LOS ANGELES--(BUSINESS WIRE)--Montauk Technologies, LLC has announced the formation of and its investment in Balboa Geolocation, Inc, a Caltech/Jet Propulsion Laboratory (JPL) spinout company that can locate objects in environments such as the depths of the ocean where satellite-based GPS and all other geolocation technologies fail. Montauk is the anchor tenant of the La Kretz Blue Economy Incubator at AltaSea at the Port of Los Angeles, located at Berth 58 on the AltaSea campus in San Pedro.
Balboa Geolocation’s technology enables centimeter to meter scale 3D geolocation and orientation in previously hard-to-reach places, including underground, underwater and indoor locations. The technology is small, easily deployed and can integrate with other positioning, orientation, visualization, and communications technologies. It is currently in field testing for the first responder market with a product known as “POINTER” developed at JPL and funded primarily through grants from the Department of Homeland Security (DHS). Other governmental agencies, including Department of Defense (DOD) and corporate sponsors have funded expansion of this technology for use in multiple settings. The technology is expected to be ready for commercial launch by this time next year.
The announcement of this first-in-class technology that can help map the depths of the ocean, provide sub-surface location and tracking of high value assets, structures and individuals and guide underwater exploration with high accuracy comes two months after the Los Angeles Economic Development Corporation (LAEDC) and AltaSea issued an in-depth report on the ocean economy (another name for the blue economy) that is anticipated to produce more than 126,000 jobs paying a combined $37.7 billion in wages by 2023. Additionally, the LAEDC has named the ocean economy the first new jobs category in Los Angeles in more than a decade.
The La Kretz Blue Economy Incubator at AltaSea was established in December 2017 with a generous grant from developer and philanthropist Morton La Kretz. The incubator as envisioned “will work to support the development of aquaculture, undersea mapping and other businesses related to the ocean,” said La Kretz.
As the anchor tenant of the La Kretz Blue Economy Incubator, Montauk Technologies is launching a business accelerator “Montauk Alpha,” supported by an entrepreneurial ecosystem consisting of researchers, corporate partners, environmental groups, foundations, and impact investors focused on disruptive technologies and new business formation.
“Montauk Alpha” is one of our primary vehicles for launching and supporting investment in new companies like Balboa Geolocation, which will help drive innovative, next generation technology and intellectual property that is at the forefront of the ocean economy,” said Joe Boystak, Chairman of Montauk Technologies, LLC. “We will pursue solutions for large scale problems impacting the ocean, environmental sustainability, and quality of life. These new businesses will utilize technologies such as artificial intelligence, robotics, autonomous systems, geolocation, data and predictive analytics, clean power, novel sensors, quantum technologies, among others.”
Even conservative estimates indicate that the value of the blue economy will double over the next decade, with a projected global value of $3 trillion by 2030. And across the world, municipal and national entities are investing in the sustainable development of their own blue economies and reaping significant economic and ecological rewards.
“AltaSea is pleased to have collaborated with Montauk since the dedication of the La Kretz incubator,” said Tim McOsker, CEO of AltaSea. “We are excited to further deepen our relationship as we incubate and accelerate sustainable technologies, businesses, and jobs in the ocean economy.”
The addition of the ocean economy as a new jobs category by the LAEDC will enable it to be formally monitored, benchmarked, and tracked going forward. Businesses like Balboa Geolocation will be an important part of not just that sector, but overall economic growth in Southern California.
“Montauk is poised to immediately catalyze investment in the growing ocean economy,” said Dean Wiberg, CEO of Montauk Technologies, LLC. “We intend to bring new technologies and synergistic partners into the AltaSea ecosystem. Additionally, we expect the new business formation arising from the Le Kretz Blue Economy Incubator will have a profound impact on the regional economy.”
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles is creating a world-class ocean-based campus where science, business, and education come together to generate innovative solutions to the most critical global sustainability issues today: food, energy, and climate security. AltaSea accelerates scientific collaboration, facilitates job creation, and inspires the next generation for a more sustainable ocean. Built on a historic pier with access to the deep ocean, AltaSea's campus brings people together to expand science-based understanding of the ocean; incubate and sustain ocean-related business; and pioneer new ocean-related education programs. For more information on AltaSea, please see our website: https://altasea.org.
About Montauk Technologies, LLC
Montauk is a market-driven, technology development and acquisition company focused on new business formation that is built on defensible technology and intellectual property with a rapid development model and collaborative culture. We relentlessly pursue transformative technology solutions targeting large scale problems affecting the planet, its people, and sustainability to drive the Blue Economy. Innovate. Collaborate. Sustain.
For further information www.montauktechnologies.com.