A private equity firm that failed to restart a Maine paper mill is working on developing a fish farm in Standish.

Portsmouth, New Hampshire-based Cate Street Capital says it is backing two entrepreneurs who want to create a hydroponic fish farm on the campus of St. Joseph’s College in Standish.

Cate Street tried to revitalize the former Great Northern Paper mill in East Millinocket, but it later closed.

The Bangor Daily News reported the entrepreneurs’ company, Organic Nutrition Inc., began construction on a Florida headquarters in October.

The Maine facility is planned for construction in 2018.

Cate Street plans to use a combination of private financing, federal government support, a partnership with the college and a program that offers foreign investors a fast-track to citizenship to finance Organic Nutrition.

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