When the NTSB concludes the on-site phase of its investigation, Metro-North will begin to remove the damaged rail cars and remaining debris.

WSJ: Probe into Conn. train crash giving way to cleanup

But now, both Mr. Karp, a 25-year-old New Yorker, and his company are heading into a risky new phase: making the site profitable.

WSJ: Can Tumblr Turn a Profit?

Alan Mosley, Chair of the Friends of the Flax Mill, described the HLF support as "tremendous news" and said the next phase of work at the site would "protect the heritage and rejuvenate the area".

BBC: Ditherington Flax Mill backed in ?12.1m lottery bid