Peregrine Turbine Technologies, LLC in Wiscasset said it has been picked to receive a $1.5 million loan from Maine Technology Institute as part of the Governor's $25 million Maine Technology Asset Fund (MTAF) 3.0 program. The funding will support the development of energy technology research and development in Wiscasset.

Peregrine Turbine Technologies has developed turbine technology that enables broad-scale decarbonization of electric power production from a variety of heat sources, including geothermal, nuclear, industrial waste heat, and biomass. The company's technology supports policy goals for high-efficiency/low-emission power production while serving markets worldwide.

The MTAF loan will be used for capital investment required to anchor a manufacturing and research and development presence in Maine, creating high-paying jobs and positioning the state as an exporter in energy technology. Peregrine will provide matching funds to support this. 

"I am grateful to the Maine Technology Institute and the state of Maine for this investment in our company and our technology," said David Stapp, CEO of Peregrine Turbine Technologies. "As Peregrine transitions from design and testing to commercial scaling, these funds will help accelerate our growth plan and establish Maine as a leader in clean energy innovation."

Peregrine was among 23 Maine businesses and research organizations selected from 113 proposals seeking $127 million in funding. The awards represent investments across nine Maine counties and are projected to generate more than a thousand new jobs. For more information about Peregrine Turbine Technologies, visit www.peregrineturbine.com