Governor Mills Signs Research & Development Bond Bill

Governor Janet Mills today signed into law bipartisan legislation that will place a $25 million bond for Research, Development, and Commercialization on the Maine ballot this November.

If approved by Maine voters, the measure (LD 416) would make available competitive grants in order to provide matching funds for projects that drive commercialization and economic development in Maine. Increasing investments in Research & Development is a key recommendation of Maine’s 10-Year Economic Strategy, unveiled by Governor Mills in 2019.

Grants made available by the bond would be distributed by the Maine Technology Institute (MTI) and investments would be aligned with Maine’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, Maine’s state investments in Research & Development have lagged behind much of the nation,” said Governor Janet Mills. “If approved by Maine voters, this bond will make key investments to spur new technologies and economic growth and strengthen Maine’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 Maine people.”

“Maine 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 Maine’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 Maine’s future.”

“Innovation is driving economic growth across our state, including in rural areas. Maine 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 Maine can compete on a regional, national, and international level.”

“This bill is so much more than just an investment in Maine’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 Maine’s economy, including biomedical technology, environmental technology and manufacturing. It will help modernize our economy for the 21st century, and I look forward to Maine 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 Maine 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 Maine’s investment with private or federal funds at a level at least equal to state support.

Maine 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 Maine.

Governor Mills has also invested directly in Research and Development through her Maine Jobs & Recovery Plan. As a result of these investments, MTI awarded approximately $60 million to spur innovation in key Maine technology sectors. The Pandemic Recovery Initiative for an Innovative Maine Economy (PRIME) Fund invested nearly $40 million in forward-looking businesses across Maine’s key technology sectors. The Forest Recovery Initiative (FRI) made $20 million available to help businesses in Maine’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.