26 November 2021

CLEANFIBER_USA: SECURES $ 11.9 MILLION FINANCING TO EXPAND BUFFALO PRODUCTION FACILITY

The $11.9 Million Financing Will Support The Expansion Of CleanFiber’s Carbon-Negative Building Insulation Production Capability. IFG Asset Management (“IFG”) is proud to announce that CleanFiber, LLC (“CleanFiber” or the “Company”) has secured an additional $11.9 Million in financing with a goal to expand the Buffalo Production Facility. This capital (together with over $ 25M in previously announced financing) will enable CleanFiber to expand production in Buffalo, where recycled corrugated cardboard is converted into carbon-negative cellulose building insulation, and to start to lay the groundwork for additional facilities.

A first closing was quietly completed in July with investments by Jeff Wilke, the former CEO of Amazon’s Worldwide Consumer Business, and NOCO Energy, a major energy services provider in Western NY, along with strong continued backing from insiders like IFG Asset Management, The Kraft Group, Launchpad Venture Group, 43North, and the Clean Energy Venture Group. A second closing was just completed in September, with Aligned Climate Capital investing $ 4M, the Western New York Impact Investment Fund investing $ 500,000, and additional support from other existing investors.
“CleanFiber produces a clean, cost-effective alternative to foam and fiberglass insulation using materials that are carbon-negative,” said Peter Davidson, CEO of Aligned Climate Capital. “We see a tremendous opportunity for growth driven by consumer demand and strong policy incentives at the Federal and State level.” Prior to Aligned Climate Capital, Mr. Davidson served as Executive Director of Empire State Development and Executive Director of the U.S. Department of Energy’s Loan Programs Office. As part of its investment, a representative of Aligned Climate Capital will join CleanFiber’s Board of Directors. The Western New York Impact Investment Fund was an early lender of $ 750,000 to CleanFiber and increased its commitment to the firm with an equity investment in this most recent round. “Ramping up production of a new technology is not easy, but we have been impressed with CleanFiber’s strong sales traction and production successes even in the face of COVID-19,” said Thomas Quinn, CEO of the Western New York Impact Investment Fund. “We look forward to a continued partnership in growing the business and creating positive social impact by way of an eco-friendly product, a more diverse, equitable and inclusive workforce and the adaptive reuse of community assets.” The firm’s state-of-the-art 60,000 square foot manufacturing facility is the world’s first deployment of its patented process for making high performance insulation from recycled cardboard boxes.
The project has already created more than 45 jobs and the company is still hiring. Production is increasing to supply a multimillion-dollar backlog of demand, with an expectation of ultimately producing approximately 3 million bags of insulation annually. The company plans a broad rollout of facilities employing its breakthrough technology. Jonathan Strimling, CEO of CleanFiber added, “We’re excited to now have the Aligned Climate Capital team working with us to accelerate the deployment of our carbon-negative building materials. We are also incredibly grateful for the continued support of local backers like the Western New York Impact Investment Fund and 43North, as well as some of our earlier backers like IFG Asset Management, the Clean Energy Venture Group, and others who continue to support our expansion.” About CleanFiber CleanFiber makes high-performance carbon-negative building insulation from recycled corrugated cardboard. The company’s patented processes and unique liquid fire retardant technology allow it to produce an advanced form of cellulose insulation that is cleaner, more uniform, and lower in dust than competitive products. Offering not only superior performance, this CleanTech company can offer its product at pricing that is directly competitive with conventional products. CleanFiber has raised $ 39M to date from investors including Aligned Climate Capital, IFG Asset Management, The Kraft Group, The Libra Foundation, Clean Energy Venture Group, Launchpad Venture Group, 43North, Western NY Impact Investment Fund, The Closed Loop Fund, and others.

For more information contact Mr. Jonathan Strimling, CEO:
CleanFiber LLC
NY-14201 Buffalo, New York / Usa
Ph. +1 888 6168393
E-mail: kehlers@cleanfiber.com