The Department of Commerce and NOAA announced today that it is recommending awards totaling $54.3 million to four organizations to support small businesses and entrepreneurs. Organizations will use these funds to bring to market solutions that will benefit coastal resilience and a sustainable Blue Economy. The selection demonstrates NOAA’s commitment to advance maritime commerce and inspire the next generation of Blue Economy leaders. This investment is funded by the Inflation Reduction Act as part of the Biden-Harris Administration’s Investing in America agenda.
“Today’s awards support small businesses and entrepreneurs that are building the tools, services and industries that coastal communities need to become more resilient to the climate crisis,” said Senior Advisor to the President for International Climate Policy John Podesta. “These kinds of public-private partnerships make our economy stronger and our communities safer.”
“American small businesses and startups are essential for creating and launching new technologies,” said U.S. Secretary of Commerce Gina Raimondo. “This program, made possible by the Biden-Harris Administration’s historic Inflation Reduction Act, will connect them to the funding, business support and training they need to grow and make a meaningful impact on our resiliency.”
The four organizations, deemed business “accelerators,” will provide guidance, support and funding to help small businesses scale quickly to spur the development of technologies and services that address a wide range of maritime issues. They were recommended for awards through the Ocean-Based Climate Resilience Accelerators program.
“This program is the first of its kind at NOAA,” said NOAA Administrator Rick Spinrad, Ph.D. “We are bringing the public and private sectors together to create sustainable business models, for technologies, products and services that tackle climate resilience needs in oceans, coastal regions and the Great Lakes.”
