Diversified Holding Co. Fuels Growth of Maine Startup, as Series A Investor in Go Lab Inc.

By Carl Norcott.
Updated Feb 2, 2022

PORTLAND, Maine (PRWEB) February 02, 2022 - Today, Diversified Holding Co. is pleased to announce our Series A investment in GO Lab to fund their TimberHP wood fiber insulation production facility. Manufactured at a former paper mill in Madison, Maine, TimberHP will be the first cost-competitive, carbon-negative, renewable, non-toxic, comprehensive insulating solution available in the United States.

We are proud to play this vital role in bringing this new product to market and its manufacturing to a part of our state in need of revitalization, said, Diversified Holding Co.s President & CEO, Theodore Wirth We are thrilled to find such an exceptional product concept with near- and far-reaching positive environmental impact that not only expands our founder, Horace Hildreth Sr.s legacy, but builds upon the environmental stewardship of his son and our former Board Chair Horace Hildreth Jr,. and reflects the values of our current Board of Directors.

TimberHP will offer three wood fiber building envelope and acoustic insulation products: TimberFill, TimberBatt, and TimberBoard. While not demanding a cost premium, these products are performance competitive with traditional options on the market that are nearly all derived from or heavily reliant on fossil fuels. The TimberHP product series uses residual wood chips from Maines renewable lumber production and sustainable forest management practices. TimberHP will not only weatherize homes throughout New England helping to cut building emissions and reduce the carbon footprint of the US housing stock but also builds upon Maine's environmental heritage and bolsters the state's sustainable forest economy.

'While looking for cost competitive and sustainable insulation it became clear that the cost and carbon to import wood fiber insulation from Europe were prohibitive and revealed the opportunity to manufacture a sustainable option where the resources and demand were the among the highest in the US,' explained, architect, and Board Member & Co-Founder of GO Lab, Matthew O'Malia. Financing was the next step towards development, and we were very pleased to find a Maine company Diversified Holding Co. with the foresight and shared values to help fund the extensive technical resource development and pre-production R&D as well as help secure the Bonds necessary to launch this new industry here in Maine.'

Together with the other Series A investors, Diversifieds early investment ensured GO Lab's ability to secure and sell $85 million tax exempt green bonds, purchase a former papermill in Madison, Maine and hire existing local expertise with plans to hire nearly half of the local manufacturing work force left behind when the papermill closed in 2016. In all, the project will cost over $130 million dollars and deliver over a $100 million of high-performing, carbon-negative insulation to the residential construction market.

Oakley Dyer, Corporate VP of Strategy and Corporate Development said, Having previously invested in renewable energy projects in Maine and acquired many follow-on products within our global portfolio of businesses, we are also fortunate to be at the ready to support promising Maine-based start-ups, such as TimberHP. We look forward to joining the Go Lab Board and continuing our support.