GO Lab gets $85 million for new mill
January 11, 2022 | 3:33 pm CST

MADISON, Me. — Belfast-based GO Lab has secured $85 million in financing to transform a former Madison Paper Industries mill into a wood-processing facility.

GO Lab intends to produce three types of wood-fiber insulation, employing 120 people at the Madison mill.

The building products manufacturer bought the Madison mill in 2019 in a $1.9 million deal. To finance construction, it sold $85 million tax-exempt green bonds issued by the Finance Authority of Maine. GO Lab also completed a New Markets Tax Credit transaction.

"We’re grateful to take this step forward and excited to embrace the hard work that lies ahead,” said GO Lab co-founder and president Josh Henry.

Cianbro construction of Pittsfield now will move forward with installing three manufacturing lines. It'll be the first manufacturing at the site since Madison Paper Industries was shuttered in May 2016.

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Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).