SINGAPORE and LUXEMBOURG, Sept. 2,
2024 /PRNewswire/ -- Armacell, a global leader in flexible
foam for the equipment insulation market and a leading provider of
engineered foams, along with its joint venture partner JIOS Aerogel
("JIOS"), a global leader in silica aerogel technology, announced
today that Armacell has acquired all JIOS shares in Armacell JIOS
Aerogels Limited ("AJA"). This transaction is the outcome of the
joint venture's runaway success and comes at a time when JIOS is
focussing its efforts on the electric vehicle market, and Armacell
is continuing to invest in scaling up its aerogel capacities.
The joint venture, AJA, was established in 2016 to produce
silica aerogel products using JIOS's patented manufacturing
process, with sales and marketing handled by Armacell's global
network. Since its inception, AJA has built a strong presence in
the energy industry, with its highly successful ArmaGel®
product line for high-temperature and cryogenic insulation. Aerogel
is the world's lowest density solid material with high-level
insulation efficiency. AJA's manufacturing facility in Cheonan,
South Korea, boasts an annual
production capacity of over 700 tonnes of aerogel powder, with
plans for immediate expansion to support the continued growth of
its business.
Stephen Kang, CEO and Co-Founder
of JIOS, expressed his enthusiasm: "We are thrilled to have
supported the inception and growth of a profitable company, and to
have now realised the value of this investment. The joint venture
has demonstrated the exceptional performance and value of JIOS
technology in producing silica aerogels at scale."
As Laurent Musy, President and
CEO of Armacell, stated: "This acquisition acknowledges the
success of the joint venture that began eight years ago. It
represents a major step forward in Armacell's strategy to strongly
grow its energy and industry business, in particular through
technological innovations, increased capacity in aerogel
manufacturing and outstanding service capabilities."
With this transaction, AJA becomes a wholly-owned subsidiary of
Armacell and continues to operate under an evergreen licence
agreement from JIOS for the use of its patented aerogel powder
production technology. Divesting from the AJA joint venture will
enable JIOS to sharpen its focus on providing aerogel solutions
that mitigate thermal runaway in electric vehicles.
The terms of the transaction remain confidential.
ArmaGel® is
a trademark of the Armacell Group.
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About JIOS Aerogel
JIOS Aerogel (JIOS) is the world's leading manufacturer of
silica aerogel powder. Headquartered in Singapore, the company was founded in 2013 to
pioneer a new process that dramatically lowers the cost of aerogel
production. JIOS is on a mission to accelerate the adoption of
aerogels to improve the safety and performance of electric-vehicle
(EV) batteries. Recognised globally as the premier technology for
mitigating thermal runaway in lithium-ion batteries, aerogels
provide an ultra-thin insulation layer between battery cells,
offering exceptional thermal protection at high temperatures. For
more information, visit www.jiosaerogel.com
About Armacell
As the inventor of flexible foam for equipment insulation and a
leading provider of engineered foams, Armacell develops innovative
and safe thermal and mechanical solutions that create sustainable
value for its customers. Armacell's products significantly
contribute to global energy efficiency, making a difference around
the world every day. With more than 3,300 employees and 25
production plants in 19 countries, the company operates two main
businesses, Advanced Insulation and Engineered Foams, and generated
net sales of EUR 836 million and an
adjusted EBITDA of EUR 155 million in
2023. Armacell focuses on insulation materials for technical
equipment, high-performance foams for acoustic and lightweight
applications, recycled PET products, next-generation aerogel
technology and passive fire protection systems. For more
information, visit: www.armacell.com
Media & Investor Contacts
JIOS Aerogel
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Armacell
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Stephen
Hodson
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Tom Anen
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Chief Commercial
Officer
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Director Corporate
Communications & IR
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MediaRelations@jiosaerogel.com
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press@armacell.com
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