Governor Mills Announces $25 Million in Awards by Maine Technology Institute to Support Research & Development

Funding from voter-approved R&D bond will support 23 businesses and research institutions in Maine to develop forward-looking products and technology

Governor Janet Mills today announced $25 million in awards from the Maine Technology Institute for 23 Maine businesses and research organizations to support a broad array of forward-looking products and technology and drive growth in Maine's burgeoning innovation economy.

The funding awarded today is from a $25 million research and development bond that was approved by voters in November 2024, which is administered by MTI through its Maine Technology Asset Fund program. This fall, MTI issued a funding solicitation for the funding and received 113 proposals seeking $127 million in aggregate funding. Governor Mills endorsed passage of the bond after signing legislation to place the measure on the ballot.

MTI conducted a thorough review of all the proposals, ultimately making 23 awards that represent investments in nine Maine counties, and support the generation of 1,233 new jobs and the retention of 2,718 current positions. The $25 million in MTI awards will be leveraged by almost $718 million in private sector matching funds.

"These awards will help innovative Maine companies develop new products and technology compete on the global stage and provide our renowned research organizations with funding to continue groundbreaking research and development," said Governor Mills. "These projects, matched by significant private sector investment's, will support thousands of good jobs and provide economic benefits for years to come."

"The funding decisions were incredibly difficult given the range of quality proposals that MTI received," said Brian Whitney, MTI's President. "It is our hope that, given the enormous economic impact that this funding will have in Maine and the many incredible projects that are still in the pipeline, future state R&D funding may be made available to broaden the impact even further."

"I am excited to see this funding support so many outstanding initiatives," said Michael Duguay, Commissioner of the Maine Department of Economic & Community Development (DECD). "Nearly 4,000 jobs will be created or preserved in communities throughout the state, from Saco to Millinocket and from the Midcoast to Downeast. This impact is truly remarkable, and I applaud the Governor, state legislators, and Maine voters for their foresight in approving this vital bond investment."

The Maine Technology Asset Fund program initiative is designed to spark private investment and fuel growth across Maine's technology sectors. MTAF funds must be used for infrastructure investments supporting the continuum of research, development, and commercialization for innovative products and services that can fuel quality job growth for Mainers.

Eligible uses include capital construction and renovation of existing facilities, purchase of equipment and machinery, technology and system upgrades that are critical to research, development, or commercialization activities.

Of the $25 million, $21.1 million was awarded to 19 private companies, which can utilize the funding as an interest-free loans with the potential for partial loan forgiveness of up to 50 percent, based upon the company's performance against economic impact projections. The remaining $3.9 million was awarded as grants to four Maine non-profit research institutions.

Investments planned from this funding include bolstering the global competitiveness of some of Maine's traditional industries like agriculture, seafood processing, boat building, and lumber production; improvements in manufacturing capacity and process innovations; and advancements in the life sciences.

A full summary of awards is available (PDF).

For information on other MTI programs, events and resources, visit the Maine Technology Institute at www.mainetechnology.org.