Maine Technology Institute Funds Peregrine Turbine Technologies' Clean Energy Innovation in Wiscasset
Peregrine Turbine Technologies, LLC has secured a $1.5 million loan from the Maine Technology Institute under the Governor's Maine Technology Asset Fund (MTAF) 3.0 program. This funding will support the advancement of energy technology research and development in Wiscasset, Maine. The company has developed innovative supercritical CO2 turbine technology that facilitates the decarbonization of electric power production from various heat sources, such as geothermal, nuclear, industrial waste heat, and biomass. This technology aligns with the objective of achieving high efficiency and low emission power production globally.
The MTAF loan will be utilized for capital investment to establish a manufacturing and R&D presence in Maine, creating high-paying jobs and positioning the state as a key player in energy technology exports. Peregrine Turbine Technologies will contribute matching funds to bolster the project. CEO David Stapp expressed gratitude to the Maine Technology Institute and the State of Maine for their investment, emphasizing that the funds will expedite the company's growth plan and solidify Maine's role in clean energy innovation.
Peregrine Turbine Technologies was chosen among 23 Maine businesses and research organizations out of 113 proposals vying for $127 million in funding. These awards span nine counties in Maine and are anticipated to generate over a thousand new jobs. To learn more about Peregrine Turbine Technologies, visit their website at peregrineturbine.com.
In conclusion, Peregrine Turbine Technologies has received a significant financial boost from the Maine Technology Institute to advance its energy technology research and development efforts in Wiscasset, Maine. This funding will not only support the company's growth but also contribute to Maine's position as a leader in clean energy innovation and job creation.