Worcester Business Journal

wbjournal.com | April 29, 2024 | Worcester Business Journal 13 Warehouse Storage For Rent Asset Management Program Office and Lab Moving WE KNOW STORAGE!!!! thestoragecompany.com The best bank for your business is actually a credit union. #ICBusinessBanking | Insured by NCUA At IC, we want your business to grow just as much as you do. That's why we offer the same level of business solutions you'd expect from a bank. The difference is that you also get the personalized attention that a credit union can deliver. Come chat with one of our Solutions Advisors and let us help you get your business to the next level. We're with you. Commerical Lending Payment Processing Digital Banking Solutions Business Online Banking M A N U F A C T U R I N G & T E C H N O L O G Y P O W E R 1 0 0 Donald Young President & CEO Aspen Aerogels, in Northborough Employees: 548 Residence: Brookline College: Harvard University e future of the transportation industry is electric, and a Central Massachusetts firm is playing an important role in advancing technology in that transformation. Aspen Aerogels, led by Young since 2001, creates different products related to ther- mal barriers and building materials, but a major component of its business is creating components of electric vehicle batteries. Under the leadership of Young, Aspen has made some serious investments into the local economy. In addition to its Northbor- ough headquarters, the company has constructed a 59,000-square-foot engineering and rapid prototyping facility at the site of a former Old Navy store in Marlborough, transfering a retail plaza into a state-of-the-art Advanced ermal Barrier Center. e company's technology plays a major role in preventing thermal runaway, a chain reaction of overheating within batteries potentially causing catastrophic results. High-profile fires involving electric vehicles have hindered public acceptance of this still-evolving technology, so preventing bad publicity for the world's leading EV firms is key in helping the market grow. e Marlborough facility allows major manufactur- ers to work with the firm's engineers directly, helping prevent future calamities, while Aspen is near completion of a $575-million facility in Georgia. Even as the company looks to the future of energy technology, it plays a role in the oil and natural gas industries, as the firm's technology is used in 30% of the world's 640 oil refineries, as well as natural gas facilities operated by ExxonMobil and others. It has not always been smooth sailing, as the company has dealt with losses during the coronavirus pandemic and battles with foreign companies over patents, but doing important work in a cutting-edge field has paid dividends; Aspen Aerogel saw $238 million in revenue in 2023, a 32% year-over-year increase. - E.C.

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