On July 10th, 2023, the Department of Commerce and NOAA launched the Ocean-Based Climate Resilience Accelerators program with IRA section 40001 funding. The program 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.
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.
The program will form partnerships with and fund eligible U.S.-based organizations to develop business accelerators to identify and support small businesses across ocean-based climate resilience areas to attract capital, mature their technologies, and scale their business models for climate impact and economic prosperity. Those theme areas are:
- 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
- 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.