Armacell will take complete ownership of the successful aerogel joint venture, AJA, following an agreement with JIOS Aerogel

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.