Commenting on the funding, Don Young, CEO of the company said: “The global building and construction market offers a significant opportunity for aerogel technology, and BASF and Aspen will join forces to target and rapidly penetrate the European market”.
Aspen Aerogels, Inc., a Northborough, Massachusetts-based supplier of reinforced, nanoporous aerogel insulation products, has raised $21.5m (about €15.7m) in equity financing.
The investment round was led by BASF Venture Capital, with participation from RockPort Capital, Tenaya Capital, Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity.
Aspen has developed a proprietary blanket form of aerogels with broad application to a variety of markets including building and construction, chemicals, transportation and oil and gas.
Founded in 2001, Aspen currently employs 120 people.