MADISON — Belfast-based GO Lab announced Thursday it has secured the $85 million in financing needed to begin construction of a manufacturing operation at the former Madison Paper Industries mill.
Cianbro construction of Pittsfield will move forward with installing three manufacturing lines that will be used to make three types of wood-fiber insulation that GO Lab refers to as TimberHP.
“Everyone has worked extremely hard over the past few years to ensure that we would have the significant, up-front capital needed to turn a paper mill into the first wood-fiber insulation manufacturing plant in North America,” Josh Henry, co-founder and president of GO Lab, said in a statement.
GO Lab will employ 120 people at the Madison mill, with more jobs expected to be created by the end of 2022, company officials said in the statement announcing the financing.
The building products manufacturer closed on the Madison mill in 2019