Aspen Aerogels Provides Update on BASF Supply Arrangement

NORTHBOROUGH, Mass., Dec. 29, 2021 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen", the "Company"), a technology leader in sustainability solutions, provided an update on the termination of its supply arrangement with BASF Polyurethanes ("BASF"), which was previously disclosed in Aspen's Form 10-Q filed November 4, 2021 and updated in a Form 8-K filing by the Company dated December 27, 2021.

Since October 2021, Aspen and BASF have been working together to effect an arrangement whereby Aspen would be solely responsible for the future development and commercialization of the Company's Spaceloft® A2 insulation product in the sustainable building materials and other markets. With the execution of the amendment to the supply agreement, Aspen has assumed direct responsibility for the commercialization of Spaceloft A2. Aspen's Spaceloft A2 non-combustible insulation product targets the global building materials market with the value proposition of superior thermal management and fire safety.

"We have appreciated BASF's partnership and are excited to add the non-combustible building product back into our portfolio of sustainable building products," said Don Young, Aspen's President and CEO. "We are investing heavily in our Aerogel Technology Platform™ with a particular focus on thermal management and fire safety.  These attributes are valuable drivers of demand in the electric vehicle and energy infrastructure markets and extend to our sustainable building materials. While sustainable building materials constitute a smaller portion of our overall revenue, Aspen is positioned for strong 2021 revenue and will carry solid momentum going into 2022."

Mr. Young concluded, "Aspen is committed to providing world class service to the sustainable building market. We believe we are well positioned to advance our Spaceloft products to architects and building engineers around the world."

About Aspen Aerogels, Inc.
Aspen is a technology leader in sustainability. The Company's aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, electrification and sustainability. Aspen's PyroThin® thermal barrier products enable solutions to thermal runaway challenges within the electric vehicle and energy storage markets. The Company's carbon aerogel program seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of electric vehicles. Aspen's Spaceloft^® sustainable building materials provide industry-leading energy efficiency and fire safety to building owners. The Company's Cryogel^® and Pyrogel^® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its aerogel technology platform into additional high-value markets. Headquartered in Northborough, MA, Aspen manufactures its products at its East Providence, R.I. facility. For more information, please visit www.aerogel.com.

Special Note Regarding Forward-Looking and Cautionary Statements
This press release and any related discussion contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These statements are not historical facts but rather are based on Aspen's current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," "assumes," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Aspen's expectations about the general strength, weakness or health of Aspen's business; beliefs about current or future demand, revenue or trends in the sustainable building materials, EV thermal barrier, or energy infrastructure markets; and beliefs about Aspen's Aerogel Technology PlatformÔ including investments in thermal management and fire safety technologies. All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: an inability to create new product, partnership and market opportunities; any sustained downturn in the energy, automotive or building industries; any sustained downturn in these markets due to the coronavirus pandemic, COVID-19 or any other factor; any failure of Aspen's products to meet applicable specifications and other performance, safety, technical and delivery requirements; the general economic conditions and cyclical demands in the markets that Aspen serves; and the other risk factors discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 and filed with the Securities and Exchange Commission ("SEC") on March 12, 2021, as well as any updates to those risk factors filed from time to time in our subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release. Aspen does not intend to update this information unless required by law.

SOURCE Aspen Aerogels, Inc.