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June 30, 2011

Cos. net $761K in MTI awards

By The Mainebiz News Staff

The Maine Technology Institute recently approved development awards for four companies totaling more than $750,000.

The $761,348 in awards is matched by more than $890,047 raised by the recipients, according to a press release from MTI. The MTI development award is a conditional loan that companies pay back and match 1:1. 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. Recipients are:

  • Pika Energy LLC, Gorham, $274,291 for its low-cost wind turbine system;
  • Cerealus Holdings, Waterville, $261,849 to commercialize its technology that allows paper mills to reduce costs by substituting ash filler for pulp fiber;
  • RainStorm Inc., Orono, $161,208 to develop its CourseStorm software that provides online course catalogs and registration for adult education programs;
  • Wizbe Innovations LLC, Manchester, $64,000 to develop a parachute fabric for the U.S. Army.

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