BASF Venture Capital invests in American company Aspen Aerogels
BASF Venture Capital GmbH, Ludwigshafen, has led a $21.5 million (about €15.7 million) round of investment in Aspen Aerogels Inc., Northborough, Massachusetts. Aspen supplies reinforced, nanoporous aerogel insulation products that are up to five times more effective than other insulation materials. The company’s solutions enable customers to conserve energy in a variety of industries including building and construction, chemicals, transportation and oil and gas.
The current round of financing also included RockPort Capital, Tenaya Capital, Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity, among others.
Aerogels are silica foams with nanoporous cavities that comprise 97% of their volume; thus earning them the name “solid air.” Aerogels have been known as extremely fragile and brittle materials. Aspen has succeeded in producing aerogels in the form of thin, flexible mats at acceptable cost. These blankets are more robust than the existing monoliths and spheres, and just as easy to process as any other flexible insulation material.
“High-performance insulation materials are the key technology for energy-efficient retrofitting of buildings,” said Bruce Christensen, Vice President Global Technology and Innovation Management at BASF Construction Chemicals. “These new materials are space-saving and give home owners more options in designing their house to suit their own tastes. Aspen technology can contribute in a major way to energy-efficient homes that also look good.”
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