Eastern Light Distilling, a Kentucky-owned and operated distillery currently under construction, has reached key financing and investment milestones necessary to accelerate development of its new 50,000-sq-ft facility in Morehead, Ky. The investment secured thus far makes this one of the largest private capital raises in Kentucky this year, supporting what is projected to become the state’s largest dedicated contract distillery.

The distillery has secured a private investment totaling $23.1 million, allowing the company to secure USDA backed financing via Magnolia Bank, while obtaining Commercial Property Assessed Clean Energy (C-PACE) funds via Avrio CleanFund to exceed its $60 million capital stack goal. Eastern Light’s innovative model received strong support from family offices, individual investors, and investment funds.

“Achieving this defining financial milestone for Eastern Light is a strong endorsement of the enterprise we are building,” said CEO and co-founder Cordell Lawrence. “We are creating a more transparent model for whiskey brands, and with this support in place, we’re excited to fuel a distilling platform that can serve customers for years to come.”

Established in 2024 by bourbon industry leaders, Cordell Lawrence and Caleb Kilburn, completion of the financing package significantly accelerates construction of Eastern Light’s $60-million state-of-the-art distillery capable of producing more than 125,000 barrels per year. Distilling operations are expected to begin by late 2027.

Eastern Light has upheld a strong focus on their strategic vision to drive innovation in the spirits sector designed at a scale intended to serve both domestic and international whiskey markets, while also helping to bring Kentucky’s signature $9B bourbon industry to an untapped Eastern Kentucky region.

“Magnolia Bank was honored to structure and originate the USDA Rural Development-backed senior lending that serves as a cornerstone of this financing package,” said Dana Dow, Interim President/CEO of Magnolia Bank. “Eastern Light has demonstrated exceptional preparation, financial discipline, and a clear understanding of how to build a world-class value-added manufacturing operation.”

“Eastern Light has assembled an exceptional management team with a clear vision for building a differentiated business in the spirits industry,” said Mike Stanchina, Managing Director of Matterhorn Securities, a strategic investment advisor for Eastern Light. “We commend them for being so well-positioned for the future with the capital and financial flexibility.”

“Eastern Light is redefining how independent brands bring their whiskeys to life, but our vision has always been about more than just spirits. Eastern Kentucky has the heritage, talent, and ingredients needed to make its mark, and we are honored to play a role in its growth,” said Caleb Kilburn, Master Distiller and Co-Founder.

About Eastern Light Distilling

Eastern Light Distilling is a state-of-the-art distillery locally owned and operated in Morehead, Ky, with plans to be fully operational in late 2027. Situated on the Cumberland Plateau, with its pure and abundant Eastern Kentucky ingredients, Eastern Light is building a flexible, scalable and highly customized contract distilling model as it seeks to become the industry’s most valuable manufacturing and brand-building partner. Eastern Light’s world-renowned former Master Distiller of the Year and team of experts are harnessing an innovative, partner-centric approach that helps existing brands scale and new-to-market brands build their own whiskey from concept to reality. Eastern Light provides unmatched guidance over ingredients, process and route to market through a disciplined philosophy grounded in craftsmanship, community and transparency helping brands thrive at every stage.

For more information, visit EasternLight.com.

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