Last October, President Biden announced the designation of 31 communities across the country as regional innovation and technology hubs through the Department of Commerce’s Economic Development Administration.
These technology hubs are expected to foster investment in technology essential to economic growth, national security and job creation, according to a White House press release.
One such hub is the Ocean Tech Hub (OTH) in the Providence-Warwick area. rhode island commerce Corp. is focused on leveraging its coastal assets for marine technology innovation.
OTH aims to advance subsea robotics, automation, advanced materials, and composites, as stated in the designation application, and seeks to leverage southeastern New England’s strengths in these areas. material science they need. ”
With significant private sector involvement, including an extensive marine technology supply chain of 8,294 companies, the hub will leverage regional expertise in marine science, robotics and composites, while supporting national security and commercialization. We aim to explore dual-use opportunities for.
This designation is part of the first phase of the CHIPS and Science Act-authorized Tech Hubs program, which aims to invest directly in high-potential U.S. regions and ultimately transform them into globally competitive innovation centers. It is said that Designated tech hubs are now eligible to apply for the next phase of the program, which will invest between $50 million and $75 million in each of five to 10 designated hubs.
“The ocean is the next frontier in global exploration, and the ocean economy is expected to grow by more than $295 billion over the next five to 10 years,” the designation application states. OTH believes that its technology sector has a competitive advantage within the ocean economy, with a compound annual growth rate (CAGR) of his 7% to 15%. Estimated economic impact is expected to be $5.9 billion in sales and 15,700 jobs created. “Additional investments from U.S. EDA into his OTH will add exponentially to these estimates,” the company said.
The OTH designation application also highlights seven ports within the MSA that benefit from the growing marine technology sector, as well as access to deep water and nearby manufacturing and research facilities. OTH also pointed to the region’s maritime workforce of over 54,000 people and interstate efforts to commercialize maritime technology.
Specific projects include:
• Development of a digital twin of Narragansett Bay and adjacent waters. Strengthen the lab-to-market pipeline by providing a virtual, fast, and low-cost testing environment for commercial R&D. Ocean digital twins are a global priority for the UN and EU, and OTH is an opportunity for the US to gain traction.
• Creation and/or expansion of waterfront incubator, light industrial, manufacturing, and assembly space with multi-domain access (air, land, sea), addition of physical capacity and commercial manufacturing facilities to the Davisville/Quonset Port, Providence; Harbor, New Bedford Harbor.
• Narragansett and Buzzards Bay test facility development: A challenge cited by marine technology companies and researchers is a lack of access to test facilities. OTH provides unique resources for testing and evaluating a variety of technology devices and applications through coastal resources ideal for rapid testing of prototypes.
The U.S. Department of Commerce’s Economic Development Administration (EDA) has awarded Ocean Tech Hub an additional Tech Hub Strategic Development Grant to strengthen its manufacturing and deployment capabilities for critical technologies.
Rhode Island Governor Dan McKee and Massachusetts Governor Maura T. Healey express support for Ocean Tech Hub in U.S. Economic Development Administration announcement, highlighting its potential to foster innovation and economic growth in the region emphasized.
“The 31 tech hubs are focused on developing and growing innovative industries in regions across the country,” the White House said in a statement. “Tech hubs bring together private industry, state and local governments, higher education institutions, labor unions, tribal communities, and nonprofit organizations to further develop these sectors and make transformative investments in innovation and supply chains. , will compete for up to $75 million in implementation grants: resilience and job creation.”