IFG Asset Management Announces Investment in CleanFiber, LLC

IFG Asset Management (“IFG”) is proud to announce that CleanFiber, LLC (“CleanFiber”) 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 its state-of-the-art cellulose insulation production facility in Buffalo, leveraging its breakthrough insulation technology.

A first closing of $6.1M was quietly completed in July with strong continued backing from insiders like IFG Asset Management, The Kraft Group, Launchpad Ventures, 43North, and Clean Energy Venture Group. A second closing of $5.8M was just completed, with Aligned Climate Capital investing $4M, Western New York Impact Investment Fund investing $500,000 and strong continued support from other existing investors.

The firm’s first state-of-the-art 60,000 square foot manufacturing facility will be the nation’s first to utilize its breakthrough manufacturing processes. The project has already created more than 45 jobs and the company is still hiring. Production is increasing to supply a multi-million dollar backlog, with an expectation of ultimately producing approximately 3 million bags of insulation annually.

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