RTTNews | Jun 30, 2021 10:30AM EDT

10:29 Wednesday, June 30, 2021 (RTTNews.com) - The Massachusetts-based company, Aspen Aerogels (ASPN) is 17% higher on Wednesday morning after the company announced a deal to sell shares worth $75 million to a Koch Strategic Platform affiliate.

The company will sell 3.46 million shares for $21.66 each and the private placement agreement will be valid through June 30. Aspen believes that the partnership with Koch Investment group will increase the value and success of the company and help address the high-value market driven by ESG.

The president and CEO of the company, Donald. R Young said, "We believe we have the opportunity to double revenue every two years through this decade. In the near term, this opportunity is driven by our PyroThinTM thermal barriers which address thermal runaway in electric vehicles, and by our energy infrastructure products which promote resource efficiency, asset resiliency, and safety in traditional and emerging energy settings"

The shares are currently moving at $28.08 up $4.01 or 16.64% from their previous closing price at $24.07. The shares opened at $25.06 in the morning and in the 52-week period, the shares have traded between $5.78 and $28.45.

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