Aspen Aerogels raises $340M for Georgia manufacturing facility
Photo | Grant Welker
Aspen Aerogels's Northborough facility
Northborough manufacturer Aspen Aerogels, Inc. has secured $340 million in financing to help pay for the construction of the company’s Statesboro, Georgia facility.
The money for the $575-million Georgia facility came in two separate transactions: a loan from General Motors Holdings LLC and through the sale of more than 25 million shares of its stock at public offering, according to press releases from the company on Tuesday and Wednesday.
On Tuesday, Aspen announced it agreed to a $100-million loan with automaker General Motors to help build and equip the new facility in Georgia. The loan begins in January and money can be taken from it through September. Aspen is a supplier for General Motors and was named an Overdrive Award winner as part of GM's 30th Annual Supplier of the Year awards.
Aspen announced on Wednesday the pricing of its common stock at $9.50 per share for an upcoming offering, which the company expects will gain approximately $240 million for Aspen before deductions and other underwriting costs are calculated. The offering is expected to close on Friday. Aspen is selling all of the stock with the proceeds from the offering expected to partially fund the construction of the first phase of its aerogel manufacturing facility in Statesboro, Georgia, as well as for other general corporate purposes.
Earlier this year, Aspen announced that it was building a new 59,000-square-foot facility tied to its investment in electric vehicle batteries in Marlborough. Currently, it makes its products at a facility in East Providence, Rhode Island.
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