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Go Lab

Madison, ME (2022)

A New Markets Tax Credit transaction funds construction of a wood-fiber insulation factory at the former UPM paper mill in Madison.

COMMUNITY IMPACT
FINANCING SOURCES
PROJECT LOCATION

Project Description

GO Lab Inc. has closed on the sale of $85 million in bond funding and completed a New Markets Tax Credit transaction that will fund construction of a wood-fiber insulation factory at the former UPM paper mill in Madison. The company expects to employ 120 people at the plant when fully operational. Under the current timeline, GO Lab expects to be producing its TimberHP loose-fill insulation in the first quarter of 2023, followed by wood fiber batt and board products in the second quarter and third quarter of 2023, respectively. Mascoma Community Development (MCD) is pleased to announce the successful closing of $20 million in New Markets Tax Credit (NMTC) allocation to support the redevelopment of a former paper mill into a wood fiber insulation manufacturing facility in Madison, Maine. Operated by GO Lab Inc., a company founded in 2017 to develop and manufacture innovative and environmentally responsible building products, the renovated mill will run three insulation production lines to make wood fiber loose fill, boards, and batts for the residential and light commercial construction markets, under the brand name TimberHP.

Business Development

Incubator