This is CETCO Voltex DS, used for exterior bentonite waterproofing on new construction. There's a black plastic barrier, if ripped or opened, will expose the dry bentonite (the solid gray layer). When in contact with water, the bentonite will swell up to 15x creating a thick, sticky goo that will resist water movement further into the wall. The white fibers help hold the bentonite in place while instalation is going on. The bentonite is attached to the wall along with prep work to anything that might be a future problem.
Great Lakes Waterproofing uses this on new foundations, one of our favorites is garages built into hills. Since drain-tile waterproofing would freeze in the winter, this gives a water-tight bentonite barrier on the outside of the foundation, stopping water and protecting the concrete foundation.