In this month's newsletter, we are thrilled to feature Aspen Aerogels, Inc. (NYSE: ASPN) (Aspen), a technology leader in sustainability. On June 30, Aspen Aerogels closed a $75 million private investment in public equity (PIPE) transaction with an affiliate of Koch Strategic Platforms (KSP). The goal of KSP, a subsidiary of Koch Investments Group, is to be the preferred investment partner of growth-focused, strategic companies that are innovating in new economy industries.
Aspen's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility, and clean energy. Aspen's PyroThinTM products enable solutions to thermal runaway challenges within the electric vehicle (EV) market. 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 electric vehicles. Aspen's Spaceloft® products provide building owners with industry-leading energy efficiency and fire safety. The company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its aerogel technology platform into additional high-value markets.
The Mintz Energy & Sustainability team advised Aspen Aerogels on the PIPE transaction. Mintz has a long-standing relationship with Aspen and understands its goals. The firm has represented the company since 2010 in numerous matters, including its 2014 initial public offering (IPO) and numerous additional financings, as well as its strategic partnerships targeting new product and market opportunities. The Mintz team that advised Aspen in this PIPE transaction included Member and Co-chair of the firm's Energy & Sustainability Practice Sahir Surmeli, Member John Rudy, and Associates Nishant Dharia, Amanda Mei, and Ginny Lee.
Donald R. Young, Aspen's President and CEO, stated, "Aspen's strategy is to leverage our aerogel technology platform into high-value, high-growth markets that support our position as a technology leader in sustainability. We believe we have the opportunity to double revenue every two years through this decade. In the near term, this opportunity is driven by our PyroThinTM thermal barriers which address thermal runaway in electric vehicles and by our energy infrastructure products which promote resource efficiency, asset resiliency and safety in traditional and emerging energy settings. KSP's investment will support our growth and allow us to address additional high-value applications in ESG driven markets, including battery materials, hydrogen, carbon capture, and filtration, among others. Our potential is significant."
David Park, KSP's President, commented, "We are investing in disruptive companies that operate in industries with significant tailwinds. Aspen's aerogel technology platform is rich with potential and provides an opportunity to impact positively the transition of the energy value chain now and in the future. We are eager to help Aspen scale its operations as it carves out a valuable role in electrification and in sustainability overall. We are attracted to strong management teams, innovative technologies and significant growth opportunities. Aspen checks all the boxes for KSP."
Mr. Young concluded, "KSP's investment in Aspen comes at an ideal time. In addition to its financial support, KSP's broader corporate resources will be invaluable to Aspen as we scale our operations and organization to keep pace with the rapidly growing demand for our aerogel products. KSP's investment will help unleash Aspen's full potential to create significant value during the emerging era of energy transformation and solidify our position as a technology leader in sustainability."
We are excited to see Aspen Aerogels continue to succeed, and we are proud to be part of the team!
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ASPEN AEROGELS, INC. 
