GARDINER -- The Maine Technology Institute announced a new development grant program today that targets technology related clusters.

Under the new program, called the Cluster Initiative Program, the institute will award grants totalling $2 million a year, with a maximum award amount of $500,000. Applications for the grants are now available on the Maine Technology Institute Web site.

Last month, the institute awarded $30 million to 14 applicants, part of a $50 million bond issue approved by voters in November. Applications for a second round of awards from the remaining $20 million will be accepted this fall.

The Maine Technology Institute is a state-funded, private nonprofit that is dedicated to the commercialization of new products and services in Maine's technology based industrial sector.

Copyright 2008 Portland Press Herald/Maine Sunday Telegram. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.