The Maine Technology Institute (MTI) is a publicly-funded, nonprofit corporation established by the Maine State Legislature in 1999. Based in Portland, Maine, MTI is an industry-led organization that provides early-stage capital and commercialization assistance to support Maine's innovation economy. The organization employs 33 people and operates as a 501(c)(3) public charity.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$29.2M
+31.0% YoY
Annual Giving
$17.0M
-44.7% YoY
Grant Count
129
-46.9% YoY
Avg Grant Size
$132K
+4.2% YoY
Mission & Focus Areas
MTI's mission is to "encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people."
The organization funds research and development projects across Maine's seven technology sectors, with a focus on generating high-quality jobs and supporting the development of a statewide research, development, and product deployment infrastructure.
Grantmaking
MTI offers competitive grants, loans, and equity investments to businesses, organizations, and entrepreneurs. Funding levels range from less than $25,000 to over $250,000.
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Geographic Focus
Where this funder awards grants
MTI primarily funds projects in Maine, with some activity in Massachusetts and New York.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent (Fiscal Year 2024):
- Total Assets: $29.2 million
- Total Revenue: $22.5 million
- Total Expenses: $22 million
- Total Liabilities: $26.1 million
- Total Giving: $17.8 million
Historical Context: The organization has maintained substantial assets and annual revenue of approximately $26 million.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $29,202,613 | $22,300,505 | $19,619,742 |
| Revenue | $22,492,763 | $36,158,450 | $14,853,693 |
| Expenses | $21,984,308 | $35,498,648 | $15,091,479 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $696,274 | $392,679 | $166,670 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Open Grants
1 open opportunity from Maine Technology Institute
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Go Lab Inc ($990,000), Compotech Inc ($500,000), Fork Food Lab ($500,000).
| Recipient | Purpose | Amount |
|---|---|---|
| Abundance Works LLC Bar Harbor, ME | The Profit Decoder Masterclass, in collaboration with Maine Center for Entrepreneurs (MCE), is aimed at addressing one of the biggest pain points for innovators and entrepreneurs in Maine's innovation ecosystem - profitability. Understanding profitability is crucial for success, yet it remains a challenge for the vast majority of businesses. This masterclass will give participants the tools and knowledge they need to engage with their financials without complex spreadsheets, math, or accounting. | $10,000 |
| Acadian Composite Materials Woolwich, ME | Acadian Composite Materials disrupts the construction industry by creating a long-lasting and high performance structural insulated panel ("SIP") from recycled single-use beverage bottles. EcoSIP fabricates SIPs through its proprietary composite technology process. EcoSIP is a cost-effective alternative to typical "stick frame" building shells, with a lower cost of materials and construction time. EcoSIP also provides superior performance in terms of insulation value and ultimately energy savings. Furthermore, EcoSIP is completely made in Aroostook County, expanding the product line of an existing business. EcoSIP will help make Maine a leader in green building technology. | $140,000 |
| Alivo Inc South Portland, ME | Our project encompasses 3 main goals: 1) to validate our the value proposition of the product, 2) to create and execute a go-to-market strategy, and 3) to understand the regulatory environment and put up the necessary safeguards to protect the company. | $25,000 |
| ALM Ortho Inc Scarborough, ME | ALM Ortho is a FDA registered orthopedic implant company that produces custom, 3D titanium-printed patient-specific orthopedic implants used for critical medical indications. We have licensed patented technology from U. Maine for implantable osseointegrated devices for amputees that are far superior to the existing FDA approved device (our prevents infections, theirs doesn't). | $100,000 |
| Amply Energy Inc Cumberland, ME | Amply Energy builds software to help heat pump installers sell better designed heat pump systems faster. Today, heat pump installers need to decide between doing it fast and doing it right. With Amply's software, we eliminate that tradeoff. MTI's funding will help us invest in important improvements to our UX/UI to make it easier and more intuitive to use Amply's software, as well as automating and streamlining more of their fragmented workflow. | $50,000 |
| Apriqot Inc Scarborough, ME | Our technology is a platform, constructed with a highly detailed model of the local community, offers unique advantages. It integrates local-level data, operates as a data frame for small-area estimates, produces estimates at any shape or scale, and ensures data security through its synthetic model. The platform's ability to provide customized local data enables more timely and informed decision-making. | $25,000 |
| Atlantic Cookie Company LLC Scarborough, ME | Atlantic Cookie Company was founded in 2011. Our cookie the "Shuckie" was modeled after the Chinese Fortune Cookie; we feel there are missed opportunities in the seafood industry from restaurants, hotels and hospitality venues, weddings and cruise lines that the fortune cookie doesn't target. Our cookie is similar to a scallop that is hinged with a "Quotie" inside. You "Shuck It, Read It, Eat It, Love It!". The quoties can be customized to brand market. We are seeking an MTI Range 2 grant along with $49,000 from CEI for engineering, logistics (ERP and CRM) system, e-commerce website, and marketing strategy. | $25,000 |
| Biofine Developments Northeast Inc Portland, ME | Biofine Developments Northeast (BDNE) owns a proprietary technology that enables the economic conversion of waste ligno/cellulosic feedstocks into third-party verified co2 negative bioproducts. Currently, BDNE is working to finance an industrial biorefinery in Lincoln, ME (BMP-1) and requests MTI's assistance, via a $400k loan, to finalize required pre-development work stream. Each pre-development work stream culminates in a deliverable required by BMP-1's prospective investors. The $400k MTI loan is the final remaining capital required of the $1.66 million dollar budget to finalize the deliverables required to close on financing for BMP-1. | $339,148 |
| Bioscience Association of Maine Portland, ME | Each year, we offer our members and friends a way to support the life sciences industry in Maine, while simultaneously receiving a broad range of brand exposure. We have updated our annual sponsorship packages to focus on both virtual and in-person events as well as a myriad of educational programs and other benefits. This sponsorship will help us to fulfill our mission, and will promote MTI throughout our community. MTI was also a BioME Annual Sponsor in 2020, 2021, 2022 and 2023. Thank you for helping us to continue delivering value to Maine's growing life sciences industry. We've been reaching out for sponsorships this month - other than MTI, Jackson Laboratory, Roux Institute, FocusMaine, M&T Bank, LGC Clinical Diagnostics, Consigli, Marsh McLennan Agency, SMRT, Yokogawa Fluid Imaging Technologies, KMA Human Resources, Maine DECD, University of Maine and Cianbro have confirmed sponsorship so far in 2024. | $10,000 |
| Black Travel Maine Waterville, ME | We need new branding to represent our new mission of inclusivity. Our website needs to be completely redesigned and updated, including SEO, new graphics and a well produced welcome video on our homepage. We would like to refresh our current social media pages with a new layout and some new and updated video content. We also need more social media pages set-up for X, Linkedin, Pinterest, TikTok along a digital marketing strategy. | $20,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Jake Ward | Secretary | 2 | — |
| Amberlynn Esperanza | Treasurer | 2 | — |
| Melissa LaCasse | Chair | 2 | — |
| Jed Beach | Director | 2 | — |
| Dan Belyea | Director | 2 | — |
| Michael Cassata | Director | 2 | — |
| Heather Johnson | Director | 2 | — |
| Meredith Mendelson | Director | 2 | — |
| Rob Pierson | Director | 2 | — |
| Ian Swanberg | Director | 2 | — |
| Susan Tapley | Director | 2 | — |
| John Pavan | Past Director | 2 | — |
| Brian Whitney | President | 40 | — |
| Gregory N Lee | Director of Finance & Administration | 40 | $115,233 |
Recent Activity
Recent developments and announcements
MTI has announced multiple rounds of awards to Maine companies and continues to fund research and development projects across the state. The organization remains active in supporting technology commercialization and economic development initiatives in Maine.
Governor Mills Announces $25 Million in Awards by ... - Maine.govSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Maine Technology Institute fund?
MTI's mission is to "encourage, promote, stimulate and support research and development activity leading to the commercialization of new products and services in the State's technology-intensive industrial sectors to enhance the competitive position of those sectors and increase the likelihood that one or more of the sectors will support clusters of industrial activity and to create new jobs for Maine people." The organization funds research and development projects across Maine's seven technol…
How do I apply for a grant from Maine Technology Institute?
MTI offers competitive grants, loans, and equity investments to businesses, organizations, and entrepreneurs. Funding levels range from less than $25,000 to over $250,000. **Impact and Leverage:** • Since 2000, MTI has funded 1,295 technology projects in Maine • Total financial commitment: $106 million • Additional funding leveraged: over $173 million • Combined total: $280 million • For every $1 of MTI funds received, companies generate an additional $14 in non-MTI funding **Application and Re…
Where does Maine Technology Institute make grants?
MTI primarily funds projects in Maine, with some activity in Massachusetts and New York.
What size grants does Maine Technology Institute award?
In 2024, Maine Technology Institute awarded 129 grants totaling $17.0M — an average of about $132K per grant, based on its IRS Form 990 filings.
What is Maine Technology Institute's EIN?
Maine Technology Institute's EIN (Employer Identification Number) is 01-0529871. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Maine Technology Institute's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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