A U.S. electric vehicle supplier is ditching plans to build a new facility in Georgia that the Biden administration tentatively backed for a $671 million loan.
Aspen Aerogels CEO Don Young told investors on a call Thursday that the company will “cease construction” of the plant near Statesboro, roughly 60 miles west of Savannah.
The Massachusetts-based company planned to produce EV insulation and fire protection materials at the facility. That would have complemented production at an existing facility in Rhode Island.
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The Biden administration tentatively approved Aspen Aerogels for the Department of Energy loan in October.
