Aspen Aerogels rises on $671 mln loan commitment for Georgia plant

Aspen Aerogels

16/10/2024 14:56

** Shares of specialty chemicals maker Aspen Aerogels
 ASPN.N  up 12.5% to $25.20
    ** Co receives conditional commitment from the U.S.
Department of Energy for a proposed loan of up to $670.6 mln for
the construction of its planned second aerogel manufacturing
facility in Register, Georgia
    ** The plant is designed to manufacture thermal barriers,
used as a protective layer within EV batteries, that help
prevent battery fires
    ** Says loan would fund the remaining capital expenditure
needed for plant
    ** ASPN also forecasts Q3 rev of about $117 mln, above mean
estimate of $95.52 mln compiled by LSEG
    ** Sees qtrly net loss of about $13 mln vs net income mean
estimate of $1.2 mln
    ** Avg rating of analysts covering ASPN is "buy"; median PT
is $35 - LSEG
    ** Including session's gain, stock up 60% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))