Aspen Aerogels gets $37 million investment

Arcapita Ventures announced today that it has led a $37 million round of investment in Aspen Aerogels Inc., a Northborough provider of advanced insulation materials.

Arcapita is an investment firm with offices in Atlanta.

"Aspen's proprietary aerogel technologies and manufacturing processes have the potential to redefine large portions of the $30 billion global insulation market," Ramsay Battin, director of Arcapita Ventures, said in a statement. "We believe the macro environment for this type of advanced insulation material is extremely favorable, and the past twelve months have marked a period of increasing momentum for the company with new and existing customers across a variety of industries."

Battin will join the Aspen Aerogels' board of directors, Arcapita said.
(By Chris Reidy, Globe staff)