The Finance Authority of Maine (FAME) has approved Katahdin Salmon, Inc., an inland aquaculture business which will be located in Millinocket, application for a FAME Direct loan of up to $110,000 to contribute to the financing of pre-construction planning and first management hires.
Katahdin Salmon Inc. will be at the site of the former Millinocket Paper Mill, which closed in 2008. The loan will help create up to 80 jobs in Millinocket.
The site will feature a recirculating aquaculture system to deliver 5,000 metric tons of salmon in two stages. The salmon will be hatched, raised, processed on-site and sold to regional Northeast markets.
“This highly innovative and environmentally sound reuse of the Millinocket paper mill site shows the exciting trend of Maine economic development,” said Richard Trafton, FAME’s board chair.
Xcelerate Aqua LLC, a Maine-based entity, is the founder of Katahdin Salmon Inc. The aquaculture development company is owned by Erik Heim and Marianne Naess. Heim stepped down last year as CEO of Nordic Aquafarms.
FAME is partnering with Maine Technology Institute, Maine Venture Fund, One North and other select investors to help finance the Millinocket project.
“We and involved investors are very appreciative of FAME’s support as we progress with planning for this unique development that will promote carbon mitigation and regenerative food systems,” said Heim.
“We have spent considerable effort in establishing dialogue and a good foundation with local communities, environmental organizations and others in the past months,” said Naess.
FAME’s direct loan program provides access to operating capital for startups and existing businesses for most business purposes.
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities.