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V O L . X X X N O. X X S E P T E M B E R 2 , 2 0 2 4 30 T H E L I S T C O M P I L E D B Y S T E P H A N I E M E A G H E R C O M P I L E D B Y S T E P H A N I E M E A G H E R 1 The Maine Technology Institute invests public funds in Maine entrepreneurs and organiza- tions who engage technology to develop innovative products and services with the state's seven targeted technology sectors. Grants, loans and equity investments are issued on a competitive basis and require a minimum of one-to-one private sector match. The goals are high-paying jobs, development of intellectual property and business growth, which in turn provide tax revenue for the state. 2 MTI awards are disbursed in tranches based upon certain project milestones being achieved. The award amounts may not reflect actual disbursements. N O T E : N/A = Not available S O U R C E : Maine Technology Institute Purchase this list and more as an Excel document at mainebiz.biz/DataCenter @ Maine Technology Institute investments 1 Ranked by amount received per award, 2024 2 Maine Technology Institute investments 1 Ranked by amount received per award, 2024 2 Recipient/ county Amount awarded Project title Type of award Sector 1 RockStep Solutions Inc. Cumberland $ 1,000,000 Business expansion Equity Biotechnology 2 Compotech Inc. Penobscot $ 500,000 Next generation expeditionary and modular military shelters Loan Composite materials 2 Roux Institute at Northeastern University Cumberland $ 500,000 BioIN Incubator and BioPILOT Lab Grant Biotechnology 2 Tanbark Molded Fiber Products Inc. Cumberland $ 500,000 Business expansion Loan Forest products & agriculture 2 University of Maine Penobscot $ 500,000 Floating offshore wind demonstration project using a damped cruciform concrete barge Grant Environmental technology Precision manufacturing 6 Our People Inc. Cumberland $ 300,000 N/A Equity Information technology 7 Whole Trees LLC Aroostook $ 200,000 Business expansion Loan Forest products & agriculture 8 The Croft Group Inc. Knox $ 150,000 Development of proprietary compression system and expansion of new factory space and workforce Loan Precision manufacturing 9 ALM Ortho Inc. Cumberland $ 100,000 Development of metal 3D printed orthopedic osseointegration devices for trauma and reconstructive surgeries Grant Biotechnology Precision manufacturing 9 Compounding Solutions LLC Androscoggin $ 100,000 Anti-fouling and/or friction reduction additive technologies for thermoplastics used in high value medical devices Grant Biotechnology Composite materials 9 Connective Health Strategies. LLC York $ 100,000 Connective C-suite platform Grant Information technology 9 Sea Potential LLC Cumberland $ 100,000 Wave-powered desalination system Grant Aquaculture & marine 9 Senscio Systems Inc. Cumberland $ 100,000 Business expansion Equity Information technology 9 The Holy Donut Inc. York $ 100,000 Potato donut manufacturing line Grant Precision manufacturing SOURCE: Maine Technology Institute Note: N/A = Not available 1 The Maine Technology Institute invests public funds in Maine entrepreneurs and organizations who engage technology to develop innovative products and services with the state's seven targeted technology sectors. Grants, loans and equity investments are issued on a competitive basis and require a minimum of one-to-one private sector match. The goals are high-paying jobs, development of intellectual property and business growth, which in turn provide tax revenue for the state. 2 MTI awards are disbursed in tranches based upon certain project milestones being achieved. The award amounts may not reflect actual disbursements. - This list was compiled by Stephanie R. Meagher and originally published in the Aug. 26, 2024, issue of Mainebiz. Find a retailer near you: harvestinggood.com