Fiberight gets $70M in needed funding to open Maine facility

January 7, 2018 |

In Maine, Fiberight secured $70 million for a municipal solid waste center that should be in operation by this May. The high-tech facility will convert 180,000 tons of trash each year from more than 100 Maine towns into biofuel at a 144,000-square-foot steel frame facility that began construction last July.

Craig Stuart-Paul, CEO of Maryland-based Fiberight, told Bangor Daily News, that $45 million of the financing came through a tax-exempt bond with the Finance Authority of Maine and the remainder in private equity funds. “A lot of people questioned whether or not we would be able to get the financing,” he told Bangor Daily News. “In our mind, we always knew we could. This was the final hurdle.”

 

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