Home Economy Economic Activity Aspen Aerogels plans to boost E.P. plant production

Aspen Aerogels plans to boost E.P. plant production

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PBN Staff

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02/18/2025

Aspen-1-1 — ASPEN AEROGELS Inc. has scrapped its plans to build a new manufacturing plant in Georgia and "will invest to maximize capacity at its East Providence manufacturing facility and utilize a flexible supply strategy.“

EAST PROVIDENCE – Aspen Aerogels Inc. has scrapped plans to build a second manufacturing plant in Statesboro, Ga., and “will invest to maximize capacity” at its local manufacturing facility, the company said in its fourth quarter earnings filed on Feb. 12. The company plans to increase its aerogel production capacity at its facility in East Providence,

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EAST PROVIDENCE – Aspen Aerogels Inc. has scrapped plans to build a second manufacturing plant in Statesboro, Ga., and "will invest to maximize capacity" at its local manufacturing facility, the company said in its fourth quarter earnings filed on Feb. 12. The company plans to increase its aerogel production capacity at its facility in East Providence, while relocating some equipment to upgrade and expand its existing plant in Statesboro, Ga., Ricardo C. Rodriguez, Aspen’s chief financial officer and treasurer, said during a conference call with media outlets. The company said in its earnings that "this path requires minimal capital." In October, Aspen was approved for a loan from the U.S. Department of Energy of up to $671 million to finance the construction of a new manufacturing plant in Statesboro, Ga. The company had planned to make its PyroThin aerogel blankets, which are used as thermal barriers to prevent out-of-control vehicle battery fires, at the facility. Rodriguez said in the earnings statement that the company's existing manufacturing model has fully demonstrated its ability to efficiently increase aerogel supply in the fourth quarter. “In early 2023, preempting a reset in EV demand expectations, we decided to right-time the construction of our planned second aerogel manufacturing facility in Statesboro, Ga., and subsequently ramped up our external manufacturing capacity for our Energy Industrial business,” Rodriguez said. “We are confident that a capital-light and modular capacity plan provides the most-efficient path to creating value." The loan was administered under the Advanced Technology Vehicles Manufacturing loan program within the DOE’s Loan Programs Office, which supports U.S. manufacturing that will help enable the growth of zero-emissions vehicles. The Statesboro, Ga., plant project was expected to create up to 550 construction jobs and 255 permanent, full-time operations jobs.