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September 13, 2017

MTI to distribute $45M in technology fund ‘lightning round’

The Maine Technology Institute seeks project proposals from organizations in Maine that are planning to make investments in equipment, infrastructure and technology upgrades to drive innovation in the state. The grants are also available to companies or organizations planning to locate here.

MTI will distribute $45 million in challenge grants as part of its Maine Asset Fund Technology 2.0 Lightning Round, it said in a news release Tuesday.

The challenge grants are intended to leverage private investments on at least a 1-to-1 cost share basis. Potential applicants must demonstrate how the funding would complement their own matching investments to the greatest possible extent and for the greatest possible economic impact, as well as why their company or project falls within the research, development and commercialization continuum.

Applicants also must show how the funding would help them gain and hold market share, increase revenues and grow or preserve jobs in Maine.

Requests will be accepted between Oct. 2 and Dec. 8 and will be reviewed on a monthly basis. Awards must be used for capital and infrastructure expenditures, such as equipment and facilities renovation.

MTI, located in Brunswick, is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development activity leading to the commercialization of new products, processes and services in the state's seven targeted technology sectors.

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