The Maine Technology Institute has granted $2.16 million to 10 organizations working on innovative projects around the state.

The funds, which are expected to help create or retain more than 1,600 jobs, come from MTI’s Maine Technology Asset Fund, which was capitalized with $45 million MTI received in 2017 from a voter-approved economic development bond. The fund was designed to help Maine companies invest in R&D equipment, infrastructure, and technology upgrades.

The Maine Technology Institute deployed the MTAF funds over three rounds, the most recent of which was announced in April 2018. This smaller fourth round is deploying money that was redistributed because previously awarded projects were not executed and the funds returned. MTI also augmented the bond funds with $202,099 of its core funding.

MTI received 84 proposals from organizations seeking some of the $2 million. Those proposals sought approximately $25 million, outpacing the amount of available funding by 1,100%.

“Given the extraordinary challenges facing Maine businesses and organizations during the pandemic, we are very excited and encouraged to announce these noteworthy awards,” said Brian Whitney, MTI’s president. “The projects align well with the state’s newly adopted 10-year strategic economic development plan and have meaningful economic impacts, especially in rural Maine.”

Projects span eight Maine counties and several industry sectors, from agriculture, forest products, and boatbuilding, to innovations in aquaculture and precision manufacturing. The awards will be matched by nearly $32 million in private sector matching funds.

Here are the projects that received funding. For more info about each project, see MTI’s full announcement below.

Eastport Port Authority
Eastport, Washington County
Award Amount: $307,500
Total Project Cost: $938,516

STARC Systems
Brunswick, Cumberland County
Award Amount: $307,500
Total Project Cost: $4,572,625

Nyle Systems
Brewer, Penobscot County
Award Amount: $142,981
Total Project Cost: $677,950

North Spore
Westbrook, Cumberland Coujnty
Award Amount: $164,418
Total Project Cost: $438,670

Acadian Composite Materials
Limestone, Aroostook County
Award Amount: $280,000
Total Project Cost: $912,000

Twin Rivers Paper Company
Madawaska, Aroostook County
Award Amount: $300,000
Total Project Cost: $19,200,000

Springworks Farm Maine
Lisbon, Androscoggin County
Award Amount: $300,000
Total Project Cost: $4,059,375

American Unagi
Waldoboro, Lincoln County
Award Amount: $175,000
Total Project Cost: $500,000

Farming Fungi
Springvale, York County
Award Amount: $42,700
Total Project Cost: $279,000

Lyman Morse
Thomaston, Knox County
Award Amount: $140,000
Total Project Cost: $407,060

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