Please do not leave this page until complete. This can take a few moments.
The Finance Authority of Maine (FAME) has approved Katahdin Salmon, Inc., an inland aquaculture business which will be located in Millinocket, application for a FAME Direct loan of up to $110,000 to contribute to the financing of pre-construction planning and first management hires.
Katahdin Salmon Inc. will be at the site of the former Millinocket Paper Mill, which closed in 2008. The loan will help create up to 80 jobs in Millinocket.
The site will feature a recirculating aquaculture system to deliver 5,000 metric tons of salmon in two stages. The salmon will be hatched, raised, processed on-site and sold to regional Northeast markets.
“This highly innovative and environmentally sound reuse of the Millinocket paper mill site shows the exciting trend of Maine economic development," said Richard Trafton, FAME's board chair.
Xcelerate Aqua LLC, a Maine-based entity, is the founder of Katahdin Salmon Inc. The aquaculture development company is owned by Erik Heim and Marianne Naess. Heim stepped down last year as CEO of Nordic Aquafarms.
FAME is partnering with Maine Technology Institute, Maine Venture Fund, One North and other select investors to help finance the Millinocket project.
“We and involved investors are very appreciative of FAME’s support as we progress with planning for this unique development that will promote carbon mitigation and regenerative food systems,” said Heim.
“We have spent considerable effort in establishing dialogue and a good foundation with local communities, environmental organizations and others in the past months,” said Naess.
FAME’s direct loan program provides access to operating capital for startups and existing businesses for most business purposes.
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities.
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments