The Katahdin Region is breathing a sigh of relief.
On Thursday, The Finance Authority of Maine approved a $25 million loan, to moving forward the forest products industry in the area.
Cate Street Capital asked FAME for the taxable bond.
The money will go to Thermogen, which would be New England’s first torrefied wood facility.
The measure passed by an 8-5 vote.
Residents of Millinocket were ecstatic to hear the news.
“We’ve got to move forward. The technology is there and it’s something that’s going to be very positive for the northern part of our state,” said Gilda Stratton, a member of the Millinocket town council.
FAME board member George Gervais said, “I don’t see a problem with taking risks. This state needs to take some risks. The governor has been dying that since the day he came into office. This company is willing to move forward with some innovative new ideas that helps our forest products industry move forward, we need to do that.”
Thermogen Spokesperson, Scott Tranchemontagne, said “To be able to receive this support today at fame means that before the end of the year we’ll be able to close in a financing package and begin construction.”
The project will bring 36 jobs to the area.
Eventually, if a full plan goes through, it would bring five machines to Millinocket and more than 100 jobs for the area.
Officials hope to have Thermogen up and running by this time next year.