A foamed elastomer is presented, manufactured from a foam precursor composition comprising at least one elastomer resin, preferably an ethylene-propylene-diene resin, at least one thermoset resin, preferably a melamine-formaldehyde resin, a curing agent, and a blowing agent. The elastomer composition optionally further includes cure activators, polymerization accelerators, and a filler material. An important feature of the present invention is that the foamed elastomer has a low density and a high modulus, making it particularly suitable as a shock absorber for a bicycle suspension apparatus.