**FOR IMMEDIATE RELEASE**
December 13, 2018
CleanFiber Completes $9.2 Million Financing for Buffalo Production Facility
43North Winner Formerly Known as UltraCell Insulation
wins Upstate Capital’s CleanTech Investment of the Year
CleanFiber, LLC, today announced closing an additional $2.3 million in financing to support launching full-scale production operations in the Buffalo area, completing a total of $9.2 million of investment in 2018. This capital (combined with $2.25 million secured in 2017) enables CleanFiber’s launch of a state-of-the-art cellulose insulation production facility in Buffalo, leveraging its breakthrough fiber technology.
CleanFiber was recently recognized by the Upstate Capital Association of New York (Upstate Capital) as the region’s CleanTech Investment of the year – even before this latest round of financing was publicly announced. Noa Simons, Executive Director of Upstate Capital commented, “CleanFiber epitomizes the type of practical innovation that is attracting major investors to Upstate New York. Their breakthrough technology has the potential to disrupt the insulation industry, and they are bringing in world-class backers.”
The New York State Energy Research and Development Authority (NYSERDA) is a sponsor of Upstate Capital. Nick Querques, Program Manager, Technology to Market, NYSERDA said, “Under Governor Cuomo, New York is building a stronger cleantech ecosystem which is attracting substantial private investment. CleanFiber’s unique technology for manufacturing highly efficient insulation has the potential to improve building efficiency, while reducing unnecessary carbon emissions, so we are excited to be working with them.”
“We’re extremely grateful for the support of both New York State and a world-class team of financial backers from the private sector”, commented Jonathan Strimling, CEO of CleanFiber, “This last round came together extremely quickly, faster than we ever would have anticipated. We’re excited to have larger funds and family offices now participating, who can help us roll out similar plants nationwide, once our Buffalo plant reaches capacity.”
The firm’s first state-of-the-art 60,000 square foot manufacturing facility will be the nation’s first utilizing its breakthrough manufacturing process and will create 30-35 jobs. The company already has millions of dollars in pre-orders and is sold out well into the second quarter of 2019, with an expectation of ultimately producing approximately 3 million bags annually.
“One of the goals of 43North is providing our portfolio with access to additional capital, and we're thrilled with the progress CleanFiber has demonstrated," said Alex Gress, President of 43North. "CleanFiber's traction with customers in its industry, breakthrough product performance, securing over $11 million in investment and plans to hire at its new manufacturing facility are all markers of growth that should be celebrated by Western New York.”
CleanFiber makes high performance building insulation from recycled corrugated cardboard. The company’s unique and patented process allows it to produce an advanced form of cellulose insulation that is cleaner, more uniform, and lower in dust than competitive products. Despite its superior performance, the company can offer this product at pricing that is directly competitive with conventional products. The company will serve New York, New England, the MidAtlantic, the Midwest and Eastern Canada from its Buffalo production facility.
Contact: Rachel Shapiro via firstname.lastname@example.org or (888) 616-8393 ext. 55