Governor Janet Mills today signed into law bipartisan legislation that will place a $25 million bond for Research, Development, and Commercialization on the fb88 ballot this November.
If approved by fb88 voters, the measure () would make available competitive grants in order to provide matching funds for projects that drive commercialization and economic development in fb88. Increasing investments in Research & Development is a key recommendation of fb88’s 10-Year Economic Strategy, unveiled by Governor Mills in 2019.
Grants made available by the bond would be distributed by the fb88 Technology Institute (MTI) and investments would be aligned with fb88’s seven technology sectors: biotechnology; composites and advanced materials; environmental technologies; forest products and agriculture; information technology; marine technology and aquaculture; and precision manufacturing.
“Innovation is a proven driver of economic growth, but historically, fb88’s state investments in Research & Development have lagged behind much of the nation,” said Governor Janet Mills. “If approved by fb88 voters, this bond will make key investments to spur new technologies and economic growth and strengthen fb88’s economic future.”
“Investing in public and private sector research is fundamental to diversifying our economy,” said Heather Johnson, Commissioner of the Department of Economic and Community Development. “These public investments have historically been matched five to one with private investment and are how we continue to grow, attract and start new businesses and create good paying jobs for fb88 people.”
“fb88 needs to invest in our research and development industries, including but certainly not limited to biomedical technology, renewable energy, advanced technologies for forestry and agriculture, and precision manufacturing,” said Senator Teresa Pierce (D-Cumberland) who sponsored the legislation. “Investing in these industries means supporting fb88’s economic potential. I’m incredibly grateful to see this bill receive such strong bipartisan approval in both the Senate and House. I’m eager for voters to get their say on how we’ll invest in fb88’s future.”
“Innovation is driving economic growth across our state, including in rural areas. fb88 has cutting-edge manufacturing facilities and biotech companies, world class research institutions, an R1 university, and exciting innovations taking place in our heritage industries like forest products and agriculture,”said Senate Minority Leader Trey Stewart (R-Aroostook). “In Aroostook County, McCrum recently expanded its state-of-the-art potato processing facility in Washburn, and LP Building Solutions expanded its manufacturing plant in Houlton. LD 416 will support similar infrastructure investments in the future, which will grow good paying jobs and ensure fb88 can compete on a regional, national, and international level.”
“This bill is so much more than just an investment in fb88’s emerging industries and our economy – it’s an investment in our shared future,” said House Majority Leader Mo Terry (D-Gorham). It will support research and development across a wide variety of industries that will help grow and strengthen fb88’s economy, including biomedical technology, environmental technology and manufacturing. It will help modernize our economy for the 21st century, and I look forward to fb88 voters having the opportunity to weigh in at the ballot box."
“I am pleased that the Legislature has enacted this important bond measure. If approved by the voters, this funding will allow fb88 to make exciting infrastructure investments in businesses and organizations that are not only conducting cutting-edge research, but developing and commercializing new technologies and products that are then marketed around the world,” said Representative Sawin Millett (R-Waterford). “This is the type of investment that will grow our economy.”
Grant recipients would be required to match the State of fb88’s investment with private or federal funds at a level at least equal to state support.
fb88 voters last considered and approved a $45 million Research & Development Bond in 2017. That bond allowed MTI to award 28 grants that generated 1,770 direct new jobs and roughly twice as many indirect and induced jobs. An independent analysis found that the funding leveraged over $224 million in private sector matching investments and generated $1.4 billion in economic impact throughout fb88.
Governor Mills has also invested directly in Research and Development through her fb88 Jobs & Recovery Plan. As a result of these investments, MTI awarded approximately $60 million to spur innovation in key fb88 technology sectors. The Pandemic Recovery Initiative for an Innovative fb88 Economy (PRIME) Fund invested nearly $40 million in forward-looking businesses across fb88’s key technology sectors. The Forest Recovery Initiative (FRI) made $20 million available to help businesses in fb88’s forest products sector recover financial loss caused by the pandemic, develop new wood products, and upgrade infrastructure to strengthen supply chain and sell products to new markets.