The Maine Technology Institute approved six grants totaling $10.5 million for businesses trying to grow and gain market share.
The money, awarded from the $45 million Maine Technology Asset Fund approved by voters last June, is intended to help bolster the global competitiveness of some of Maine’s traditional industries, and foster growth in emerging industries, according to a statement from MTI announcing the grants. All recipients must match the grant with private or federal funding.
An independent economic analysis estimates that the six projects will lead a collective $379 million in economic output for the state.
The grants went to:
• Verso Corp. in Jay, which will use a $4 million grant to upgrade and restart an idled paper machine at the Androscoggin Mill. The increased production is expected to result in 120 direct jobs. Total cost of the project is $17 million.
• SmartLam, a Montana manufacturer of cross-laminated timber, is expanding to Maine. The company won a $3 million grant to apply toward a total project cost of $22.5 million. It expects to make a decision on a manufacturing site within two months.
• Ready Seafood Co. of Portland received $2.25 million to help develop a facility to test methods to maximize the shipping and processing of lobsters. The total project is expected to cost $6 million and create 40 new jobs.
• Sea Bags of Portland, which has been making totes and accessories from recycled sails, received a $1 million grant to help build capacity and accelerate growth in customized products. The total cost of the project is $4 million.
• Arcast of Oxford, a metallurgical processing company, is expanding operations into powder production. It received a $187,500 grant for a total project cost of $500,000.
• SaviLinx of Brunswick, which provides business process outsourcing services, received a $95,000 grant to help develop an information management system that will enable it to provide enhanced strategic information and analytics to its customers. The total cost of the project is $245,000.
Source: Maine Technology Institute awards $10.5 million in grants – Portland Press Herald
