Daily Business Report: Thursday, Dec. 19, 2024
Biden-Harris Administration identifies four
business accelerators to boost the Blue Economy
Ocean entrepreneurs to spur new technology, services that strengthen our coasts
The Department of Commerce and NOAA announced 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.
“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.
Recommended awardees and funding amounts include:
- StartBlue Ocean Enterprise Accelerator.UC San Diego-Scripps Institution of Oceanography and Rady School of Management: $13.5 million.
- gener8tor Great Lakes Innovation Accelerator.gener8tor Management, LLC: $13.4 million.
- VentureWell Ocean Enterprise Accelerator.National Collegiate Inventors & Innovators Alliance, Inc. (dba VentureWell): $13.5 million.
- The Continuum.Tampa Bay Wave, Seaworthy Collective, St. Petersburg Innovation District, Braid Theory, University of South Florida, Ocean Exchange, World Ocean Council: $13.9 million.
Recommended awards will support the development of technologies and services that address all of the following topics:
- Ocean Renewable Energyto support the siting, construction and operation of ocean renewable energy resources.
- Coastal and ocean carbon sequestration monitoring and accountingto track the effectiveness and environmental impact of removing carbon dioxide in the atmosphere and storing it in the deep ocean.
- Hazard mitigation and coastal resilienceto improve wind and water level predictions that help prepare for and reduce beach erosion, coastal flooding and — most important — prevent loss of human life.
- Ecosystem Servicesto accurately assess and forecast ecosystem changes, like shifts in species location, marine heat waves or changes in sea level and to support decision makers, including natural resource managers, offshore operators, permitting agencies and others who require the best available science, data and predictions to reduce uncertainty in decision making processes.Each of the accelerator awardees will address all four theme areas and additional themes as the market evolves. They will recruit small businesses and startups from across the nation and provide them with resources, mentorship and funding to bring their products to market.
Top Photo: Concept of smart buoys gathering ocean data. Ocean and Great Lakes data and information are essential for weather forecasting, ocean commerce, recreation, and more — things that affect the entire nation. These accelerators will seek new, innovative ways to gather that data and deliver it to users. (Image credit: Adobe Stock)
Neos Partners closes second fund at $1.7 billion
San Diego-based Neos Partners, a private equity firm investing in companies in the energy and critical infrastructure sectors, has closed its second fund at $1.37 billion.
Despite a difficult fundraising market for emerging asset firms, the firm was able to secure the fresh capital from private investors and institutional investors in about three months, according to the Wall Street Journal.
Neos Partners is backed by some of the largest U.S. endowments including the University of Pennsylvania, Stanford University and Yale University. It also received commitments from investment managers, family offices, foundations such as the David and Lucile Packard Foundation, among other institutional investors.
EoS Fitness presents check for $110,000
to Challenged Athletes Foundation
EoS Fitness at 3156 Sports Arena Blvd. presented a check for $110,000 to the Challenged Athletes Foundation in a show of support for inclusive and active lifestyles. The donation follows joint fundraising efforts to advance CAF’s mission to provide individuals with physical disabilities resources to pursue active lifestyles and competitive sports. As the title sponsor of Tour de Cove, a half-day cyclethon and a highlight of the CAF Community Weekend in San Diego, EoS Fitness led companywide fundraising efforts to support the cause. For more information on EoS Fitness memberships and CAF grants, visit challengedathletes.org/eos_fitness_grants/.
Modern Times Beer closes
Modern Times Beer’s original brewery in the Midway District of Point Loma at 3725 Greenwood St., has ended a decade-long chapter for the craft brewery. Now owned by Maui Brewing Co., Modern Times will shift its brewing operations to a contract model, working with AleSmith Brewing in Miramar to continue producing its beers. The decision to permanently close the Point Loma brewery, which has been a mainstay since Modern Times launched in 2013, comes after several years of financial challenges, including over-expansion, significant downsizing, and eventual acquisition by Maui Brewing.
New management to take over The Loma Club
The Loma Club, a landmark in Liberty Station since its origins in the early 1900s, is about to turn another chapter in its long and storied history with new management soon taking over. Sail Ho was the original name given to the then-Naval Training Center’s golf course in the 1920s. In 2014, Good Time Design took over operation of the historic Liberty Station facility. Sail Ho’s name was then changed to The Loma Club. Following the changeover, the golf club was remodeled with a new outside deck extending the existing restaurant onto the existing patio and the grass. The idea was to showcase the golf course, modernizing it and making it more inviting. The existing golf building was also remodeled to house an outdoor kitchen and bar.
Port’s solar-powered microgrip honored by
American Association of Port Authorities
The Port of San Diego’s solar-powered microgrid at the Tenth Avenue Marine Terminal has been recognized as a beacon of excellence by the American Association of Port Authorities. The annual AAPA Lighthouse Awards recognize programs and projects that stand out across the port industry. An esteemed panel of judges evaluated the Port’s 2024 submission and honored the TAMT microgrid project with the Facility and Infrastructure Development Award: Excellence in Studies, Plans, and Designs.
Hard Rock Hotel San Diego hosts Glitz & Glam NYE Party
Hard Rock Hotel San Diego at 207 Fifth Ave. is returning with their annual Glitz & Glam NYE Party as it transforms over 40,000 square feet of event space to host San Diego’s most unforgettable New Year celebration. Ring in the New Year on Dec. 31 from 9 p.m. to 2 a.m. across three floors and seven rooms with over 15 DJs for every taste – from house and hip hop to reggaeton. Tiered general admission tickets are available here starting from $65.31.
New bar and restaurant to open in Ocean Beach in 2025
Industry veterans have taken over the former Voltaire Beach House location in Ocean Beach to open a new bar and restaurant named The Jetty. Kyle Jaworski, former managing partner and general manager of Raglan Public House in Ocean Beach, and Sebastian Widman, formerly the sales director for the now-defunct Amplified Ale Works, are in the process of finalizing a lease on the nearly 4,000-square-foot indoor/outdoor venue. The Jetty aims to open by summer 2025 at 4934 Voltaire St.
Viasat secures $568 million contract extension from GSA
Carlsbad-based telecomm giant Viasat has secured a five-year, $568 million Indefinite Delivery/Indefinite Quantity contract extension from the U.S. General Services Administration. The contract aims to support the Department of Defense’s mobility prioritization with advanced C5ISR solutions for Special Operations Forces and General Purpose Forces.
