MOSCOW (MRC) -- Aspen Aerogels has reached agreement to supply its Spaceloft A2 aerogel insulation product to BASF, for incorporation into BASF’s aerogel enhanced wall system for the building materials market, said the producer.
The companies have also entered into a joint development agreement covering collaboration on the development and commercialization of new products. BASF will fund a USD22-million non-interest bearing advance to support construction of Aspen’s new manufacturing plant in Statesboro, GA. BASF will serve a base load customer for the capacity expansion.
"BASF has played an important role in our development as a company and this next phase of our relationship will support us technically, commercially and financially and will accelerate our diversification into the building materials market," said Don Young, President and CEO of Aspen. "As our track record in the energy infrastructure and subsea markets has demonstrated, our preferred model is to partner with industry leaders to benefit from their technical, commercial, and financial resources. BASF is a world class company dedicated to promoting energy efficiency by delivering next generation products to the global marketplace. For these reasons, BASF is a perfect partner for Aspen Aerogels."
The origin of the partnership dates to 2010 when BASF Venture Capital made an equity investment in Aspen and the two companies began to explore technology development and commercialization opportunities within the building materials market. This work led to the development of Aspen's Spaceloft A2 insulation product.
As MRC informed earlier, Albemarle and BASF announced that they have signed a definitive agreement under which BASF will acquire Albemarle’s Chemetall surface treatment business for about USD3.2 billion in cash.
BASF is the largest diversified chemical company in the world and is headquartered in Ludwigshafen, Germany. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries. BASF generated sales of more than EUR70 billion in 2015.
MRC