From the Governor
“Offshore wind represents a great opportunity for Maine’s energy future and our economy. The development of offshore wind technology in Maine will
create jobs, help us meet our energy needs with our own resources, and reduce carbon emissions in the process.” —Gov. Janet Mills
The Winds of Economic Development
The Pine Tree State is attempting to blow in some new economic opportunities with new initiatives to support the wind energy sector. Gov. Janet Mills issued an executive order in February 2019 allowing permits for land-based wind projects to be issued again. Mills is calling for a goal of 100% renewable energy in the state by 2050. Aquaculture is also growing in the state, with more than 200 farms now operating along Maine’s coast.
Major Business Headquarters Expansion Program: Offers a tax credit equal to 2% of the qualified investment for a period of up to 20 years for businesses that locate a major headquarters in the state and create high-quality jobs.
Technology Tax Credits: Offers tax credits and tax exemptions for everything from electricity cost to equipment purchases and other R&D expenses for companies involved in manufacturing and certain research-driven activities.
Small Enterprise Growth Fund: Offers initial matching investments from $150,000 to $300,000 to small businesses that demonstrate the potential for high growth and public benefit.
Maine Technology Institute (MTI): A non-profit that offers funding for private companies and research labs to promote R&D and assist innovative companies to in getting products to market faster.
Maine Department of Economic & Community Development: maine.gov/decd
Maine & Co.: maineco.org
Greater Portland Economic Development Corporation.: gpedc.org
Choose Bangor, Maine: choosebangor.com
Highlighted Program or Initiative
Gov. Mills announced in May 2019 a strategic statewide economic development plan to diversify Maine’s economy over the next 10 years. The initiative will be led by the Department of Economic and Community Development and will focus on strategies to enhance economic growth in rural Maine and address the state’s workforce challenges. The goal is to make Maine a national leader for a forward-looking approach to diverse and sustainable economic development by 2040.
- Bristol Seafood, in partnership with the Maine Technology Institute, announced a $5 million investment and 40 new jobs in its Portland processing facility in April 2018.
- Sappi North America completed a $200 million rebuilding of a paper mill in Skowhegan in September 2018.
- A New York venture capital firm announced in April 2019 a $100 million investment in Portland-based Tilson Technology Management. It is the largest investment in a Maine company in recent years.
- Legislation was signed in June 2019 to support Maine Aqua Venus, the most advanced floating offshore wind project in the U.S. Investors are soon to be announced.
- Verso announced in August 2019 a $120 million investment in three pulp and paper mills, including the Androscoggin Mill in Jay.
TD Bank, N.A.
Pratt & Whitney Aircraft Group
Bath Iron Works Corporation
“This is an exciting time for Sappi North America…We are committed to bringing high-quality, innovative and sustainable products to the market that meet a variety of packaging needs.” —Deece Hannigan, Vice President of Packaging and Specialties Business, Sappi North America
“The Androscoggin Mill and its No. 4 paper machine have a rich history of manufacturing specialty products…these investments advance Verso’s strategy to reposition 100 percent of the Androscoggin Mill’s production to serve specialty paper and packaging markets.” —Mike Weinhold, President of Graphic Papers, Verso
“We are proud to partner with MTI. Through this grant and our substantial investment, we will bring seafood products made to our uncompromising Maine standards to more consumers, create quality jobs for Mainers and bring new processing technologies and capabilities to the local waterfront.” —Peter Handy, President and CEO, Bristol