U.S. hemp building materials maker Hempitecture Inc. said it plans a new 20,000 sq. ft. production facility to make hemp-fiber based insulation in southern Idaho’s Magic Valley, where the company is located.
The factory, expected to be operational by May 2022, will turn out HempWool, a sustainable, high-performing fiber insulation for residential and commercial construction projects. Hempitecture holds the U.S. patent for HempWool insulation, which is produced through proprietary textile technology.
Sun Valley-based Hempitecture is researching hemp building materials in a partnership with the University of Idaho backed by a $200,000 grant from the Idaho Global Entrepreneurial Mission (IGEM), a joint venture of public and private sectors in the Magic Valley, which comprises eight counties in the south-central part of the state.
“Hempitecture’s expansion brings high paying jobs, opportunity and innovation to the Magic Valley,” Idaho Department of Commerce Director Tom Kealey said.
Matthew Mead, Hempitecture’s Founder and CEO, said the agriculturally focused region of Idaho is well located for the company’s business. “The Magic Valley, strategically situated along the I-84 corridor, allows us to easily reach our target markets across the Rocky Mountains, the Pacific Northwest, and West Coast,” Mead said.
Hempitecture has embarked on an equity fundraising campaign to support development of the factory. “We are ‘testing the waters’ to gauge investor interest in an offering under Regulation Crowdfunding,” Hempitecture noted in a press release. That specific type of crowdfunding lets companies raise up to $5 million annually by selling shares – through equity or convertible notes – to the public online.
“The combination of sustainability, agricultural technology, and innovation makes this a wonderful addition to Southern Idaho,” Southern Idaho Economic Development Executive Director Connie Stopher said of the Hempitecture announcement.