IFG Asset Management (“IFG”) is pleased to announce that CleanFiber, LLC (“CleanFiber”) has secured $8.5 Million in Equity Financing with proceeds to expand the Buffalo Production Facility. This equity financing (together with over $51 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.
“Extremely strong” demand is driving CleanFiber to expand its Blasdell factory.
CleanFiber will use the new investment to construct a 6,000-square-foot addition to the building, making it about 67,000 square feet overall. The company has 75 employees working three shifts, seven days a week.
“The capital is to support demand we know exists from customers we’re currently serving, and to continue scaling up our operations” CEO Jon Strimling said. “We’re going to expand production at our Buffalo facility and start to lay the groundwork for future expansion.”
This is the latest in a string of financing events for CleanFiber, which raised $14 million in debt financing earlier this year and $11.9 million in venture capital last year.
IFG Asset Management is an early investor in CleanFiber, LLC and IFG Managing Partner, Turner C. Smith, sits on the Board of Directors.
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.
For more information, please visit www.cleanfiber.com