Maine Technology Institute Funds $1,036,600 in 24 Awards to Maine Companies

June 16, 2015

Awards support innovative technology projects in six sectors and eight counties

FOR IMMEDIATE RELEASE
June 16, 2015

Contact: Brian Whitney, President
Maine Technology Institute
207-582-4790
bwhitney@mainetechnology.org

BRUNSWICK, MAINE - The Maine Technology Institute (MTI) approved 21 new grant applications and 3 Development Loan applications in May and June 2015, totaling $1,036,600 in awards to entrepreneurs from across Maine to advance new product and process development in biotechnology, composite materials, environmental technology, information technology, aquaculture and marine technology, and precision manufacturing technology. This round of MTI awards leveraged $1,685,017 of matching contributions from the award recipients.

Awards from this round include:
• Three (3) Development Loans totaling $601,296

• Nineteen (19) Seed Grants totaling $425,304

• One (1) Phase 0 Kickstarter Grant totaling $5,000

• One (1) Tech Start Grant totaling $5,000

“MTI investments in research, development and commercialization activities are a vital part of growing Maine’s innovation economy,” said Brian Whitney, MTI’s President. “The projects funded in this round cover 6 of our state’s 7 targeted technology sectors, help leverage private sector matching investments of over $1.6 million, and comprise of established Maine companies and start-up ventures.”
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