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Advanced insulation producer Aspen Aerogels Inc. has raised a $21.5 million round of funding, led by the venture capital arm of German chemical giant BASF.
The Northborough-based company also received funding in the round from other investors including RockPort Capital Partners, Tenaya Capital, Reservoir Capital Group, Arcapita Ventures and Argonaut Private Equity, according to the announcement by BASF Venture Capital GmbH.
Don Young, CEO of Aspen Aerogels, said in the announcement that the global building and construction market offers a major opportunity for aerogel technology, which the company uses to make its insulation lightweight and flexible.
“BASF and Aspen will join forces to target and rapidly penetrate the European market,” Young said in the announcement.
Founded in 2001, Aspen Aerogels says its insulation products are used in markets including oil and gas; building and construction; outdoor gear and apparel; solar thermal; appliances; and transportation. The company reports having 120 employees.
In mid-2008, Aspen Aerogels reported pulling in a $37 million round led by Arcapita and including participation from RockPort and other investors.
Earlier that year, the company completed construction of a $30 million manufacturing facility in Rhode Island.
The 150,000-square-foot plant in East Providence was said to triple the company’s production capacity.
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