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February 10, 2016

MTI awards $71K to small businesses across the state

Rendering / peregrine turbine technologies llc
Rendering / peregrine turbine technologies llc
Peregrine Turbine Technologies LLC,, which is based in Wiscasset, has developed turbine technology it says will improve efficiency. It could be used in aerospace, ships and distributed energy generation.

The Maine Technology Institute on Tuesday approved four grant applications for the month of January totaling over $71,000 to four business in the state that specialize in advancements in the fields of biotechnology, environmental technology and composite materials.

In addition to the amounts awarded by MTI, the award recipients leveraged over $1.6 million in matching contributions.

Optimum Imaging Diagnostics from Scarborough was the recipient of a Tech Start Grant totaling $1,200 with a matching amount of $2,380.Tech Start Grants are awarded monthly to entrepreneurs and companies across the state that are looking to develop innovative products and services and can be used for specific developmental activities such as market analysis and intellectual property filings.

Two companies were awarded Business Accelerator Grants from MTI totally $64,964 in January, The recipients were the Topsham-based RM Beaumont Corp., which was awarded $14,964 that was met with a $224,999 matched award, and Peregrine Turbine Technologies for Wiscasset received $50,000 from the grant, which was leveraged by a $1,432,357 contribution.

Business Accelerator Grants are available to start-up companies that had previously been awarded Development Loans from MTI, in addition to companies that have been awarded federal Small Business Innovation Research, Small Business Technology Transfer grants, or any other similar federal research and developmental funding awards. A Business Accelerator Grant is provided to increase the competitiveness of the grant recipients by providing funds directed at product and service commercialization.

Additionally, the Brewer-based anti-ballistics company Compotech Inc. was awarded a $5,000 Phase 0 Kickstarter grant. A Phase 0 Kickstart grant is offered to support competitive federal proposal submissions from Maine applicants; the funds are to be used for costs associated with preparing a proposal like grant writers and consultations from experts in a given field.

"The Maine Technology Institute is delighted to make these foundational investments to help emerging and innovative Maine companies conduct basic business planning, as well as to attract federal research and development dollars," Brian Whitney, MTI's president, said in a statement. "The $71,164 investment from MTI will help leverage a staggering $1.7M in matching investment. That's terrific for these four companies and, indeed, for the entire state of Maine."

Read more

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