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.