Maine Technology Institute Funds $1,626,850 in 19 Awards to Maine Companies

November 5, 2015

The Maine Technology Institute (MTI) approved 15 Seed Grant applications and 4 Development Loan applications in October 2015, totaling $1,686,850 in awards to entrepreneurs from across Maine to advance new product and process development in biotechnology, composite materials, environmental technology, forestry & agriculture, information technology, aquaculture & marine technologies, and precision manufacturing technology. This round of MTI awards leveraged $3,352,927 of matching contributions from the award recipients.

Awards support innovative technology projects in seven sectors and six counties

BRUNSWICK, MAINE – The Maine Technology Institute (MTI) approved 15 Seed Grant applications and 4 Development Loan applications in October 2015, totaling $1,686,850 in awards to entrepreneurs from across Maine to advance new product and process development in biotechnology, composite materials, environmental technology, forestry & agriculture, information technology, aquaculture & marine technologies, and precision manufacturing technology.  This round of MTI awards leveraged $3,352,927 of matching contributions from the award recipients.

Awards from this round include:

    • Four (4) Development Loans totaling $1,351,630
    • Fifteen (15) Seed Grants totaling $335,220

“MTI invests in entrepreneurs conducting basic research in a garage all the way up to publicly traded companies in an effort to stimulate the development of new products, processes and companies that help grow Maine’s innovation economy,” said Brian Whitney, MTI’s President.  “The projects funded in this round cover all of our state’s 7 targeted technology sectors, leverage private sector matching investments of over $3.3 million, and comprise established Maine companies and start-up ventures.”

Summary of awards:

Development Loan Awards – Four companies received MTI Funding totaling $1,351,630

Forager1, LLC – Portland
Award Amount $374,455
Match Amount $411,473
NBT Solutions, LLC – Portland
Award Amount $245,650
Match Amount $365,650
Peregrine Turbine Technology Distributed Energy Systems, LLC – Wiscasset
Award Amount &500,000
Match Amount $1,559,037
Sustainability Metrics, LLC dba Rapport.IO – Portland
Award Amount $231,525
Match Amount $326,975

Development Loans of up to $500,000 are offered three times a year to support the conversion of innovative research into new products, processes and companies.

The next Development Loan Application deadline is February 16th, 2016 – Notice of Intent to Apply required by February 2nd, 2016.

 

Seed Grant Awards – Fifteen companies received MTI Funding totaling $335,220

Amp Fins, LLC – Danforth  
Award Amount $25,000
Match Amount $27,140
Aquilon Consulting Services, Inc. dba The Rugby Net – Portland
Award Amount $20,500
Match Amount $20,500
Bigelow Laboratory for Ocean Sciences – East Boothbay
Award Amount $25,000
Match Amount $25,000
Buoy Local – Portland
Award Amount $25,000
Match Amount $25,100
Compotech, Inc. – Brewer
Award Amount $24,925
Match Amount $27,903
GO Logic, LLC – Belfast
Award Amount $19,195
Match Amount $23,395
Green Pod, LLC – Harpswell
Award Amount $25,000
Match Amount $35,500
ImedgeBoards, LLC – Sebago
Award Amount $10,800
Match Amount $17,696
Jeeva Medical Corp – Brunswick
Award Amount $25,000
Match Amount $160,100
North Spore, LLC – Portland
Award Amount $25,000
Match Amount $27,245
Revolution Research – Orono
Award Amount $25,000
Match Amount $42,315
RollEase Acmeda, Inc. – Brunswick
Award Amount $25,000
Match Amount $75,440
Thomas Marlow, Sole Proprietor – Cape Elizabeth
Award Amount $9,800
Match Amount $10,000
United Fabricants Strainrite Corp. – Auburn
Award Amount $25,000
Match Amount $116,150
University of Maine – Orono
Award Amount $25,000
Match Amount $56,308

Seed Grants are offered three times a year to support the conversion of innovative research into new products, processes, and companies.  Funded activities may include proof of concept work, prototype development, field trials, prototype testing, pilot studies, or technology transfer activities.  MTI offers Seed Grants as direct investments in companies that are pioneering Maine’s future through their technology innovations.

The next Seed Grant application deadline is December 15th, 2015.

 

For more information on MTI funding programs, please visitwww.mainetechnology.org.

 

MTI is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development activity leading to new products, processes and companies in the state’s seven targeted technology sectors. MTI programs are either loans, equity investments, or grants designed to enhance the competitive position of those sectors and increase the likelihood that one or more of these sectors will support clusters of industrial activity and create quality jobs across Maine.


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