MTI awards $1M to innovative technology projects
The Maine Technology Institute approved more than $1 million in awards supporting innovative technology projects in 10 of Maine’s 16 counties.
The awards include two development loans ($604,490), 17 seed grants ($368,607), four TechStart grants ($19,725) and two business accelerator grants ($35,000). The investments leveraged more than $1.6 million in matching funding from the recipients within the state’s seven targeted technology sectors of biotechnology, aquaculture and marine technology, composite materials technology, environmental technology, advanced technologies for forestry and agriculture, information technology and precision manufacturing.
“The MTI Board of Directors is pleased to play a role in encouraging and stimulating these pioneering initiatives by our emerging and established for-profit companies, as well as our well-known non-profit research institutions in Maine, to allow them to grow and sustain jobs in our state,” MTI President Brian Whitney said in a release.
Here’s the breakdown of the award recipients:
Development Loan Awards:
- WedgeRock, Limerick, $354,490, matched by $558,715;
- Spring Point Solutions, Portland, $250,000, matched by $312,906.
Seed Grant Awards:
- Tasman Leather Group LLC, Hartland, $25,000, matched by $54,690;
- Gotham Biotech LLC, New Gloucester, $15,665, matched by $15,665;
- Mount Desert Island Biological Laboratory, Salisbury Cove, $25,000, matched by $25,000;
- bluShift Aerospace Inc., Brunswick, $25,000, matched by $38.909;
- Maine Aquaculture Co-op, Tenants Harbor, $8,500, matched by $26,897;
- Dream Local Digital Ltd., Rockland, $24,839, matched by $22,965;
- Friday Feedback Inc., South Portland, $18,925, matched by $19,000;
- Arcadia Alliance Inc., Belfast, $25,000, matched by $26,500;
- VisionMaster Inc., Portland, $25,000, matched by $66,025;
- EarthShift Global LLC, Kittery, $25,000, matched by $31,900;
- Maine Cap N Stem LLC, Gardiner, $21,350, matched by $30,912;
- GO Labs Inc., Belfast, $24,840, matched by $25,140;
- DemerBox LLC, Portland, $25,000, matched by $26,700;
- Foothills Fuels Inc., Portland, $8,710, matched by $20,766;
- Bigelow Laboratory for Ocean Sciences, East Boothbay, $20,778, matched by $20,788;
- NBT Solutions LLC, Portland, $25,000, matched by $25,650;
- PK Floats Inc., Lincoln, $25,000, matched by $26,300.
Tech Start Grants:
- Erica Schmitz dba Schmitz Studios, Portland, $5,000, matched by $5,000;
- Harris Media Services Inc., Yarmouth, $4,850, matched by $5,065;
- Atlantic Cookie Company LLC, $4,875, matched by $5,000;
- SwitchDown LLC, Durham, $5,000, matched by $5,000.
Business Accelerator Grants:
- The Montalvo Corp., Gorham, $15,000, matched by $225,000;
- Davo Technologies LLC, Portland, $20,000, matched by $42,300.
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