Gulf of Maine Research Institute


Portland, ME

Project Name

Gulf of Maine New Blue Invest

Award Amount

Federal Share: $669,433
Local Match: $669,632

This EDA investment will support the Gulf of Maine Research Institute (GMRI) to transform innovative blue economy startups into investable companies that attract capital and create jobs. The Gulf of Maine New Blue Invest (NBI) project will build on three years of supporting early-stage entrepreneurs from ideation to Series A investment by creating a formal commercialization and investment platform for blue economy companies. The NBI project will strengthen the connections among blue economy entrepreneurs, science experts, and a growing network of angel investors and larger scale venture and institutional investors across the region.

The project will help companies access scientific review, field trials, connections to industry experts for product/service testing, and communications services and become investment ready. Simultaneously, GMRI will provide focused investor education programs about the opportunities and risks of blue economy investment. In collaboration with Bold Ocean Ventures, Maine Technology Institute, Maine Venture Fund, and Maine Angels, GMRI will raise and deploy $15-20 million into innovative blue economy businesses that meet its sustainability and impact metrics and also generate returns.