search icon
      blog search icon

      An Award-Win Caused Aspen (ASPN) Stock To Surge After-Hours

      By Fahim Awan

      Published on

      December 6, 2023

      9:04 AM UTC

      An Award-Win Caused Aspen (ASPN) Stock To Surge After-Hours

      Aspen Aerogels, Inc. (NYSE: ASPN) experienced a noteworthy resurgence in its stock performance during the extended trading session yesterday. The after-hours market witnessed a substantial 18.31% upswing, propelling Aspen’s stock to $12.60 and effectively recovering the 2.02% loss incurred during the regular trading session, ultimately concluding at $10.65. This positive trajectory was instigated by the revelation of two pivotal developments: an accolade received and a pertinent update on its equity maneuver.

      In a significant announcement, Aspen (ASPN) unveiled its receipt of a prestigious commercial award for the PyroThin EV Thermal Barrier segment. Concurrently, the company furnished information regarding its ongoing application for a loan through the U.S. Department of Energy Loan Programs Office.

      Adding to its accolades, Aspen disclosed the acquisition of an additional award for its PyroThin vehicle platform from The Automotive Cells Company (“ACC”), a collaborative venture between Stellantis N.V., Saft-TotalEnergies, and Mercedes-Benz. This award pertains to the supply of the Stellantis STLA Medium vehicle platform, with production slated to commence in 2025. Stellantis N.V., renowned for its diverse portfolio encompassing esteemed brands such as Jeep, Fiat, Ram, and others, solidifies Aspen’s position in the automotive sector.

      Furthermore, Aspen received correspondence from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”). The communication affirmed the substantial completeness of Aspen’s pending loan application, prompting an invitation to undergo formal due diligence. Aspen’s loan application aligns with the DOE LPO’s Advanced Technology Vehicles Manufacturing (“ATVM”) lending program, specifically linked to the construction of the company’s second aerogel manufacturing facility in Georgia.

      These unfolding developments mark meaningful strides in Aspen’s immediate execution plan. The company is strategically expanding its PyroThin customer base and diligently working to optimize both short-term and long-term capital costs. The European market is anticipated to play a substantial role in driving Aspen’s revenues in the coming years as the company maximizes its existing assets and commercial arrangements.

      More From Stocks telegraph