Aspen Aerogels Reaches Settlement with AMA to Resolve Patent Case

NORTHBOROUGH, Mass., Jan. 28, 2025 /PRNewswire/ -- Aspen Aerogels, Inc. (NYSE:ASPN) ("Aspen"), a leading innovator and global leader in aerogel technology and high-performance aerogel insulation solutions, announced today that it has reached an agreement to resolve its patent dispute with AMA S.p.A. and AMA Composites S.r.l. (collectively, "AMA") before the Court of Genoa, Italy. This settlement concludes Aspen's legal action against AMA regarding the unauthorized sale of infringing aerogel insulation materials in Europe.

"We are pleased to have reached a settlement with AMA that recognizes the years of innovation Aspen Aerogels has dedicated to developing industry-leading, high-performance insulation solutions," said Keith Schilling, SVP of Technology at Aspen Aerogels. "We maintain our commitment to protecting our intellectual property rights worldwide and to promoting fair and lawful competition in the marketplace."

Aspen remains dedicated to advancing energy-efficient solutions through continuous innovation. The company will continue to take appropriate measures to safeguard its intellectual property and support fair practices within the industry.

About Aspen Aerogels, Inc.

Aspen is a technology leader in sustainability and electrification solutions. The Company'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 PyroThin^® products enable solutions to thermal runaway challenges within the electric vehicle ("EV") market. The Company's carbon aerogel initiative seeks to increase the performance of lithium-ion battery cells to enable EV manufacturers to reduce charging time and the cost of EVs. 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. Aspen is headquartered in Northborough, Mass. For more information, please visit www.aerogel.com.

Special Note Regarding Forward-Looking and Cautionary Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. These statements are not historical facts but rather are based on Aspen's current expectations, estimates and projections regarding Aspen's business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," and similar expressions are used to identify these forward-looking statements. Such forward-looking statements include statements regarding, among other things: (i) beliefs about the outcome of any patent enforcement or appeals process in connection with such patent enforcement action; (ii) beliefs about Aspen's intellectual property and technology strategy and its implementation; (iii) beliefs about Aspen's aerogel technology platform and resulting commercial opportunities; (iv) beliefs about Aspen's plans or intentions to take patent enforcement actions; and (v) expectations about the cost, timing or likelihood of success of Aspen's patent enforcement actions and validity challenges.  All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the risk factors discussed under the heading "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and filed with the Securities and Exchange Commission ("SEC") on March 7, 2024, as well as any updates to those risk factors filed from time to time in our subsequent periodic and current reports filed with the SEC. All statements contained in this press release are made only as of the date of this press release, and Aspen does not intend to update this information unless required by law.

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SOURCE Aspen Aerogels, Inc.