The Maine Technology Institute will begin accepting applications for the new Maine Technology Asset Fund awards, financed by $50 million of the research and economic development bond that Maine voters approved in November.

The Gardiner-based institute will begin reviewing applications March 17, when businesses must file a notice of intent to apply. April 17 is the date MTI must receive paper applications.

Awards must be used for capital and infrastructure expenditures, such as facilities and equipment or for research development and commercialization activities in Maine’s seven technology sectors: advanced technologies for forestry and agriculture, aquaculture and marine technology, biotechnology, composite materials technology, environmental technology, information technology and precision manufacturing technology.

Universities and colleges, nonprofit organizations and for-profit businesses may all apply. The award criteria are weighted to encourage collaboration among organizations to work together to move new technologies to market.

Applications will be evaluated according to five criteria: economic impact, scientific merit, project team and institution, relevance to Maine’s innovation economy and collaboration.

There will be two rounds of awards, one in 2008 and another in 2009. The MTI board anticipates approving the first round of awards by September 2008.

Information about the program and the process for applying for funds is posted on the MTI Web site at www.mainetechnology.org.