Maine Venture Fund announces investment in TimberHP

An innovative new Maine forestry product line is being pioneered in Somerset County, Maine, at the renovated Madison Mill site.

MADISON, Maine, June 7, 2023 /PRNewswire/ -- Maine Venture Fund ("MVF") announced today that it has completed an investment in TimberHP, which began commercial operations in April 2023. 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 (SSBCI), which is part the the federal American Rescue Plan stimulus initiative, and formalized in Maine as the Grow Maine program through the Finance Authority of Maine (FAME).

TimberHP produces its innovative wood fiber insulation for the residential and light commercial construction markets. Wood fiber insulation has been produced in Europe for over two decades and accounts for nearly $1B in annual sales across the European Union. TimberHP loose fill, batts and continuous exterior boards will work as a complete above-grade insulation system or as cost-competitive replacements for existing insulation products in the North American market. High performing and non-toxic, TimberHP will also be renewable and recyclable and the only scalable insulation solution with a negative carbon footprint.

"Closing this financing round is important for TimberHP," said TimberHP co-founder and president Josh Henry. "We're excited to partner with Maine Venture Fund in expanding economic opportunity in the state as we bring a new Maine heritage product to national and global markets".

Since officially starting the loose fill line in April, the company expects to expand production to wood fiber batt and board products in Q2 and Q3 of 2023, respectively. All three offerings will be true byproducts of Maine's timber industry, made from softwood chips—the residuals from sawmilling—and from low-value pulpwood removed from stands of timber throughout the state.

Dr. Brien Walton, Board Chair of Maine Venture Fund, said, "TimberHP is an ambitious and much-anticipated manufacturing project in Maine that exemplifies the next chapter of innovation in forestry that we are seeing in the state. 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."

John "Jack" Ducharme (R- Madison), the State Representative for the Madison Mill region, praised the project. "The loss of the Madison Paper Mill is still being felt and the repurposing of the mill is critical to our area's ability to fully recover and grow," said Rep. Ducharme . "I am pleased to see this investment in our local community. It will support job creation, our tax base, and local businesses that rely on economic growth."

About Maine Venture Fund

Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. For more information, visit Maine Venture Fund's website.

About TimberHP, Inc.

TimberHP was founded in 2017 to develop and manufacture wood fiber insulation solutions for the residential and light-commercial construction markets. Wood fiber board, batt, and loose fill insulation products are an easy drop-in replacement for other insulations on the market. 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. When manufactured here in America, TimberHP's product line will offer the most comprehensive, above-grade solution on the market—cavity, continuous and blanket insulation made from one material, from one manufacturer.

SOURCE Maine Venture Fund