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The insulation used for deep sea oil pipelines and spacecraft construction will try to make it in the housing market.
BASF Venture Capital Invests in Aspen Aerogels nanoporous insulation materials a new technology for energy-efficient construction.
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Aspen BASF Venture Capital GmbH, Ludwigshafen, has led a $21.5 million (about euro 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.
Aerogels are silica foams with nanoporous cavities that comprise 97% of their volume; thus earning them the name "solid air." Aerogel is a synthetic amorphous silica, which is distinctly different from crystalline silica. Silica is composed of one silica atom and two oxygen atoms.
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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"We are pleased to have developed a strong technical, commercial and financial partnership with BASF," said Don Young, CEO of Aspen Aerogels. "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."
The company could also benefit from green housing regulations passed in North America and Europe. California aims to require builders to build only net-zero-energy homes by 2020 and net-zero-energy commercial buildings by 2030. While these net-zero structures will achieve that target with solar panels and fuel cells, a good portion of the energy savings will come from better
insulation.
About Aspen Aerogels, Inc.
Aspen Aerogels
Aspen Aerogels, Inc. is a rapidly growing company founded in 2001 to capitalize on proprietary and patented advances in aerogel technology. Aspen has developed a proprietary, easy-to-use blanket form of aerogels with broad application to a variety of markets including Oil & Gas, Building & Construction, Outdoor Gear & Apparel, Solar Thermal, Appliances and Transportation. The company is headquartered in Northborough, Mass., and has 120
employees.
About BASF Venture Capital GmbH
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF Future Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investment in startup companies and funds. BASF Venture Capital GmbH's financial commitment per company is in the range of one to five million euros, with active support provided for young start-ups. BASF Venture Capital GmbH selects businesses for investment whose success factors include innovative chemistry-based solutions and which are of strategic interest for BASF. More information about BASF Venture Capital GmbH is available at
www.basf-vc.com.
About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas. As a reliable partner BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than euro 50 billion in 2009 and had approximately 105,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
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