MTI releases $761K in development awards

By Matt Wickenheiser, BDN Staff
Posted June 28, 2011, at 11:25 a.m.

The Maine Technology Institute said Tuesday that it has approved four development awards totaling $761,348, funding work on new parachute fabrics, wind turbine systems, paper mill technology and websites to aid with adult education.

According to MTI, the awards were matched with $890,047 from the companies.

The development awards are 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, MTI said in the release. The awards are up to $500,000, and 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.

“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 MTI President Betsy Biemann in the release. “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.”

The four companies getting development awards this round were:

http://bangordailynews.com/2011/06/28/business/mti-releases-761k-in-development-awards/ printed on September 30, 2014