The good news is the state is not giving up on becoming a regional ocean technology/blue economy hub. The bad is that the dream appears a lot further off than when lawmakers in 2022 approved $70 million for several related initiatives.
The first warning sign came when Rhode Island fell short that year in its bid for a piece of $1 billion in federal funding that the state was hoping to match. Lawmakers did eventually commit $35 million toward redevelopment of an East Providence marine terminal for staging for offshore wind turbine manufacturing but that funding was pulled from the fiscal 2025 budget due to a missed deadline for matching funding.
Then came a regional $64 million Ocean Tech Hub/blue economy proposal that earlier this year also failed to win federal support.
“It’s discouraging,” acknowledged University of Rhode Island Research Foundation Executive Director Christian Cowan in this week’s cover story.
Being twice spurned for significant federal grants has ocean tech/blue economy advocates scrambling to see what can be salvaged from their ambitious plans.
R.I. Commerce Corp. is already applying for new but smaller federal grants.
And the Ocean Tech Hub did get a $500,000 consolation prize, which R.I. Commerce Secretary Elizabeth M. Tanner hopes will lead to additional funding.
In the meantime, URI’s small Ocean Technology Center and a host of local companies continue to highlight the economic promise of the blue economy.
Rhode Island is already an ocean-economy player but to be a true leader – and keep those companies looking to grow – the state must commit more resources. The clock is ticking.