CleanFiber Has Successfully Completed a $10 Million Equity Financing with AXA Investment Managers

IFG Asset Management (“IFG”) is pleased to announce that CleanFiber, Inc. has secured $10 Million in Equity Financing from AXA Investment Managers, a global leader in alternative investments.  This equity financing (together with over $40 Million in prior equity investments and a $14 Million debt facility) positions the Company strongly for future growth.  CleanFiber makes high performance building insulation from recycled cardboard boxes at its state-of-the-art cellulose insulation production facility in Buffalo, New York. CleanFiber plans to further expand production in Buffalo, and then to roll out its breakthrough technology in other locations nationally and internationally.

Jonathan Strimling, CEO of CleanFiber commented, “CleanFiber is experiencing a torrent of demand, and we need to add production capacity to keep up. Recent legislation, such as the Inflation Reduction Act, will also bolster long-term demand for low carbon building materials. We are excited about having AXA IM Alts as a partner in scaling up shipments of this environmentally friendly building material. We have found the AXA IM Alts team to be deeply committed not only to building a business that is successful in the market, but also to remaining mindful of environmental and social impacts.”

Jonathan Dean, Head of Impact Investing at AXA IM Alts, commented: “We are delighted to have invested in CleanFiber through our AXA IM Alts’ Impact Investing strategy. Our investment will support CleanFiber’s execution of its ambitious plans; and the company’s output will contribute to the critical transition to a lower carbon economy and climate change mitigation. We look forward to continuing supporting CleanFiber in their mission”.

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.

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About AXA IM Alts

AXA IM Alts is a global leader in alternative investments with c. €184 billion of assets under management comprising c.€88 billion of primarily private real estate, over €85 billion of private debt and alternative credit, as well as over €11 billion in Infrastructure, private equity and hedge funds. We take a 360° approach to real estate & infrastructure investing with over €131 billion of assets under management in direct opportunities, held indirectly through debt and listed equities and via long term private equity investments into operating platforms. ESG is fully integrated into our investment decision making processes with our responsible investment approach anchored by the three key pillars of decarbonization, resilience and building tomorrow. AXA IM Alts employs over 800 people located in 17 offices around the world and serves the needs of more than 500 clients from Europe, North America, Asia Pacific and Middle East. We are the number one property portfolio and asset manager in Europe, and one of the largest worldwide.

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