To Our Supporters, Investors, and Customers,
As we close out an extraordinary year at Hempitecture, I want to take a moment to reflect on the milestones we achieved together and share a look into what’s to come. With your continued support, 2024 brought these exciting milestones and recognitions:
Secured a $1.1 million award from NYSERDA: This funding opportunity from the New York State Energy Resource Development Authority is enabling us to design a new product category that creates even greater circularity in our manufacturing processes, while allowing us to plant a stake in the New York and North East building product markets.
Earned an $8.4 million contract from the US Department of Energy: Hempitecture was named a recipient for a nondilutive award under the Bipartisan Infrastructure Law through the Office of Manufacturing Energy Supply Chains (MESC) for Project Appalachian Green Fiber, our proposal will pave the way for the production of carbon-negative natural fiber nonwovens to better serve key East Coast and South East metro areas.
Received the RISE Innovation Award: This award from the INDA Nonwovens Trade Association recognized Hempitecture's leadership in sustainable materials and innovation within the nonwoven sector for our product PlantPanel, a 100% plant based and recycled content continuous insulation material.
Achieved nearly 100% year-over-year sales growth: We’re continuing our strong financial traction by nearly doubling 2023 revenues, proving the increasing demand for healthy, high-performance insulation solutions.
Unlocked new recurring revenue streams: Hempitecture is leveraging our production technologies through toll manufacturing partnerships that solidify our position as an industry leader in natural fiber converting. These new customers are now able to tap into the sustainability benefits that our products offer.
Manufacturing output saw 86% growth: Our team in the manufacturing plant surpassed all production targets, producing a collective 3601 pallets of product, up from 1940 pallets of product produced in 2023.
Launched our Seed+ financing round: Designed to fuel the next chapter of our growth, we have over $1.1 million already committed by over 750 investors. This financing round will remain open into 2025, allowing both public and private investors to back our mission.
These accomplishments represent the hard work and commitment by our team members to benefit both people and the planet through our dedication to high performing, carbon negative materials.
The momentum we’ve built in 2024 will serve as a foundation for even greater strides in the year to come. In 2025, our focus will be dedicated to these areas:
Invest in operational efficiency to continue to scale production and meet growing market demand. We are leveraging software and automation to create frictionless transaction capacity and increase customer satisfaction. We’ll continue optimizing production to lower our cost of goods and increase our throughput. .
Launch additions to our product catalogue and optimize our existing materials. We will invest in upgraded code compliance certifications, allowing us to scale into commercial markets and expand our total addressable market.
Advance plans for our second manufacturing facility in Eastern Tennessee under the Project Appalachian Green Fiber Department of Energy project, expanding our capacity to serve East Coast markets while bringing new jobs and economic growth to the Appalachian region.
Our commitment to building a resilient business that benefits people and the planet while generating a profit remains our north star. Thanks to our team members, our customers, investors, and advisors, we will continue to march forward as leaders in the natural fiber materials category. We will continue to innovate, produce, and deliver materials that decarbonize the built environment and related sectors, supporting the transition to a bio-based economy.
To our customers, thank you for trusting us to bring you our sustainable solutions. To our investors, thank you for making a financial commitment that supports our vision. And to our partners, thank you for joining us on this journey to create a better future. We look forward to an exciting year ahead—and we couldn’t do it without you.
Here’s to building a brighter, healthier 2025, together.
