The Maine Technology Institute (MTI) Board of Directors recently approved Development Awards totaling $926,725 for three Maine companies that are developing innovative technologies. These conditional loans were matched with combined contributions of $1,737,933 from the companies for their projects.
“We are pleased to announce this round of Development Awards,” said Betsy Biemann, President of MTI. “This competitively awarded funding often comes at a critical phase in the growth of a Maine company and it really is a win-win for Maine. They can better advance their efforts and in the process add good jobs and economic vitality to their communities and the state.”
Development Awards were announced for:
WindFloat Maine LLC, in Camden, received a $500,000 Development Award for their innovative deep water floating wind turbine technology. They matched the Loan with $1,296,638. The WindFloat was named as a finalist in the DeepCwind design competition and is currently being deployed in Portugal. It is the second full scale multi-megawatt floating turbine installation in the world. PPI seeks to optimize the WindFloat design for Maine, reduce its cost through composite technology innovation, provide developers with a detailed design and cost information and commercialize WindFloat in Maine and other U.S. locations. PPI and the University of Maine, which is developing a full cost of energy model through the US Department of Energy, will collaborate in a shared arrangement of their research and funding.
Maine Medicinals, Inc. in Dresden received an $180,255 Development Award that they matched with $195, 925 to conduct research and development on a biotechnology-based manufacturing process for production capacity of anthoimmuneTM to increase the current phytonutrient content, increase manufacturing efficiencies and decrease production costs. AnthoimmuneTM, organic elderberry syrup for overall immune system support, was launched in 2009, and has quickly become a top-selling nutraceutical product in local markets. Maine Medicinals, together with with Eldertide LLC, is the largest certified organic producer of nutraceutical grade antioxidant rich elderberries in the U.S.
CashStar in Portland, received a Development Award of $245,370 that they matched with $245,370 to improve its consumer experience, better its retailer offering and create sustainable competitive advantage in their social and mobile offerings. This project includes a retailer-branded Facebook application, a mobile application allowing real-time redemption and a multi-retailer social gifting application. CashStar is an interactive gifting and incentives company which provides a hosted gift card platform for retailers enabling digitally based branded and personalized gift card management.
This is the last round of MTI’s traditional Development Award program which was a conditional loan that companies repaid as they achieved success. MTI will now offer Development Loans three times a year as direct investments in companies that are pioneering Maine’s future through their technology innovations in any of Maine’s seven targeted technology sectors. Development Loan recipients are companies undertaking research and development that will enable them to grow and remain competitive in the global marketplace. The next Development Loan application deadline is March 1, 2012. More information can be found at https://www.mainetechnology.org/fund/development-loan.
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.