Aspen Aerogels, Inc. Announces $100 Million Secured Loan Agreement with General Motors

Financing in Connection with Aspen's PyroThin® Thermal Barrier Capacity Expansion

NORTHBOROUGH, Mass., Nov. 29, 2022 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE: ASPN) ("Aspen" or the "Company"), a technology leader in sustainability and electrification solutions, today announced that its wholly-owned subsidiary, Aspen Aerogels Georgia LLC, together with the Company and Aspen Aerogels Rhode Island, LLC have entered into a definitive loan agreement with General Motors Holdings LLC ("GM"), an affiliate of General Motors (NYSE: GM), for a secured lending commitment of $100 million in connection with Aspen's construction and equipping of its second aerogel manufacturing facility in Statesboro, Georgia. The $100 million of loan proceeds (the "Loan") will be available to Aspen to draw on a periodic basis from January 2023 through September 2023, subject to certain conditions precedent to funding and other financing requirements. The Loan has a maturity date of March 31, 2025 and carries no prepayment penalty.

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