The Department of Commerce and the National Oceanic and Atmospheric Administration (NOAA) announced today that it is recommending The Continuum, which includes AltaSea anchor tenant Braid Theory, will receive $13.9 million to help bring to market solutions that will grow the blue economy, while strengthening coastal resilience.

Funded by the Inflation Reduction Act, these investments will help small businesses scale quickly to “spur the development of technologies and services that address a wide range of maritime issues.” The Continuum is made up of Tampa Bay Wave, Seaworthy Collective, St. Petersburg Innovation District, Braid Theory, University of South Florida, Ocean Exchange, and the World Ocean Council. AltaSea, the nation’s largest hub for the blue economy, will serve as the Continuum’s West Coast headquarters.

“We are thrilled to join forces with The Continuum team members to accelerate and grow businesses that are commercializing sustainable blue economy solutions,” said Braid Theory Co-founder and CEO Ann Carpenter. “This funding is critical because it provides resources for entrepreneur-serving organizations as well as to startups for Technology Development and Commercialization (TDC) awards. I am grateful to Commerce Secretary Gina Raimondo, NOAA Administrator Rick Spinrad, and the entire team at NOAA for this historic investment.”

AltaSea is also part of the network for another recipient, the StartBlue Ocean Enterprise Accelerator, led by UC San Diego-Scripps Institution of Oceanography and Rady School of Management. StartBlue will receive $13.5 million that will help them launch and scale ocean-based startups from across the nation with their technology and business development solutions.

“AltaSea is proud to be home to two recipients of NOAA’s Ocean Enterprise Initiative funding that will provide critical funding towards new jobs, economic growth, and solving climate change – one of the world’s greatest challenges,” said AltaSea President and CEO Terry Tamminen. “Braid Theory has been an invaluable partner for years, and there is not a more deserving recipient. We are excited to work with Ann and her team, as well as our friends at the StartBlue accelerator program, to help continue to grow the blue economy and drive innovation.”

This funding is part of NOAA’s Ocean Enterprise Initiative, a grant opportunity created to develop and implement accelerator programs that support startups, small businesses, and entrepreneurs that are working to commercialize ocean-based technologies, products, and services that address our ocean resilience needs.

In announcing the grants, U.S. Secretary of Commerce Gina Raimondo said: “American small businesses and startups are essential for creating and launching new technologies. 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.”

Source: BUSINESS WIRE