United States invests $60M in accelerator program for blue economy startups and concepts

Business Developments & Projects

July 26, 2023, by Amir Garanovic

The US Department of Commerce and National Oceanic and Atmospheric Administration (NOAA) have launched the Ocean-Based Climate Resilience Accelerators program, designed to support blue economy startups and concepts.

The program, funded by the Inflation Reduction Act, will foster public-private partnerships to help support small businesses that are developing sustainable technologies geared toward climate resilience to attract capital, mature their technologies and scale their business models for climate impact.

The climate-resilience topics supported by the program include ocean-based renewable energy; coastal and ocean carbon sequestration monitoring and accounting; hazard mitigation and coastal resilience; ecosystems services, including change detection, change analysis and change adaptation and mitigation; and other ocean, coastal and Great Lakes-based climate resilience theme areas as determined by the applicant.

The program is a two-phase competitive funding opportunity. Phase one, open for applications through September 11, 2023, will fund selected projects with up to $250,000 per project for accelerator program design.

The second phase of the competition will invite all applicants selected in phase one to apply for funding of up to $10 million each to implement their program design.

Accelerators are private entities that support the development of innovative early to mid-stage businesses with training, resources, mentorship and seed funding, with the aim of bringing products to market.

NOAA will invest in business accelerators that bring together stakeholders to understand how ocean observation technologies and information services can support solutions to specific climate resilience challenges, and foster sustainable business models geared towards climate resilience.

Gina Raimondo, the US secretary of commerce, said: “To tackle the urgent threat that climate change poses, we need all hands on deck – that means the public and private sectors – to develop next generation technologies and innovations that will bolster climate resilience and protect our future.

“Thanks to President Biden’s Investing in America agenda, we are ensuring that America’s small businesses – the backbone of our economy – are part of developing climate solutions that make our communities healthier and local economies stronger.”

Carl C. Gouldman, director of the US Integrated Ocean Observing System Office, added: “The outcome we’re expecting is an expansion of ocean enterprise public private partnerships and sustainable business models for high-impact ocean-based climate technologies, products and services that can help tackle the twin goals of climate resilience and adaptation.”