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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