Aspen Aerogels Inc. and Samsung America Inc. have signed a cooperative sales agreement under which Samsung will market and sell Aspen Aerogels' thermal insulation products to the concentrated solar thermal industry in the U.S. and Europe. Samsung also will market Aspen products to other energy related areas as well as petrochemical applications in selected geographies.
Samsung will sell Aspen Aerogels-branded, high-performance insulation, primarily Cryogel and Pyrogel, building on the growing sales of those products in energy markets. This strategic alliance will facilitate solid growth for both organizations and enable Samsung to expand its current development efforts in alternative energy markets such as concentrated solar power.
Aspen Aerogels' nano-based insulation will allow Samsung's concentrated solar thermal power customers to achieve improved levels of thermal performance, enabling this sustainable and innovative source of energy to become more efficient and affordable. The efforts that Aspen Aerogels and Samsung are making in the concentrated solar thermal power area are an important move in the battle to reduce greenhouse gases and provide a positive influence on climate change.
Cryogel is used for cryogenic and below-ambient applications in the LNG, gas processing and petrochemical markets; while Pyrogel is used for hot applications in the refining, petrochemical, power and solar markets.
"This association leverages the strengths of both companies to increase sales," said Aspen Aerogels' President and CEO Mr. Don Young. "Our energy-saving, space-saving insulation products are increasingly sought and specified in hydrocarbon processing and energy industries. Samsung brings extensive name recognition and marketing reach to help penetrate those markets further."
"The collaboration Samsung America has established with Aspen Aerogels will bring value to both companies, as well as energy saving benefits to the planet," said Samsung America's President and CEO Mr. K.D. Kim. "We are pleased to join Aspen Aerogels in developing this business and look forward to expanding our relationship through Samsung's marketing expertise and global presence."