U.S. Department of Commerce Invests $3 Million to Improve Infrastructure, Expand Business Hub in Port of Los Angeles
Contact: EDA Public Affairs Department, (202) 482-4085
September 28, 2016
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) today announced a $3 million grant to AltaSea at the Port of Los Angeles in San Pedro, Calif., to make critical infrastructure improvements to help the business hub and entrepreneurs develop new ocean-related technologies.
“EDA is committed to ensuring that our communities have the vital infrastructure they need to assist businesses to innovate,” said Secretary Pritzker. “The grant announced today will support infrastructure projects to upgrade the Port of Los Angeles and give entrepreneurs access to facilities they need to advance ocean-related technologies and blue economy ventures.”
This EDA investment will make necessary improvements to the City Dock No. 1 at the Port of Los Angeles. As a result, the AltaSea business hub will be able to provide a state-of-the-art habitat for researchers from the California Marine Institute and entrepreneurs to collaborate. According to grantee estimates, the project will create 220 jobs during a six-year period and attract $102 million in private investment.
About the U.S. Economic Development Administration
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. To learn more about EDA, visit www.eda.gov.