Maine Companies receive over $2 Million | Business

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Maine Companies receive over $2 Million
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At its November meeting, the Maine Technology Institute (MTI) Board of Directors approved six new Development Awards for Maine companies working in the areas of information technology, environmental technology, precision manufacturing and advanced technologies in forestry and agriculture. Awards ranged from $61,300 up to $500,000 combine for a total investment by MTI of $2,000,819. MTI’s investment enables the six companies to leverage $3,265,210 in additional private and other non-state investment.

This 27th round of Development Awards was approved for:

- Biovation LLC, Boothbay, for $474,000
- Energy Circle, South Freeport, for $274,758
- Hall Web Services, Scarborough, for $484,016
- Mega Industries LLC, Gorham, for $206,745
- Twin Rivers Paper Company LLC, Madawaska, for $500,000
- VFG Energy Systems, Kittery, for $61,300

“MTI’s Development Awards support innovative companies that are developing technologies and bringing them to market. These innovations, in turn, will help Maine’s economy and workforce grow into the future,” announced Betsy Biemann, president of Maine Technology Institute.

MTI’s Development Awards are conditional loans to companies and technology transfer projects that advance Maine’s economy by creating new products, services and process improvements that help companies remain competitive. Awards of up to $500,000 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. Each award requires a minimum 1:1 matching investment consisting of actual cash, salaries, staff time or equipment and in-kind contributions directly attributable to the proposed project. MTI encourages technology start-ups, existing businesses and institutions to apply and offers support to interested companies on the application process. For more information, go to www.mainetechnology.org/fund.

Round 27 Development Award Recipients

Biovation, LLC in Boothbay received $474,000 to design, test, verify and pilot produce a bioabsorbable pad structure with a gentle release adhesive and infection control feature for the advanced wound care market. 
Sector: Precision Manufacturing
Award: $474,000 Match: $517,760

Energy Circle in South Freeport received $274,758 to accelerate the development, testing and deployment of additional premium software modules for its Energy Circle PRO marketing and web services platform.
Sector: Information Technology
Award: $274,758 Match: $297,030

Hall Web Services in Scarborough received $484,016 to add development, consulting, support, sales and management staff to expedite the time to market for the Hall Tools Suite which enables search engine marketing (SEM) professionals and site owners to optimize their web marketing efforts.
Sector: Information Technology
Award: $484,016 Match: $585,725

Mega Industries LLC in Gorham received $206,745 to design, test and commercialize a high power waveguide circulator product line – a 915 MHz product for the industrial microwave heating market and an 805MHz unit for a scientific linear accelerator application – for Mega’s scientific, military and commercial customers.
Sector: Precision Manufacturing
Award: $206,745 Match: $206,745

Twin Rivers Paper Company, LLC in Madawaska received $500,000 to develop a paper to replace plastic based packaging materials with a more environmentally friendly substitute for packaging dry snack foods that will preserve the freshness of the foods through their shelf life.
Sector: Advanced Technologies in Forestry and Agriculture
Award: $500,000 Match: $1,456,384
VFG Energy Systems Inc in Kittery received $61,300 to refine the physical aspects of the Variable Force Generator design for small wind power machines in order to develop a robust device that can be inexpensively manufactured.
Sector: Environmental Technologies
Award: $61,300  Match: $61,300

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: http://www.mainetechnology.org/.

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