The Maine Technology Institute (MTI) Board of Directors recently approved four new Development Awards totaling $761,348 for Maine companies that are developing innovative technologies. The awards were matched with combined contributions over $890,047 by the recipients. The MTI Development Award is a conditional loan that companies pay back as they achieve success.
Awards were announced for:
Wizbe Innovations is using their MTI Development Award to further develop a parachute fabric for the U.S. Army with controllable and adjustable permeability. Wizbe initially began their work with a U.S. Army Small Business Innovation Research (SBIR) grant to develop a prototype fabric. Using precision manufacturing, the fabric integrates an electronic system into the fabric. FMI: www.wizbe.net.
Pika Energy will be using their MTI Development Award to develop a wind turbine system that offers lower upfront costs to make it easier and less expensive for families and businesses to produce clean renewable electricity. Early stage development was supported with an MTI Seed Grant. FMI: pika-energy.com.
Cerealus Holdings received a Development Award to commercialize their Cerecarb™ that will enable paper mills to reduce costs by substituting ash filler for expensive pulp fiber. Cerecarb™ offers mills a cost reduction of an additional 5-10% of their pulp usage. Pulp fiber represents 75% of the raw materials in the paper making process. FMI: www.cerealus.com
Rainstorm will apply their Development Award to expand access to affordable education opportunities nationally by providing local adult education programs with a simple, affordable course catalog and online registration website. FMI: www.rainstormconsulting.com.
“MTI’s Development Awards give Maine companies the boost that they are looking for as they prepare to bring innovative technologies to the market,” said Betsy Biemann, President of MTI, on the announcement. “The funding is often critical to get them to that next phase, and the visibility and credibility of receiving an MTI award can help them attract additional investment as well.”
MTI’s Development Awards are conditional loans to companies and technology transfer projects that advance Maine’s economy by creating new products, services and process improvements that help companies start up or remain competitive. Awards of up to $500,000 are offered three times a year on a competitive basis to support early activities for product development, commercialization, technology transfer and business planning and development. Each award requires a minimum 1:1 matching investment consisting of actual cash, salaries, staff time or equipment and in-kind contributions directly attributable to the proposed project. The application deadline for the next round of awards is July 14, 2011. MTI encourages technology start-ups, existing businesses and institutions to apply and offers support to interested companies on the application process.
About MTI
MTI 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. MTI award programs are designed to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and create quality jobs across Maine. More about MTI at: www.mainetechnology.org.