Brunswick rocket maker advances full-scale biofuel engine, with new fundraising round on tap

(From Mainebiz) Brunswick-based, buShift Aerospace is entering a phase of rapid engine testing to optimize the performance, thrust and efficiency of MAREVL, its carbon-neutral, biofuel powered rocket engine. The company has also opened a new equity crowdfunding campaign. bluShift plans to create over 50 aerospace jobs in the next 5 years and bring revenue into Maine. MTI has provided ongoing support to the company. Read more »

Madawaska’s Twin Rivers Paper plant secures $100M in financing

(From Mainebiz) MTI portfolio company, Twin Rivers Paper Co. recently procured $100M to refinance debt and provide working capital. The integrated paper company produces paper for packaging, publishing, technical specialties, and more. It also produces dimensional lumber. Over 1,400 people in two countries and seven communities are employed by the business. Read more »

Vertical farm is on the rise in Westbrook

(From Portland Press Herald) Vertical Harvest Maine is under construction in Westbrook. This four-story urban hydroponic farm is designed to employ dozens of workers with intellectual disabilities and produce millions of pounds of microgreens for the area. MTI is an ongoing supporter of the project. Read more »

Maine online book club company raises $1M to expand

(From Bangor Daily News) MTI portfolio company, Bookclubs, has raised more than $1 million to add features to its website. The Camden-based business helps readers find other people with similar interests and guides them on how to form and sustain a club either virtually or in person. Read more »

$23M in state grants awarded to Maine technology companies

(From Mainebiz) As part of the Maine Jobs and Recovery Plan, MTI recently awarded $23.3 million through the PRIME Fund. Phase 1 of the the program resulted in 174 grants to companies to aid recovery from the pandemic, invest in new products and business lines, attract new customers, and sustain long-term growth. PRIME Fund Phases 2 and 3 are expected to launch in the coming months. Read more »

Proposed Maine Spaceport gets $1.2M federal boost toward liftoff

(From Mainebiz) The U.S. Economic Development Administration (EDA) awarded $1.2 million in grant funding to the Maine Space Grant Consortium for final planning around workforce development, business development and external engagement needs for the Maine Spaceport. The EDA funding will be matched by $407,407 in state and local funds. MTI is a supporter of the project. Read more »