4-6-2018 Christian J. Henrich, Esq. and Katarina B. Polozie, Esq. of Woods Oviatt Gilman LLP were lead counsel for UltraCell Insulation's first external equity round.
Posted on April 08, 2018
Christian J. Henrich, Esq. and Katarina B. Polozie, Esq. of Woods Oviatt Gilman LLP were lead counsel for UltraCell Insulation's first external equity round.
UltraCell Insulation Closes Series A-1 Investment Round
Financing enables launch of high performance insulation plant in Western New York
Buffalo, NY – UltraCell Insulation, LLC (UltraCell), an emerging technology leader in the cellulose insulation industry, today announced the successful closing of its first external equity round. The firm has now secured a cumulative $5 million in equity financing to support the launch of commercial production. UltraCell Insulation makes high performance cellulose building insulation from recycled corrugated cardboard.
The financing was led by the Clean Energy Venture Group (CEVG) and Investors’ Circle’s affiliated SustainVC fund. The round consisted of $1.6 million in new funding, which complemented a recent $1 million bridge financing and prior investments that converted to equity as part of this round. 43North, the $5 million startup competition that is part of Governor Andrew Cuomo’s Buffalo Billion initiative, also converted a prior investment of $500,000 into equity in the company. This financing will enable commercial production of UltraCell’s high performance cellulose from a new facility being launched in the Buffalo area.