This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Aspen Aerogels manufactures aerogel insulation products used extensively in oil and gas pipeline infrastructure, refineries, and LNG facilities. A significant portion of revenue comes from enabling fossil fuel operations through thermal management.
Aspen Aerogels derives significant revenue from fossil fuel infrastructure through its Energy Industrial segment, which generated $102.2 million in fiscal 2025 (approximately 38% of total revenue). The segment sells Pyrogel and Cryogel aerogel insulation products to refineries, petrochemical plants, and LNG facilities. The company reported in its Q4 2025 earnings call that LNG and natural gas infrastructure revenue is expected to roughly double in 2026 in both project count and revenue contribution, with the segment overall projected to grow approximately 20%. Aspen Aerogels has described the LNG market as being in a multi-year build cycle, positioning the Energy Industrial segment as a durable revenue stream tied to fossil fuel expansion.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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