The data comes from Hub Azul Dealroom, which brings together 1,210 global startups in the blue economy (47 from Portugal). Most of the value is concentrated in the areas of robotics, shipping, climate technology, clean energy, and energy efficiency.

Bluetech (tech startups linked to the sea) and Blue Economy (startups linked to the blue economy) startups are valued at €92.8 billion worldwide, according to data provided exclusively to Jornal Económico by Hub Azul, based on the Hub Azul Dealroom platform, which currently lists 1,210 global blue economy startups (47 Portuguese). Portugal has ‘great potential in this area’ and the capacity to generate ‘great added value’ despite having an ‘embryonic ecosystem’, according to the coordinator of Hub Azul Portugal, Gonçalo Faria.

Of this total of €92.8 billion, 63.8%, equivalent to €59.5 billion, is concentrated in the areas of robotics, shipping, climate technology, clean energy and energy efficiency.

‘11.3% are classified as robotics, 13.4% are classified as shipping, 31.5% are classified as climate technology, and 7.6% are classified as clean energy or energy efficiency,’ according to Hub Azul data.

The coordinator of the Hub Azul Portugal project, Gonçalo Faria, believes that the value contributed by these companies, which are global trends, serves as a ‘benchmark’ for Portugal to guide its strategy.

“The analysis of these trends gives us very relevant information about the path we should follow in terms of research, but also in terms of innovation, with the development of new products and new solutions. It allows us to understand which areas international investors are most interested in, which areas are receiving the most investment, meaning greater capacity to attract international investment,” Gonçalo Faria told Jornal Económico.

The coordinator of Hub Azul Portugal stresses that Portugal ‘has enormous potential in these areas.’ However, according to data from Hub Azul Dealroom, a platform created as part of the Hub Azul Portugal project, which brings together investment funds and international start-ups and connects them to anchor companies in the Portuguese ecosystem, ‘there is still a lot of work to be done.’

Gonçalo Faria points out that of the 47 Portuguese startups registered with Hub Azul Dealroom, “representing 3.8% of the total, eight have a registered valuation of €194 million, equivalent to 0.2% of the total valuation of the sample.

The coordinator of Hub Azul Portugal adds that Tekever alone accounts for €125 million of the valuation, or 64% of the total.

“Even so, it is interesting to note that of the eight start-ups [with a registered valuation of €194 million] (Tekever, Inclita Seaweed Solutions, Oceano Fresco, Cargofive, Meight, Sensefinity, Exogenus Therapeutics and Bitcliq), four work on process digitalisation (Bitcliq, Sensefinity, Meight and CargoFIve) and one works mainly on ocean sensing and observation (Tekever),” says Gonçalo Faria.

Portugal has high added value potential

For Gonçalo Faria, Portugal has an ‘embryonic ecosystem’ that has ‘high potential’ for added value.

Gonçalo Faria stresses that one of the tasks of Hub Azul Portugal is to ‘develop mechanisms’ that seek, through the seven hubs that will be created in mainland Portugal, ‘to take advantage of the excellent research being done in Portugal, in these and other areas, to create new companies, products and solutions that meet the trends and needs of international markets.’

The coordinator of Hub Azul Portugal believes that the country is facing an ‘opportunity’ and stresses the importance of the Hub Azul Dealroom platform, given that it ‘provides highly relevant economic intelligence information to align research and innovation with international investment trends’.

Acquaculture and shipping gain ground

Globally, the data also shows that 82.5% of the valuation [€92.8 billion] of Bluetech and Blue Economy startups in the robotics category were created after 2015.

“This figure is approximately 20% for aquaculture and 29.6% for shipping,” according to data from Hub Azul Dealroom.

Bluetech and Blue Economy startups in the offshore area reach €1.8 billion.

“45% of this valuation relates to companies created after 2015. This classification includes infrastructure, maintenance, monitoring, digitization, and other technologies,” explains Hub Azul.

In the offshore wind sector, this figure stood at €1.7 billion, with 33% relating to startups created after 2015.

Offshore wind sector achieves highest growth

Bluetech and Blue Economy startups linked to offshore wind have experienced remarkable growth.

Data from Hub Azul Dealroom confirms a 102% increase between 2021 and 2022. Robotics is also following the trend with 65% growth.

Bluetech and Blue Economy startups in the seaweed sector increased by 40% when comparing 2022 with the first nine months of 2023.

Larger investments are concentrated in robotics and shipping

Investment in Bluetech and Blue Economy startups in the field of robotics amounted to €1.5 billion, reaching growth of close to 200% compared to 2021.

“This figure was greatly influenced by Flexport’s $934 million (€883 million) Series E in February 2022,” explains Hub Azul.

Investment in 2022 in Bluetech and Blue Economy startups and in the offshore sector amounted to €145 million, up 76% compared to 2021.

Comparing 2022 with the first nine months of 2023, investment in this area stood at €198 million, “heavily influenced by an August 2023 transaction of £150 million (€172 million) in growth equity from Venterra, a company operating in the floating offshore wind industry, by Beyond Net Zero,” Hub Azul points out.

Investment in 2022 in Bluetech and Blue Economy startups in the aquaculture sector reached €233 million, an increase of approximately 6% compared to 2021.

“Comparing 2022 with the first nine months of 2023, only two rounds above series B were made, both for EFishery, in May and July,” says Hub Azul.

In its analysis of this data, Hub Azul points out that in the most scalable industries, such as robotics and shipping, “we have seen the emergence of late VC operations with high amounts, marking a separation from the traditional domain of seeds and series A.”

Hub Azul emphasizes that climate technologies dominate the total valuation, with approximately one-third, “perhaps because it is well identified as a sustainable investment potential.”

The Hub Azul Dealroom platform is part of the Hub Azul Portugal project, funded by the European Commission under the Recovery and Resilience Plan (PRR). Fórum Oceano is responsible for creating the global business model for Hub Azul, in conjunction with its Strategic Management Council, chaired by the Directorate-General for Maritime Policy.

The Fórum Oceano – managing entity of Portugal’s Blue Economy Cluster – and The Economist Group’s World Ocean Initiative have signed a Memorandum of Understanding (MoU) to promote, through the Hub Azul Dealroom digital platform (https://hubazuldealroom. forumoceano.pt/intro), an ecosystem in the sustainable Blue Economy that promotes innovation and investment globally.

The purpose of this MoU is to express the commitment of both parties to identify and support opportunities that contribute to the development of a sustainable blue economy. This knowledge partnership represents a significant step towards addressing the most pressing challenges facing the oceans through collaborative efforts.

The Hub Azul Dealroom is the first digital platform designed to quickly map Blue Economy business information and match startups, SMEs and investors. Dealroom already has more than 1,200 start-ups registered (with more than 1,800 investment rounds), around 2,600 investors and more than 120 large companies. The platform’s website also reveals that 1,631 financing rounds have already been completed.

As a Knowledge Partner, the World Ocean Initiative (WOI) will collaborate with Fórum Oceano in developing and promoting the Hub Azul Dealroom digital platform. This initiative, managed by Fórum Oceano and funded by EU Next Generation – Portugal’s Recovery and Resilience Plan, serves as a cornerstone for fostering ESG investment in building a business model for Portugal’s Blue Economy Cluster and the Hub Azul.

WOI will also provide advisory support, without financial commitments, for the development of the Hub Azul network, including advice on business missions, activities such as events and programmes, refinement of the business model and establishment of new relevant relationships. The Ocean Forum, in turn, will support WOI’s efforts to transition to a sustainable blue economy. The next Economist Impact’s World Ocean Summit returns to Lisbon in March 2024.

Ruben Eiras, Secretary-General of Fórum Oceano: “This MoU marks a crucial moment in collective efforts to provide better information, content and intelligence for entrepreneurs and investors who are focused on promoting a true blue ESG economy. By joining forces with WOI, from The Economist Impact, we aim to unlock new opportunities and establish a global benchmark for innovative solutions across all sectors of the blue economy, establishing business models that are both profitable and generate an “environmental surplus” for ocean ecosystems.”.

Tatiana Der Avedissian, Head of Business Development at The Economist Impact’s World Ocean Initiative (WOI): “WOI has been advocating for the need to bridge the investment gap in ocean innovation through the annual World Ocean Summit and the 2022 World Ocean Tech and Innovation Summit. We believe this is a crucial factor in accelerating the transition to a sustainable blue economy. The Blue Dealroom Hub is a great initiative that will support this goal, and we are happy to support this effort as a Knowledge Partner.”.

This collaboration between Fórum Oceano and WOI represents a shared commitment to driving positive change in the global blue economy and sets the tone for innovative and sustainable practices that aim to shape the future of our oceans.

The Government has brought forward to 2026 the target of creating 30% marine protected areas, initially planned for 2030, the Prime Minister announced on Wednesday, stating that Portugal intends to maintain a ‘pivotal position in the blue economy’. These announcements were made by António Costa at the Sustainable Blue Economy Investment Forum, which is taking place this Wednesday at the Estoril Congress Centre in Lisbon and aims to ‘discuss economic growth driven by the ocean economy’. In the area of renewable energy, António Costa said that Portugal has the ambition to ‘achieve an installed offshore wind energy production capacity of ten gigawatts by 2030’. Alongside these announcements, António Costa stressed that Portugal is ‘strongly committed to the decarbonisation of maritime transport’ and ‘continues to actively invest in infrastructure for the blue economy’, noting that the Recovery and Resilience Plan (PRR) includes an ‘€87 million financing plan for the creation of the Blue Hub’ Portugal, ‘a network of research and development centres and universities focused on marine science, technology and innovation’. According to the Prime Minister, this hub will ‘double the number of start-ups operating in Portugal in the blue economy, as well as the number of projects supported by public funds’.

Costa emphasised that Portugal wants to be ‘a European centre of excellence in the field of blue biotechnology, attracting investment and know-how from around the world to develop cutting-edge science and generate new market value.’ The International Centre for Blue Biotechnology is being created on the site of the former Matosinhos refinery.

The head of the executive said that ‘for few countries is the sea as fundamental as it is for Portugal’ and stressed that, at the national level, ‘the bioeconomy and blue biotechnology already play a key role’. But the potential for growth is enormous and, in this sense, Portugal has integrated its maritime policy, organised its maritime space and promoted ocean renewable energy in order to create all the conditions to be at the forefront of the blue economy,” he stressed.

News published in the Público newspaper: https://www.publico.pt/2023/10/04/azul/noticia/governo-antecipa-criacao-30-areas-marinhas-protegidas-2026-2065632

The Strategic Management Council of the ‘Blue Hub, Infrastructure Network for the Blue Economy’ met today in Porto to discuss a governance model that promotes synergies between SMEs and start-ups, large companies, interface centres and universities. The Secretary of State for the Sea, José Maria Costa, participated in the proceedings.

These synergies are crucial to the success of the strategy to expand and promote traditional and emerging sectors of the blue economy and will enable us to benefit from the opportunities arising from the climate and digital transitions, which are fundamental to increasing the international profile of this economic sector in Portugal.

At this meeting, particular attention was also given to the organisation of the second edition of the Sustainable Blue Economy Investment Forum (SBEIF), which will take place on 4 October at the Estoril Congress Centre, with the aim of boosting the international profile of the national blue economy, a key factor in attracting new companies and foreign direct investment.

News published on the official website of the XXIII Constitutional Government – Portuguese Republic (Portugal.gov.pt): https://www.portugal.gov.pt/pt/gc23/comunicacao/comunicado?i=conselho-de-gestao-estrategica-do-hub-azul-aposta-na-projecao-internacional

The public tender for the new Leixões Blue Hub is now open. €4.9 million is available for its construction, and interested companies have 90 days to submit their bids.

The Blue Hub is a scientific, technological and innovation infrastructure that aims to develop the blue economy.

The new Leixões Blue Hub includes the construction of a multi-purpose central tank, with a completion deadline of 365 days. The contracting authority is the Institute for Systems and Computer Engineering, Technology and Science (INESC TEC), as leader of the Leixões Blue Hub consortium.

The specifications stipulate that the work will be carried out at the Port of Leixões Logistics Platform, with a completion deadline of the end of 2025.

In addition to INESC TEC, the Leixões Blue Hub brings together other entities such as: the Port Authority of Douro, Leixões and Viana do Castelo (APDL), the Matosinhos City Council, the Interdisciplinary Centre for Marine and Environmental Research (CIIMAR), the Institute for Science and Innovation in Mechanical and Industrial Engineering (INEGI) and the Ocean Forum.

News published in Jornal Económico: https://jornaleconomico.pt/noticias/aberto-concurso-para-novo-hub-azul-de-leixoes-no-valor-de-49-milhoes-de-euros/

The Infante D. Henrique Nautical College (ENIDH) has launched an international public tender for the contract to design and build the International Maritime Safety Centre.

The tender announcement has already been published in the Diário da República, the OJEU and on the VORTAL platform, with a base price of three million two hundred and fifty thousand euros, plus VAT, financed 100% by funds from the PRR, Blue Hub School programme.

The International Maritime Safety Centre (CISM) will be an infrastructure for practical training courses in accordance with the STCW Convention (International Convention on Standards of Training, Certification and Watchkeeping for Seafarers) and its Code, which establishes the Standards of Training, Certification and Watchkeeping for Seafarers, namely in Chapter 6 – Emergency duties, safety at work, protection, medical assistance and survival.

CISM will also be an infrastructure for practical training courses in accordance with the STCW-F Convention (International Convention on Standards of Training, Certification and Watchkeeping for Fishing Vessel Personnel), with regard to practical maritime safety training for all fishing vessel crew members.

CISM equipment will be certified in accordance with the requirements of the IMO Fire Safety System Code and Life-Saving Appliances Code, so that certified equipment, such as that used on ships, can be used.

In addition to the training mentioned above, the CISM must also ensure the possibility of training in the applicable areas, in the context of working at height, as well as in sealing leaks and flooding.

More information at:

– Escola Superior Náutica Infante D. Henrique

– Recuperar Portugal

Hub Azul Peniche has just announced the launch of the specifications for the construction of the building that will house the headquarters of ‘Smart Ocean Open Labs’ within the port area.

The building will have 12 laboratories and 13 offices and is part of the Smart Ocean Marine Science and Technology Park, which is Hub Azul’s hub in Peniche.

Under the theme ‘for a blue future’, it will be the basis of an ecosystem where science, technology, innovation and entrepreneurship will come together to create a sea of new ideas, new solutions and new opportunities for a blue future.

Know more here

Hub Azul Dealroom is the digital platform that connects start-ups and entrepreneurs with investors, companies and institutions in the Blue Economy sector.

By leveraging the power of digital connectivity and collaboration, HUB AZUL DEALROOM has the potential to revolutionise the Blue Economy, promoting responsible management of ocean resources while driving economic growth and innovation with impactful matchmaking suggestions.

With the confirmed presence of the Secretary of State for the Sea, Eng. José Maria Costa, this important event will also celebrate the signing of collaboration protocols and MoUs between Fórum Oceano and Caixa Geral de Depósitos, Startup Portugal, Euronext Lisbon, Katapult Ocean, BlueInvest and Porto de Lisboa, with the aim of developing the HUB AZUL DEALROOM platform and the Hub Azul innovation ecosystem.

EVENT AGENDA

3:00 p.m. – OPENING SESSION

• Chairman of the Board of Directors of the Port of Lisbon, Carlos Correia
• Secretary-General of Fórum Oceano, Ruben Eiras
• Director-General of the Directorate-General for Maritime Policy, Marisa Silva

15h20 – PRESENTATION OF THE HUB AZUL DEALROOM PLATFORM

• Lead Manager of the Hub Azul project, Infrastructure Network for the Blue Economy, Gonçalo Faria
• Innovation Manager for the Hub Azul project, Manuel Melo

15h30 – SIGNING CEREMONY FOR THE OCEAN FORUM COOPERATION AGREEMENTS

Ocean Forum-Caixa Geral de Depósitos Protocol:
Establishes cooperation between Fórum Oceano and CGD for partnerships in financing the sustainable blue economy, developing the Hub Azul Dealroom platform, and the Hub Azul innovation ecosystem.

Fórum Oceano-Euronext Lisbon Protocol:
Establishes cooperation between Fórum Oceano and Euronext Lisbon for the development of the Hub Azul Dealroom platform and the Hub Azul innovation ecosystem.

Fórum Oceano-Startup Portugal Protocol:
Establishes cooperation between Fórum Oceano and Startup Portugal for the development of the Hub Azul Dealroom platform and the Hub Azul innovation ecosystem.

Fórum Oceano-Port of Lisbon Protocol:
Establishes cooperation between Fórum Oceano and the Port of Lisbon for the development of a port innovation accelerator programme for the blue economy, in conjunction with the Hub Azul innovation ecosystem.

The following Memoranda of Understanding will be signed digitally due to scheduling issues.

Memorandum of Understanding between Fórum Oceano and Katapult Ocean:

Establishes cooperation between Fórum Oceano and Katapult Ocean for the development of the Hub Azul Dealroom platform and the Hub Azul innovation ecosystem.

Memorandum of Understanding between Fórum Oceano and BlueInvest:

Establishes cooperation between Fórum Oceano and BlueInvest for the development of the Hub Azul Dealroom platform and the Hub Azul innovation ecosystem.

SPEECHES:

• Speech by António Nogueira Leite, President of Fórum Oceano
• Speech by Paulo Macedo, President of Caixa Geral de Depósitos
• Speech by Isabel Ucha, Chair of the Board of Directors of Euronext Lisbon
• Speech by António Dias Martins, CEO of Startup Portugal
• Speech by Carlos Correia, Chairman of the Board of Directors of the Port of Lisbon
• Speech by Jonas Skattum Svegaarden, CEO of Katapult Ocean (video)
• Speech by Daniela Cedola, Partner at PWC Luxembourg (video)

16h15 – CLOSING OF THE EVENT
Speech by the Secretary of State for the Sea, José Maria Costa.

16:30h – Sea Tasting

(The event will be conducted in Portuguese.)

The president of Fórum Oceano, António Nogueira Leite, highlighted the partnerships with Euronext Lisbon and Caixa Geral de Depósitos (CGD), considering that ‘they are important for attracting new investors, providing access to new financial products and different forms of financing, creating conditions for the development of the maritime economy.’

Hub Azul Dealroom was launched today and is the first digital platform (https://hubazuldealroom.forumoceano.pt/intro) designed to quickly map business data from the Blue Economy and matchmake businesses between start-ups, SMEs and investors. There are already 1,045 start-ups registered on the platform (800 of which have raised capital), close to 1,200 investors and more than 100 large companies. The platform’s website shows 1,631 funding rounds.

The Hub Azul Dealroom is the digital platform for the global internationalisation of Portugal’s Blue Economy, promoted by Fórum Oceano (Portugal’s Blue Economy Cluster), in conjunction with the Strategic Management Council chaired by the Directorate-General for Maritime Policy of the Portuguese Ministry of Economy and Sea.

The Hub Azul Dealroom is funded by the Next Generation EU Fund – Portugal’s Recovery and Resilience Plan.

António Nogueira Leite, president of Fórum Oceano, emphasised in his speech that ‘we are moving towards an economy in which, more than resources, it is skills that will be fundamental to the country’s growth’.

‘We have a unique opportunity here,’ Nogueira Leite stressed. The president of Fórum Oceano highlighted the partnerships with Euronext Lisbon and CGD, considering that ‘they are important for attracting new investors, providing access to new financial products and different forms of financing, creating conditions for the development of the maritime economy.’

Paulo Macedo highlighted the economic value of the sea to defend the importance of the platform. The issue of decarbonisation is particularly important to the banker.

The president of the Forum highlighted the importance of the protocols with Euronext Lisbon and Portugal’s largest bank, CGD.

Four Cooperation Protocols were signed on Monday between the Ocean Forum, led by António Nogueira Leite, and four institutions. At the Alcântara Maritime Station, the protocols were signed by the CEO of Caixa Geral de Depósitos, Paulo Macedo; the president of StartUp Portugal, António Dias Martins; the president of EuroNext Lisbon, Isabel Ucha; and the president of the Port of Lisbon, Carlos Correia.

Two Memoranda of Understanding (MoU) were also signed with the world’s largest accelerator for blue economy start-ups, Katapult Ocean, and the European Commission’s Blue Invest Platform mechanism.

“The cooperation protocols that lay the foundations for these initiatives were signed today at the Alcântara Maritime Station. In addition to the agreement signed between Fórum Oceano and the Port of Lisbon Authority (APL), this ceremony also included the signing of three other cooperation protocols that Fórum Oceano established with Caixa Geral de Depósitos, StartUp Portugal and EuroNext Lisbon, as well as two memoranda of understanding with Katapult Ocean, the world’s largest accelerator for blue economy start-ups, and the Blue Invest Platform, the European Commission’s mechanism,” said the Port of Lisbon in a statement.

As part of the launch of the Hub Azul Dealroom platform, launched by Forum Oceano, the Port of Lisbon announced that it has launched an Innovation Acceleration Programme for the Blue Economy, in conjunction with the Hub Azul Portugal innovation ecosystem.

‘With this accelerator, the Port of Lisbon becomes the first port with a blue economy accelerator programme,’ says the institution, adding that ‘the goal is to create an innovation ecosystem capable of encouraging and scaling up relevant technologies in the fields of digitalisation, decarbonisation, intermodality and circularity in the areas of the maritime economy.’

This accelerator will work in conjunction with the Hub Azul Dealroom platform, also launched today by Fórum Oceano, which is the world’s first blue economy business platform.

For Carlos Correia, Chairman of the Board of Directors of APL, “this is an important milestone for the Port of Lisbon in the areas of economy, innovation, sustainability and business promotion. With the launch of a technological accelerator, we want to take on a central role in scientific and technological development linked to the sea. We are a company linked to the sea, in a country linked to the sea, and we are determined to promote the blue economy in a circular and sustainable way.”

The opening session was led by the Chairman of the Board of Directors of the Port of Lisbon, Carlos Correia, the Secretary-General of Fórum Oceano, Ruben Eiras, and the Director-General of the Directorate-General for Maritime Policy (DGPM), Marisa Silva.

The session was closed by the Secretary of State for the Sea, José Maria Costa, with the ceremony symbolically ending with the “ringing of the Euronext bell” marking the entry of the Hub Azul Dealroom digital platform into the market.

News from Jornal Económico: https://jornaleconomico.pt/noticias/nasceu-o-hub-azul-dealroom-e-ja-tem-1-045-startups-registadas/

The CEO of Caixa Geral de Depósitos, Paulo Macedo, said that the bank is prepared to move forward with joint ventures and mergers and acquisitions in the field of the ocean economy, as part of the launch of a platform that facilitates investment in this area.

As part of the launch of the Hub Azul Dealroom platform – which aims to bring together start-ups, SMEs and investors in blue economy projects – the CEO of Caixa Geral de Depósitos (CGD), Paulo Macedo, did not rule out possible joint ventures or future acquisitions to support the ocean-related economy.

The Hub Azul Dealroom platform, launched on Monday, uses artificial intelligence to connect various players in the blue economy investment market (investors, start-ups and small and medium-sized enterprises) with common interests.

The technology identifies the profile of start-ups and matches them with investment funds on the platform, using open information from the Internet and Dealroom’s proprietary algorithm, which allows ‘access to credible information about investment types, investors, start-ups and the market,’ said Manuel Melo, innovation manager at Fórum Oceano. ‘The Portuguese economy can only grow if it takes advantage of its resources,’ said the professor at Nova School of Business and Economics.

That is why the project has attracted partners such as Caixa Geral de Depósitos, whose CEO, present at the ceremony, emphasised its relevance ‘in reducing the ecological footprint’ of companies and achieving zero emission targets. It was also in this context that he stated that CGD is prepared ‘to create joint ventures and carry out mergers and acquisitions,’ in addition to issuing sustainable bonds and green bonds.

In addition to Caixa Geral de Depósitos, another prominent partner is Euronext Lisbon itself. Its executive chair, Isabel Ucha, also referred to the central role that the blue economy has taken on in Europe. According to the CEO, in the last five years, the blue economy at Euronext has grown by 30% and now includes 200 companies in areas such as fishing, mining, maritime transport, tourism, among others.

News Jornal de Negócios: https://www.jornaldenegocios.pt/mercados/detalhe/cgd-esta-preparada-para-joint-ventures-e-aquisicoes-no-ambito-da-economia-azul