The Woods Hole Oceanographic Institution’s scientists will receive “significant” funds from the Propeller Fund to create ocean climate technologies.Together with one of the top marine research institutions in the world, a new $100 million venture fund will invest exclusively in ocean technology that can help address the global climate crisis.
The Boston-based Propeller will concentrate on start-ups creating technology to, among other things, decarbonize shipping, increase efficiency in the marine industry, and remove carbon dioxide from the water. The company will also invest in businesses looking to use creatures from the ocean to make energy, medicine, and other goods. According to Brian Halligan, founder, and partner at Propeller, “the water is already doing much of the heavy lifting” when it comes to combating climate change. A third of the carbon dioxide created by the combustion of fossil fuels is absorbed by the ocean, which also generates 50% of the planet’s oxygen.