Western New York Impact Investment Fund Invests $750,000 in CleanFiber Buffalo, LLC

09.27.18

BUFFALO, N.Y. – The Western New York Impact Investment Fund announced today the Fund has made an investment of $750,000 in CleanFiber Buffalo, LLC (CleanFiber), a high-quality cellulose insulation company based in Buffalo, N.Y. The Fund’s debt investment is part of CleanFiber’s recent round of financing in which the Western New York Impact Investment Fund was one of the lead investors.

CleanFiber, formerly UltraCell, manufactures high-performance building insulation from recycled corrugated cardboard. The investment by the Western New York Impact Investment Fund will help advance the growth of CleanFiber, including the construction of its production facility located at the site of the former Bethlehem Steel plant in Blasdell, N.Y.

“We are excited to partner with CleanFiber, an innovative company with a unique and patented process bringing more manufacturing back to our region. This means incremental jobs for Western New Yorkers and a product we believe shows promising potential in the marketplace while making a positive environmental and social impact,” said Thomas P. Quinn, Chief Executive Officer of the Western New York Impact Investment Fund.

CleanFiber has estimated the creation of between 30 to 35 jobs once its manufacturing facility is operational. It expects to start filling pre-orders of its cellulose insulation later this year.

CleanFiber was started by a seasoned management team who saw an opportunity to develop a cellulose insulation that is more efficient and safer than insulation used today. The team designed an original form of cellulose insulation that uses a patented manufacturing process and infuses fire retardant directly into the fiber.

“CleanFiber’s cellulose insulation is a cutting-edge product that utilizes recycled materials which helps to reduce our country’s landfill issue. Because of its improved efficiency in heating our homes and buildings, it also can cut down the use of fossil fuels and lower our overall carbon footprint. In addition, CleanFiber’s new plant will create new jobs, providing new opportunities for our region and ultimately contributing to neighborhood revitalization,” said Mr. Quinn.

CleanFiber moved from Massachusetts to Buffalo after winning a $500,000 investment from 43North, which recognizes innovative startups from across the globe and brings them to Western New York.

The Western New York Impact Investment Fund’s investment in CleanFiber marks its third investment since it launched in August of 2017. Previously, the Western New York Impact Investment Fund made significant investments in EcoVerde Organics, LLC, a compost company in East Aurora, N.Y., and Viride Parente, a renewable energy company on Buffalo’s East Side.


ABOUT THE WESTERN NEW YORK IMPACT INVESTMENT FUND: The Western New York Impact Investment Fund launched in August 2017 as an innovative for-profit investment fund comprised of corporate, private and philanthropic investors. The investors have committed to providing a new source of funding for socially responsible businesses and organizations located in the eight counties of Western New York while seeking a financial return on their investment. For more information, visit www.wnyimpact.com.