Maine Venture Fund announces investment in TimberHP
Summary
The company is using this capital, along with investment from several other strategic corporate partners, to accelerate the rate of production of its wood fiber insulation manufacturing facility at the former UPM paper mill in Madison, Maine, an economically distressed community and federally-designated Opportunity Zone.The capital investment was funded by MVF in coordination with a federal program called the State Small Business Credit Initiative ( ), which is part the the federal American Rescue Plan stimulus initiative, and formalized in Maine as the program through the Finance Authority of Maine (FAME).TimberHP produces its innovative wood fiber insulation for the residential and light commercial construction markets. High performing and non-toxic, TimberHP will also be renewable and recyclable and the only scalable insulation solution with a negative carbon footprint. Given our unique structure as a state-sponsored fund, and in partnership with FAME, MVF was able to leverage significant federal capital to help support this strategic initiative for Maine. For more information, visit .TimberHP was founded in 2017 to develop and manufacture wood fiber insulation solutions for the residential and light-commercial construction markets. Along with being high-performing, wood fiber insulation products are easy and safe to install, renewable, recyclable, nontoxic, and will have a negative carbon footprint.