Nanotechnology Now - Press Release: Aspen Aerogels Raises $50 Million in Series-D Financing

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Abstract:
Investment will enable Aspen to construct its second high technology aerogel manufacturing facility

Aspen Aerogels Raises $50 Million in Series-D Financing

May 26, 2005

Aspen Aerogels, Inc., the leading provider of aerogel nanotechnology solutions and products in the commercial and military sectors, announced that it completed a $50 million Series D round of venture funding led by Reservoir Capital Group of New York, NY. All previous lead investors including Lehman Brothers, RockPort Capital Partners and Tae Kwang also participated.

“Aspen Aerogels has worked hard to develop and integrate high performance aerogel insulation solutions into a broad range of applications,” said Don Young, CEO of Aspen. “This investment represents both an acknowledgment of that success and a confidence in our vast potential to provide unique products that substantially reduce energy and system costs for our industrial, commercial, military and retail customers.”

“Aspen has developed a product form and manufacturing process to commercialize a breakthrough technology that has the ability to significantly impact a number of large sectors of the economy,” said Craig Huff, President of Reservoir Capital Group. “The combination of its strong management team, solid technology, and key partnerships with industry leaders positions Aspen for success as a leading advanced materials company.”

The investment, one of the largest ever in the nanotechnology field, will enable Aspen to construct its second high technology aerogel manufacturing facility and will increase its production capacity fivefold. Aspen Aerogels’ leadership position has been recognized in several recent articles in trade journals, newspapers, and magazines and as well as part of Forbes’ Top Nanotechnology Products of 2004 and Fortune’s 25 Breakout Companies of 2005.

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About Aspen Aerogels:
Aspen Aerogels, Inc. is a leading advanced materials company engaged in the development, manufacturing and marketing of nanotechnology enabled aerogel blankets and products with broad applications in the industrial, consumer and military markets. For more information, please contact Aspen Aerogels by phone at (508) 691-1111 or e-mail info@aerogel.com.

For more information, visit www.aerogel.com

About Reservoir Capital Group: Reservoir Capital Group is an opportunistic investment firm with over $1 billion under management and offices in NY and Dallas

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