NOAA to Invest $60M in Business Accelerators to Support Climate Resilience

The Department of Commerce and the National Oceanic and Atmospheric Administration have launched a $60 million competition aimed at funding small businesses developing climate resilience technologies for the ocean.

Under the Ocean-Based Climate Resilience Accelerators program, the government intends to partner with the private sector to form organizations that provide financial support, training and mentorship to smaller firms working on maritime renewable energy, carbon sequestration monitoring, hazard mitigation and ecosystem services.

Such accelerators are expected to guide relevant businesses to gain investors, mature their technologies and scale their business models.

NOAA Administrator Rick Spinrad said the accelerator program enables the public, private, academic and tribal sectors and other stakeholders to convene and jointly develop climate resilience strategies.

The first phase of the program is active until Sept. 11. NOAA will select projects to be given up to $250,000 for accelerator program design.

In the second phase, the chosen participants will be invited to apply for up to $10 million in funds to implement their designs, NOAA said Monday.