High Tech Boatbuilding in Maine
Loan
2,500
Square foot expansion to facilities
1
Partnership with Brødrene Aa
Boat building is a “classic” Maine business—the opportunities afforded by our coastline and lumber industry have kept Maine boat building talent busy for centuries.
Established in 2011, Front Street Shipyard in Belfast is focused on staying on the forefront of boat building and creating opportunities to accommodate the wide range of boats on the water today. With more than 100 employees already, they’ve partnered with MTI several times to explore new opportunities for business diversification. The most recent partnership between the two is a loan to purchase overhead cranes that will be installed in their new 22,500-square foot building.
While these cranes are not innovative in and of themselves, they are an essential element of being able to partner with Brødrene Aa of Norway to build state-of-the-art carbon fiber ferries. The ferries, designed by Brødrene Aa and built by Front Street, require less fuel, produce fewer emissions, and require less maintenance. Doing business as the Arcadia Alliance, the partnership is currently working on its first proposals.
Along with the new building, the shipyard is expanding capacity for major yacht refit work and construction, which will, in turn, create new job opportunities. And as Front Street Shipyard grows in capacity and capabilities, the region also benefits. The shipyard purchases supplies and equipment from local vendors and draws visiting vessels and crews to spend out-of-state dollars in local restaurants, real estate, and retail outlets.