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June 18, 2008

MTI awards $1.4M to businesses

The Maine Technology Institute has awarded $1.4 million in Development Awards to four Maine companies, according to a press release from the Gardiner-based organization.

Fraser Papers Limited in Madawaska will receive $500,000 for developing one-side coated paper and bottle labels; AIKO Biotechnology in Portland will receive $400,000 for testing a drug for treating pain; Maine Marine Manufacturing in Portland will receive $231,125 for commercializing technology for high-performance composite boats; and Eastman Industries of Portland will receive $250,000 for the development a lightweight walk-behind commercial lawnmower.

The awards have been matched by nearly $5.8 million in funds from other sources. MTI Development Awards of up to $500,000 require a one-to-one dollar match of cash, salaries, staff time or equipment, and in-kind contributions for the project, according to the release.

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