Company emerges with $21 million in new working capital; Cianbro remobilized on-site in Madison for completion of TimberBoard manufacturing line.
TimberHP, the sole manufacturer of wood fiber insulation in North America, announced today its successful emergence, uncontested, from Chapter 11, allowing the recapitalized company to operate from a position of strength as it executes its strategy for long-term growth.
Exiting reorganization, the company has officially reincorporated as TimberHP, Inc. and has retired the previous corporate name, GO Lab, Inc.
The change of legal name symbolizes an exciting fresh start for the company, with a strategy that calls for rapid execution across key areas of TimberHP operations.
In Madison, Cianbro Corporation, the general contractor at the mill, has remobilized on-site and is nearing completion and operation of the manufacturing line for the company’s third product, TimberBoard. TimberHP expects to have certified TimberBoard available for sale by the end of the year.
“We are very grateful for the broad support that we have received from creditors, financial partners, the Finance Authority of Maine and other lenders, which has enabled us to successfully complete our restructuring with an exciting opportunity for growth moving forward,” said Matthew O’Malia, TimberHP CEO. “Our team demonstrated incredible commitment and resilience through this transition period, and our improved liquidity and balance sheet provide the chance to execute on our plan to make TimberFill, TimberBatt and TimberBoard mainstream insulations of choice for residential, light commercial, and multifamily development projects.”
Sales of TimberFill and TimberBatt, which continued uninterrupted during the Chapter 11 court process, are projected to grow substantially post-exit, as TimberHP ramps up production with recently improved products, and the company uses its improved financial position to implement its marketing plan and build out its sales force across the Northeast and Mid-Atlantic regions.
Customers interested in purchasing TimberHP wood fiber insulation can search for retailers on our website by clicking here.
About TimberHP
TimberHP grew out of a partnership between two entrepreneurs—Matthew O’Malia, an award-winning architect with a reputation for developing high-performance, cost-competitive designs; and Dr. Joshua Henry, a materials chemist with years of experience elevating solutions to conserve energy and produce renewable energy.
In 2016, Henry and O’Malia saw an opportunity to combine their talents to address a major contradiction that faces the construction industry: we insulate to reduce the energy required to heat and cool our buildings, but we do it with materials highly dependent on or directly derived from fossil fuels. Neither Henry nor O’Malia could understand why wood fiber insulation— a performance-competitive, renewable, carbon-negative insulation that has been produced in Europe for two decades—was not being made in North America.
Through grant-funded research and collaborations with European wood fiber insulation producers, the duo found that their home state of Maine, where multiple paper mills have closed in recent years, could benefit from a new, high-value composite like wood fiber insulation that could make use of the same fiber stream that went into papermaking in the past. O’Malia and Henry formed GO Lab, Inc. and purchased the former UPM paper mill in Madison. In later 2021, the GO Lab team successfully raised the financing to renovate the mill and begin making the transition to becoming TimberHP, the first wood fiber insulation manufacturer in North America.
Learn more at timberhp.com.
