EAST PROVIDENCE – Aspen Aerogels Inc., a fast-growing nanotechnology firm that designs and manufactures energy-efficient insulation products, today officially opened its $30 million factory off Dexter Road with a a ribbon-cutting ceremony attended by U.S. Sen. Jack Reed and U.S. Rep. Patrick J. Kennedy, among others.
Company President and CEO Don Young boasted that Aspen Aerogels sells “the most efficient insulation material in the world,” including silica-based products used in spacesuits and oil pipelines. High energy prices and a corresponding demand for energy efficiency are boosting the company’s sales, helping Aspen grow at a rate of more than 100 percent per year, Young said.
Aspen Aerogels manufactures a range of aerogel-based thermal, fire and acoustic insulation products that the company says are up to eight times as effective as traditional insulations. “Aerogels” are materials made by replacing the water inside a gel with gas, creating a solid material that is extremely light.
“This company has products that will be extremely beneficial to our nation and our military,” Reed said today, adding that Aspen Aerogels’ products will be useful in reducing U.S. energy consumption and improving military vehicles and combat attire. In recent years, he and Kennedy have helped Aspen secure $15 million in U.S. Defense Department funding, including a $5 million appropriation that was announced in November. (READ MORE)
Saul Kaplan, executive director of the R.I. Economic Development Corporation, the state’s representative at the ribbon-cutting, told the gathering that the new factory shows that Rhode Island is “building a 21st-century innovation economy.”
“Aspen Aerogels’ expansion is a great thing for Rhode Island’s economy,” Gov. Donald L. Carcieri added in a statement issued today. “In addition to creating more high wage jobs for Rhode Islanders, the expansion further strengthens our state’s position as a leader in high technology manufacturing. We look forward to supporting Aspen Aerogels’ continued growth in Rhode Island in the months and years to come.”
“Today is good news for our economy here in Rhode Island,” Kennedy said. “The opening of this new facility will bring many new jobs to the people of Rhode Island – and, in doing so, is an important step in bringing stability back to the economy of Rhode Island and its citizens,” the congressman added.
The new factory – a 150,000-square-foot facility built on a 5-acre parcel in East Providence – began operating earlier this year. It currently employs 40 people. Young said he expects to add about 60 more employees at the plant within the next three years. Last month, Aspen Aerogels secured $37 million in new venture-capital funding, which Young said will probably be the firm’s last infusion of venture money.
At the close of the ceremony, Young and his staff surprised Kennedy, who turns 41 today, with a birthday cake. After blowing out the candles, a grinning Kennedy declared: “More jobs for Aspen Aerogels!”
Aspen Aerogels Inc., based in Northborough, Mass., has tripled its production capacity with the opening of its new plant in East Providence. For additional information, visit www.aerogel.com.
