Sen. Pierce celebrates signing of bill to authorize Research and Development Bond

Posted: May 10, 2024 | Appropriations and Financial Affairs, Senator Pierce

AUGUSTA ­­— On Friday, May 10, a bill sponsored by Sen. Teresa S. Pierce, D-Falmouth, was ceremoniously signed into law by Gov. Janet Mills. LD 416, “An Act to Authorize a General Fund Bond Issue for Research and Development and Commercialization,”  would unlock a $25 million dollar investment in Maine’s rapidly growing Research, Development, and Commercialization industries if approved by a majority of Maine voters in November’s election.

“Our state is at an inflection point. It is time to invest in our rapidly growing research and development industries,” said Sen. Teresa S. Pierce. “Investing in these industries means supporting Maine’s economic potential and creating jobs. I’m grateful for the strong bipartisan support behind this bill, in both the Senate and House. I’m eager for voters to get their say on how we’ll invest in Maine’s future.”

If approved by Maine voters, the funds will be distributed by the Maine Technology Institute in the form of competitive grants to provide matching funds for projects that drive commercialization and economic development in one or more of Maine’s seven Technology Sectors. These sectors include biotechnology; composites and advanced materials; environmental technologies; forest products and agriculture; information technology; marine technology and aquaculture; and precision manufacturing.

All grantees will be required to match the state investment with private or federal funds — at a level no less than a dollar-for-dollar match of state support. State bond-funded investments into research and development has been shown to generate returns exceeding 30 times the original investment, including private capital and new federal grants awarded to Maine institutions.

From left: Rep. Sam Zager, D-Portland; Mike Roughton, Manufacturers Association of Maine; Brian Whitney, Maine Technology Institute; Linda Caprara, Maine State Chamber of Commerce; Rep. Holly Sargent, D-York, Rep. Jack Ducharme, R-Madison, Gov. Janet Mills, Sen. Teresa S. Pierce, D-Falmouth, Mike McKernan, The Jackson Laboratory; Andrea Cianchette Maker, FocusMaine; Leo Waterston, FocusMaine, Eric Howard, E2Tech; in the Governor’s Cabinet Room