Great Northern Salmon wins $2m support from state
Great Northern Salmon (GNS), which plans a land-based salmon farm in the United States, has been awarded a US $2 million interest-free loan from a fund aimed at increasing the northeast state’s competitiveness in key industries.
GNS is one of 19 private companies and four non-profit research institutions that will benefit from loans from the $25m state bond. The funding programme is administered by the Maine Technology Institute (MTI), which selected the beneficiaries from 113 proposals seeking $127m in aggregate funding.
As well as lending money interest-free, the programme offers partial loan forgiveness of up to 50%, based upon a company’s performance against economic impact projections.
GNS is developing a 7,500-tonnes-per-year recirculating aquaculture system (RAS) facility in Millinocket, northern Maine.
“We would like to thank the Governor (Janet T Mills) and MTI for our $2 million award towards aquaculture development in Millinocket. GNS has been built on strong private/public collaboration which is vitally important in developing new industries in Maine,” GNS said in post on LinkedIn.
113 applications
According to a press release from Mills’ office, MTI conducted a thorough review of all the 113 proposals it received, ultimately making 23 awards that support the generation of 1,233 new jobs and the retention of 2,718 current positions. The $25m in MTI awards will be leveraged by almost $718m in private sector matching funds.
“I am excited to see this funding support so many outstanding initiatives,” said Michael Duguay, Commissioner of the Maine Department of Economic & Community Development (DECD). “Nearly 4,000 jobs will be created or preserved in communities throughout the state, from Saco to Millinocket and from the Midcoast to Downeast. This impact is truly remarkable, and I applaud the Governor, state legislators, and Maine voters for their foresight in approving this vital bond investment.”
Great Northern Salmon’s site is on the bed of a drained lagoon that was used by a former paper mill. The mill site is now part of the One North industrial park. In December, GNS said it has completed 80% its site preparation and has an open path to construction. The company said that in 2026, it is undergoing two major capital raises, and that a debt agreement for construction was being finalised with a central US bank.
