Aspen Aerogels, Inc. announced on October 16, 2024, that it received a conditional commitment from the U.S. Department of Energy (DOE) for a proposed loan of up to $670.6 million. This loan, under the Advanced Technology Vehicles Manufacturing program, is intended to fully fund the remaining capital expenditures required to complete the company's second aerogel manufacturing facility, the Register Plant in Georgia. The Register Plant is expected to provide between $1.2 billion and $1.6 billion of incremental PyroThin thermal barrier revenue capacity.
The company also reported strong preliminary financial results for the third quarter ended September 30, 2024, with revenue of approximately $117 million and Adjusted EBITDA of $25 million. Cash and cash equivalents stood at approximately $113 million as of September 30, 2024. The Thermal Barrier segment demonstrated significant growth, with revenue increasing 277% year-over-year when comparing the trailing twelve months ended June 30, 2024, to the same period in 2023.
Aspen Aerogels has secured additional EV production contracts, bringing its total to six major OEMs across the United States and Europe. This expansion of customer base and the substantial DOE funding underscore the company's strategic positioning in the electric vehicle market and its commitment to scaling its PyroThin supply to meet growing demand.
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