Issue link: https://nebusinessmedia.uberflip.com/i/1517428
V O L . X X X N O. V I T oday, TimberHP has two forms of high-performance, sustainable insulation in the market, and is ramping up to launch a third. e com- pany employs more than 70 people in Madison, and expects to hire more. Mainebiz: What was the single biggest challenge you faced in the early days? Joshua Henry: For me it was just the continuous rejection. We had this great solution, but the feeling from the inves- tor community initially was that Matt and I were maybe not the right people for the job. You can only raise so much money from your friends and family. But thankfully, as we continued to grow the company, that concern faded. Matthew O'Malia: Financing, financing, financing. To begin with, TimberHP is an industrial startup, which itself is very rare. en, half- way through our fundraising, we were thrown into the pandemic. We P H O T O / F R E D F I E L D INNOVATIVE BUSINESS LEADERS Joshua Henry Co-founder and president, TimberHP Matthew O'Malia Co-founder and vice president, TimberHP Two innovators are driving change in a mill town — and in a legacy industry Joshua Henry and Matthew O'Malia are the driving force behind TimberHP B y W i l l i a m H a l l A defunct paper mill in Madison returned to life in 2023 with a new mission and new technology, but the rebirth had been in the works for nearly a decade. The plant's new product, wood-fiber building insulation, has been around even longer — though only in Europe. All of which makes TimberHP a young company with a long history. That's fitting for a business innovating within a heritage Maine industry like forest products. TimberHP is the brainchild of Joshua Henry, a trained chemist, and business partner Matthew O'Malia, an architect. The two teamed up in 2015, and eventually bought the mill property in Madison for $1.4 million in 2019. C O N T I N U E D O N PA G E 1 6 » M A R C H 1 8 , 2 0 2 4 14 TimberHP timberhp.com 1 Main St., Madison What it does: Manufactures high-performing wood-fiber insulation from renewable forest resources, with the goal of making buildings healthier for people and for the planet Employees: Over 70