Abstract: A molded composite construction panel formed in a vertically oriented continuous molding procedure included a lightweight cellular core of rigid foam material and a relatively thin skin of fiber reinforced concrete encasing the core. The panel further including at least one integrally formed multi-faceted channel being substantially coextensive with at least one edge of the panel. A method of forming a building panel is also disclosed comprising the steps of providing a mold having a mold cavity, disposed vertically, that defines the mold surface for forming the exposed finish surfaces of a molded wall panel, where the mold cavity bottom and side edge walls define the edge walls of the molded wall panel. A foam insert is positioned and secured in the mold cavity. A slurry of concrete, sand, and fiber strands is formed to produce a homogeneous panel mixture. The mold cavity is filled with the panel mixture.