A Maryland, USA business says it will invest $five.eight million in a factory in Kentucky to generate HempWood, an “eco-friendly timber” that makes use of hemp fiber to make a wood-like material.

The business, Fibonacci LLC, stated it has secured a lease on an 11,000 sq. ft. facility in western Kentucky and plans to start production this summer season. Fibonacci owner Greg Wilson stated he has contracted for delivery of extra than 800 tons of hemp stalks from Kentucky growers to get operations up and operating.

‘Mimicking’ oak

The processing is primarily based on an algorithm that mimics the development cycle and attributes of an oak tree, according to Wilson, and determines hardness, density and stability.

Benefits of hemp more than wood involve a significantly faster developing time and higher density in the material which can be made use of for a wide variety of applications which typically are primarily based on wood, such as furnishings and flooring.

HempWood items will be in the type of blocks, pre-reduce boards, flooring, cutting boards and skateboards at costs more affordable than these for oak items, the business stated.

Tax incentives

Fibonacci received $300,000 in tax incentives from the Kentucky Financial Improvement Finance Authority.

Based on the firm’s functionality, Fibonacci could hold some of its investment by meeting job and investment targets. The business expects to employ 25 persons, and will advantage from absolutely free recruitment and job placement solutions from the Kentucky Abilities Network.

“This hardwood option opens up new possibilities inside the building and woodworking industries and emphasizes the capabilities hemp has across various sectors,” Kentucky Governor Matt Bevin stated of the startup.