CleanFiber Secures $14 Million in Debt Financing to Expand Buffalo Production Facility

IFG Asset Management, LLC Served as Exclusive Financial Advisor to CleanFiber, LLC

IFG Asset Management (“IFG”) is pleased to announce that CleanFiber, LLC (“CleanFiber”) has secured $14 Million in Debt Financing with Lapis Advisers, LP (“Lapis Advisers”) with proceeds to expand the Buffalo Production Facility. This debt financing (together with over $37 Million in previously announced financing) will enable the Company to complete the expansion of its state-of-the-art cellulose insulation production facility in Buffalo, New York, leveraging its breakthrough insulation technology.

“Demand for CleanFiber’s sustainable insulation material continues to mount, easily outstripping our production capacity,” commented Jonathan Strimling, CEO of CleanFiber. “This $14M expansion loan from Lapis Advisers will allow us to rapidly expand production at our first manufacturing facility in Buffalo, NY in 2022. We’re grateful to Lapis for their support of our expansion, and we have already found them to be an incredibly valuable partner.”

“We’re thrilled to be a part of the CleanFiber team and to help advance CleanFiber’s efforts to provide a high-quality, sustainable cellulose insulation product to the marketplace,” added Cody Noll, Managing Director of Lapis Advisers, LP.  “CleanFiber’s innovative production process technology and its utilization of recycled materials aligns perfectly with Lapis’ investment goals, and we look forward to our partnership with the company.”

About CleanFiber

CleanFiber makes high performance building insulation from recycled corrugated waste residuals. 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 Lapis Advisers, LP

Founded in 2009, Lapis provides capital in both municipal bond and corporate lending markets with the flexibility to custom-tailor solutions for borrowers that may not be easily served by more traditional credit providers. Our dedication to professionalism, industry insights, speed and certainty of execution are hallmarks of our business approach. Lapis is known for its collaborative investment approach and has a long history of successful partnerships.

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