Buffalo, NY – October 25, 2024 – CleanFiber, a pioneering materials science company that produces high performance, environmentally-friendly building insulation, is pleased to announce its selection by the US Department of Energy’s Office of Manufacturing and Energy Supply Chains (DOE MESC) for $20 million in grant funding. The funding will support CleanFiber’s rollout of additional production facilities, which convert recycled cardboard boxes into cellulose building insulation.

These DOE grants are part of more than $75 million in financing vehicles, grants, and tax credits the company has secured in 2024. The $20 million in US DOE funding is being provided through the Office of Manufacturing and Energy Supply Chains and will support the construction of plants in Lewis County, Washington and Ellis County, Texas.

Earlier this year, CleanFiber successfully closed a $33M Series B funding round led by Spring Lane Capital (SLC). Beyond its equity investment, SLC also established a $31.5M project financing facility to support the buildout of new plants. In addition, the company is pleased to report that it was the successful recipient of a $10M Section 48C tax credit allocation, and the firm is also being offered significant incentives via state economic development agencies.

Based in Buffalo, NY, CleanFiber has experienced rapid growth at its first manufacturing facility, earning the title of #1 Fastest Growing Manufacturing Company in America on the 2024 Inc. 5000 list. Given strong demand for its product nationally, and not just regionally, the firm plans to establish additional facilities in four other states: Washington, Texas, Arizona and Michigan, with longer-term plans to also develop sites in the Southeast and Canada.

CleanFiber's patented technology transforms recycled cardboard into high-performance, fire-resistant building insulation. This eco-friendly choice has already been adopted by numerous installers and installed in tens of thousands of homes. Not only does CleanFiber improve energy efficiency, but the product also acts as a carbon sink, storing natural carbon in buildings and helping to combat climate change.

“We are honored to have the DOE’s support in accelerating our growth,” said Jonathan Strimling, CEO of CleanFiber. “We are committed to delivering benefits not only to our customers, but also to disadvantaged and coal communities where we’ll be creating employment opportunities, and of course, reducing carbon emissions at the same time.”

Shown above (L to R):Tom Dorsch, Don Simoneau, Jonathan Strimling and Alexandra Harris representing CleanFiber in direct meetings with the Department of Energy

About CleanFiber

CleanFiber is a pioneering materials science company focused on decarbononizing buildings. We make high performance building insulation products from recycled corrugated cardboard boxes. Our carbon negative insulation provides improved energy efficiency on an affordable basis. We are deeply committed to advancing our nation’s economy while also helping our nation achieve other societal and environmental goals.

For further information, contact Alexandra Harris, Director of Capital Markets and Investor Relations via aharris@cleanfiber.com.

Website: www.cleanfiber.com