EDA and DOE Release Joint Blue Economy Funding Opportunity

The Department of Commerce’s U.S. Economic Development Administration (EDA) and DOE’s Water Power Technologies Office (WPTO) have partnered to make new funding available to support growth of innovative blue economy technologies, including marine energy.

EDA’s Build to Scale program has made $35 million available for funding across three unique competitions.

One of these competitions, the “Blue Economy Industry Challenge,” was developed jointly by EDA and WPTO and seeks to support entrepreneurship and accelerate company growth in the Blue Economy.

The Blue Economy is generally defined as sustainable use of ocean resources for economic growth, improved livelihoods, and jobs, while preserving the health of marine ecosystems.

For the purpose of this solicitation the definition is broadened to include freshwater, as well as marine activities.

Concept Proposals are due by March 24, 2020 at 11:59 pm EST.

The EDA Build to Scale program provides annual grants to help build regional economies through scalable startups. To date, the program has deployed nearly $100 million in federal funding, matched by $215 million in local community support, to create the programs and resources that entrepreneurs need to build and scale their businesses, and investment communities need to support entrepreneurs.