Mintz Advises Aspen Aerogels in $75 Million Private Placement with Koch Strategic Platforms
The Mintz Energy & Sustainability team advised Aspen Aerogels, Inc. (NYSE: ASPN) (Aspen), a technology leader in sustainability, in a $75 million private investment in public equity (PIPE) transaction with an affiliate of Koch Strategic Platforms, a subsidiary of Koch Investments Group, which closed on June 30.
Aspen’s aerogel technology enables its customers and partners to achieve their own objectives around the global megatrends of resource efficiency, e-mobility and clean energy. Aspen's PyroThinTM products enable solutions to thermal runaway challenges within the electric vehicle (EV) market. The company's carbon aerogel program seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce the cost of electric vehicles. Aspen's Spaceloft® products provide building owners with industry-leading energy efficiency and fire safety. The company's Cryogel® and Pyrogel® products are valued by the world's largest energy infrastructure companies. Aspen's strategy is to partner with world-class industry leaders to leverage its aerogel technology platform into additional high-value markets.
Mintz has a long-standing relationship with Aspen and understands its goals. The firm has represented the company since 2010 in numerous matters including its 2014 initial public offering (IPO) and numerous additional financings, as well as its strategic partnerships targeting new product and market opportunities.
In addition, Mintz is a prominent player in the EV market, having been involved in several significant transactions for clients in the past six months, including advising: Nuvve Holding Corp., a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, in its work toward establishing a $750 million joint venture with Stonepeak Partners LP; XL Fleet Corp., a leader in vehicle electrification solutions for commercial and municipal fleets, in its completed special purpose acquisition company (SPAC) merger; and DeepGreen Metals Inc., a developer of a new, scalable source of EV battery metals, in its $2.9 billion proposed SPAC merger.
The Mintz team that advised Aspen in this PIPE transaction included Member and Co-chair of the firm’s Energy & Sustainability Practice Sahir Surmeli, Member John Rudy, and Associates Nishant Dharia, Amanda Mei, and Ginny Lee.
Mintz was one of the first law firms to develop a legal practice committed to advancing transformative solutions that scale impact integral to business success and a sustainable planet. Mintz’s leading Energy & Sustainability team now serves more than 250 clients, spanning the clean energy ecosystem, from emerging companies to large corporations; private equity and venture capital funds to family offices; project developers, sponsors and investors to project finance lenders and investment banks. Learn more about Mintz’s Energy & Sustainability Practice here.