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How many EVs will incorporate Aspen Aerogels' safety materials by end of 2025?
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Aspen Aerogels Secures $670.6M DOE Loan for Georgia EV Battery Safety Plant, Stock Up 13%
Oct 16, 2024, 11:43 AM
Aspen Aerogels Inc. has secured a $670.6 million loan from the US Department of Energy to build a new factory in Georgia dedicated to producing fire-suppressing materials for electric vehicle (EV) batteries. This funding is part of the Biden administration's efforts to support the transition to electric vehicles. The announcement has led to a significant increase in Aspen Aerogels' stock price, which rose over 13%. The new plant is expected to enhance battery safety and support the growing EV market. The factory will be located in the election battleground state of Georgia.
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