GO Lab $85 million Green Bond Sale, NMTC Transaction

Pierce Atwood assisted GO Lab, Inc., d/b/a TimberHP on all aspects of the development of its wood fiber insulation manufacturing facility at the former UPM paper mill in Madison, Maine, beginning with the acquisition of the mill in 2019, through the closing of the sale of $85 million tax-exempt green bonds issued by the Finance Authority of Maine, a $24 million New Markets Tax Credit transaction, and a $25 million Series A equity raise. These funds provide the up-front capital needed to turn the former paper mill into the first wood fiber insulation manufacturing plant in North America.

The company expects to begin production of its innovative insulation material in 2023, according to its press release.

Pierce Atwood has represented GO Lab in various matters throughout the development of its business.