation business. A belief in revenue growth and profitability. Belief in PyroThin® performance, including its ability to mitigate thermal runaway propagation in EVs.belief about of Aspen Ability to expand PyroThin’s market, win designs, start shipping production parts, and become the industry standard solution for thermal runaway management.belief about of Aspen Insulation design, prototyping, estimating and assembly work. Expected costs for capital projects, including Plant II, and expected timing for Phase I commissioning of Plant II in the first half of 2024.beliefs about us Mexico Part manufacturing facilities and their operations, ability to meet demand in a timely manner, increased thermal insulation demand to match part manufacturing operations and vice versa.Ability to shift operations East Providence, Rhode Island To Mexico Fast. All such forward-looking statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties and therefore may not predict actual results, outcome of events, timing or performance. may differ materially from those expressed or implied by such statements.These risks and uncertainties include, but are not limited to: inability to execute growth plans through 2025; Inability to reasonably complete, or inability to do at all; To avoid undue delay or impact on the operation or construction of the second plant; To manage supply chain disruptions; Mexico Inability to create manufacturing facilities, new products, partnerships and market opportunities. Sustained decline in energy industry prices. A sustained downturn in energy, energy infrastructure, chemicals and refining, LNG, sustainable building materials, EV insulation, EV battery materials, or other markets due to the coronavirus pandemic, COVID-19, or other factors . Inability to sustain project-based demand in subsea, LNG, onshore, or other markets. Especially for the rest of his 2022, demand from OEM customers has been lower than expected.Contractual rights of automotive OEM customers to cancel contracts Aspen at any time without penalty; costs, expenses, or investments incurred by Aspen Exceeds projections used for contractual pricing with automotive OEM customers.failure of Aspen or PyroThin to meet contractual specifications and requirements under contract with an automotive OEM customer. of Aspen Inability to create customers or market opportunities for any of its products, including PyroThin.Developed from other battery performance and safety products, battery materials, or other new products of Aspen If any of the three existing production lines in Airgel Technology; fail to achieve expected production capacity levels or are disrupted. East Providence, Rhode Island or Mexico Manufacturing facilities, including those due to the coronavirus pandemic, COVID-19, or other factors. If you can’t expand your manufacturing capacity at a second manufacturing facility Block County, Georgia or any other place.Unable to establish thermal barrier assembly operation at or in a timely manner Mexico or any other place. Not have all applicable regulatory or other approvals required to operate, maintain or expand any of the following: of Aspen facility; failure to meet demand for of Aspen Products; failing to achieve anticipated price increases or average selling prices of Aspen products; significant increases in the cost of raw materials, utilities, or other manufacturing consumables; shortages of raw materials, utilities, or other manufacturing consumables due to the coronavirus pandemic, COVID-19, or other factors;Inability to generate sufficient operating cash flow or obtain significant additional capital to pursue of Aspen strategy; failure to raise sufficient capital in a timely manner to fund various capital projects;failure of of Aspen The product becomes widely adopted.competition Aspen Face that business.failure of any coercion of Aspen Patents or other intellectual property rights on a global basis.Failure to protect or extend of Aspen Airgel Technology Platform™; future certification of any invalidity of Aspen Patents in any jurisdiction; failure to generate sufficient operating cash flow or obtain sufficient additional capital to continue pursuit of Aspen New business, technology, patent implementation or patent defense strategy.failure of of Aspen Products that meet applicable specifications and other performance, safety, technical and delivery requirements.General economic conditions and cyclical demand in the market Aspen Serve. Economic, business and geopolitical risks associated with overseas sales and business expansion. Mexicoloss of direct customers, including distributors, contractors and automotive OEMs; Comply with applicable health and safety laws and regulations. Maintaining and developing distribution channels.Other risk factors discussed under the heading “Risk Factors” in the Annual Report on Form 10-K for the last year December 31, 2021 Filed with the Securities and Exchange Commission (“SEC”) March 1, 2022, and updates to these risk factors filed from time to time in subsequent periodic reports and current reports filed with the SEC. All statements contained in this press release are as of the date of this press release. Aspen We do not intend to update this information unless required by law.
Source Aspen Aerogels, Inc.
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