IFG Asset Management (“IFG”) is pleased to announce that CleanFiber wrapped up a $5 million investment round last month that will support the completion of an expansion to its factory in Blasdell and help fund future growth. The funds will be used to complete the expansion of its factory in Blasdell, New York, and support future growth endeavors. CleanFiber has been experiencing substantial year-over-year revenue growth and maintains a strong sales backlog. With over 1 million bags of cellulose insulation shipped and more than 15,000 tons of material recycled, the company has made a significant impact. The latest investment includes $2.25 million from the Western New York Impact Investment Fund, bringing the total investment in CleanFiber to over $70 million. CleanFiber plans to expand its facility to 67,000 square feet and cater to the increasing demand from various regions. Plans include establishing additional sites across the United States and internationally.
John Strimling the, CEO of CleanFiber Commented “This new funding enables us to triple production capacity at our Buffalo facility, allowing CleanFiber to reach even more customers and ultimately to have a greater impact,” Jon Strimling also says in another statement “We have built a world-class team at CleanFiber, a team committed to the belief that innovation can make a positive difference in the world.”
About CleanFiber
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 is scaling up to support a mounting backlog of demand from New York, New England, the MidAtlantic, the Midwest and Eastern Canada from its Buffalo production facility.
For more information, please visit www.cleanfiber.com
