Aspen Aerogels has won contracts to make and sell new materials.

Aspen Aerogels, Inc. (ASPN), which makes high-tech materials, got orders in one of its key target markets, which drove up the price of its stock. As expected, there will be more demand for Aspen Aerogels solutions because old technologies have already reached their full potential. Aspen’s main focus is on aerogels made from silicon. These are very porous materials that are very light and have unique properties. For example, Aspen makes an aerogel called PyroThin that is 2 mm thick and can stand up to the high temperatures of lithium-ion batteries that are burning.

Gorenje In transportation, these materials are used to make barriers that, if there is a fire, will give people time to get out or turn on a fire-fighting system. Aspen also makes aerogels for other things, like Spaceloft, which is used to keep pipelines and other parts of ships that carry liquefied natural gas from getting too cold. Aspen said last week that they had orders from two big companies, Toyota and General Motors.

At the same time, the company said that demand for its products as a whole was growing quickly. Because of this, the company expects to make a lot more money by the end of the year. In particular, the sales of thermal insulation for electric vehicles are now expected to bring in between 52 million and 62 million a year, whereas before it was thought that they would bring in no more than $20 million.

In the energy solutions segment, sales are expected to be between $128 and $138 million. Aspen is a company whose market value is less than $1 billion, but it is still not making money. But orders from big businesses and better predictions are good news for Aspen investors. Aspen products are also supported by positive trends, such as the need for electric vehicles to lose as much weight as possible.