Transformations in Marine Economy's Frontier: Pioneering Technologies Revamping Sea-Faring Businesses
The oceans have long served as our planet's silent guardians, enduring the brunt of climate change's impacts. They've absorbed an astounding 90% of the excess heat from greenhouse gases, shielding us from even more drastic temperature increases. However, this selfless act comes at a heavy cost. As the oceans soak up an astonishing 30% of human-produced CO2 emissions, ocean acidification weakens the shells of marine life such as corals and molluscs, rising sea levels from melting ice sheets threaten coastal communities, and shifts in ocean currents risk disrupting ecosystems and climates worldwide. As our oceanic buffer zone struggles under these pressures, the repercussions are increasingly impossible to ignore.
This struggle is most sensitively felt in island nations, like the Maldives, which now face heightened climate challenges: the Maldives, for instance, confronts the grim prospect of losing as much as 80% of its land by 2050 if current trends continue.
The Blue Action Initiative
To combat these threats, Rupert Hayward initiated the Blue Action Initiative in the Bahamas in collaboration with Founders Factory, to foster ocean-centric innovation: “The initiative sprung up out of necessity after enduring several severe hurricanes, including Hurricane Dorian,” Hayward reminisces – he is the director of the Grand Bahama Port Authority, an ocean conservation advocate, and one of the original partners at Salamanca Group.
“The speed of climate change is alarming,” says Hayward. “Coral reefs, which support 25% of marine life, are projected to decline by 90% by 2050 due to rising sea temperatures, acidification, and human activity.”
The program, based within the Bahamas’ Free Trade Zone, provides startups with $150,000 in seed funding, four months of hands-on assistance, and access to a network of global partners. By developing and testing solutions in the Bahamas and enabling routes to market and strategic partnerships—Blue Action can swiftly globalize ocean-based technologies.
A Launchpad for Ocean Tech Innovation
The Bahamas’ Free Trade Zone offers distinct advantages as a startup launchpad —natural resources, existing infrastructure, partnerships, energy companies, maritime industries, ports, cruise and shipping lines, undeveloped land, and a 90-mile canal system—to expedite climate technology transfer to Grand Bahama and the surrounding region.
Blue Action leverages its extensive network of partners—including ports, government agencies, and corporations—to assist startups in validating their ideas, piloting their technologies, and scaling their solutions effectively. The program offers vital support, from facilitating introductions to potential customers and collaborators to providing counsel on navigating complex policy and regulatory hurdles, such as permitting and licensing.
“We focus on fostering real interest from future customers, especially in industries like shipping, where piloting and deploying solutions can yield immediate results,” explains George Northcott, Founders Factory Co-founder.
Accelerator Startup Criteria
“We’re open to being the first investor in a company spinning off from a university or joining rounds for startups with existing products and revenue. We look for a mix of startups: those needing to commercialize proprietary research, and those with products close to market fit, where we can accelerate their go-to-market strategy,” explains Northcott.
The Blue Action Initiative uses an impact lens, prioritizing solutions that aim to decarbonize the Blue Economy. Shipping and port infrastructure are major focus areas – they account for a significant portion of global greenhouse gas emissions.
“Our goal is to reduce carbon output, mitigate pollution, and develop technologies that help coastal communities adapt to climate change,” says Hayward.
The program also seeks startups with three key characteristics:
- Innovative Edge: Innovations should be rooted in solid research or supported by scientific expertise.
- Founder Commitment: Entrepreneurs should be passionately dedicated to resolving the challenges they’ve identified.
- Execution Capacity: Teams should possess the ability to transform innovation into scalable, actionable solutions.
New Technologies for the Ocean
“Coral Vita, a company we backed, embodies our approach. Started by Yale graduates, it developed the first commercial on-land coral farm. With streamlined permits and support from the Bahamas government, Coral Vita scaled rapidly, winning the prestigious Earthshot Prize and expanding to the Red Sea. This achievement inspired our broader accelerator model, underscoring that locally sourced solutions can make a global impact,” says Northcott.
The initiative’s first cohort consists of 11 startups tackling various climate challenges.
Among them:
- Brineworks: This startup uses a unique electrolyzer technology to extract CO2 from seawater while generating hydrogen fuel, which can be converted into e-methanol for shipping. “They’re blending biofuel production with oceanic CO2 removal—a breakthrough for global warming mitigation,” explains Northcott.
- Armada Technologies: By creating advanced lubrication systems for ship hulls using a layer of air and bubbles around the hull, Armada reduces fuel consumption and emissions by 5–8%. “It’s a practical, short-term solution that delivers prompt results,” Northcott adds.
Blue Action cohort startups also include Brineworks, Armada Technologies, Acua Ocean, Dolphin Labs, Atmo Cooling, Elateq, Drift Energy, Jeevan, Soarce, Ocean Ledger, Metal Light. Zero-emission propulsion systems, desalination technologies, and advanced ocean monitoring tools are among the technologies being developed.
Amplifying Impact Globally
Governments are enacting regulations to hold major emitters accountable for greenhouse gases. For instance, ports are incentivized to minimize emissions to avoid excessive taxation by regulatory bodies like the IMO or the EU.
“Governments are partnering with us to address the 'carbon crisis' that fuels biodiversity loss and ocean heat absorption. We collaborate with them and other entities, such as AltaSea in LA and a new park in Canada, to identify and implement innovative technologies,” explains Northcott.
An outstanding movement in the Bahamas involves a debt-for-nature swap, transforming savings from lower interest repayments into ocean preservation. These funds strengthen marine protected areas, employing sophisticated tools like submersibles, drones, and sensors to oversee and maintain critical habitats.
Leveraging its 230-square-mile Free Trade Zone, the Bahamas escalates eco-friendly technology adoption, thereby expanding its economy beyond tourism. According to Hayward, "This distinctive setup facilitates swift approval processes and serves as a trial ground for innovations in water cleanliness, carbon reduction, and marine management."
This method has gained popularity in other locations as well, including Barbados, which aims to emerge as a prime location for testing climate solutions.
"Our aim is to utilize our alliances and network to speed up the implementation of technologies yielding tangible results," says he, "be it decarbonizing maritime transportation, protecting marine life, or amplifying renewable energy solutions."
The Blue Action Initiative, established in the Bahamas, is dedicated to combating oceanic challenges by supporting ocean-centric startups. Rupert Hayward, the director of the Grand Bahama Port Authority and a collaborator, initiated this program in response to the Bahamas' climate struggles. The initiative, in collaboration with Founders Factory, provides startups with funding, assistance, and access to global partners, specifically focusing on decarbonizing the Blue Economy.
In line with the Blue Action Initiative, the Bahamas offers distinct advantages as a launchpad for climate technology, with its natural resources, infrastructure, partnerships, and favorable location for expediting climate technology transfer. This program leverages its network of partners, including ports and government agencies, to assist startups in validating their ideas, piloting their technologies, and scaling their solutions globally.
[Reference: The Blue Action Initiative section from the original text]
