Innovasea Systems, Inc.

Purpose: the Purpose of the Project Is to Advance the Planning and Permitting of an Open Ocean Finfish Farm Off the West Coast of Puerto Rico, Helping to De-risk the Investment Opportunity of a Commercial Farm. the Aquaculture Investment Group, Cuna Del Mar, Is Interested in Starting a Farm in Puerto Rico, But Has Not Initiated Any Plans Due to the Perceived Risks. the Cost and Timeline of Obtaining Permits Is a Primary Business Risk to Setting Up a Farm There, as Well as the Uncertainty of Operating in a New Production Region. This Project Will Address Those Risks and Position the Farm Plans for Streamlined Execution. Activities to Be Performed: There Are Five Primary Efforts for the Project. First, the Pre-permitting Stage of the Permitting Process Will Be Completed Setting Up the Project for a Short and Well-understood Permit Acquisition Process Thereafter. Second, a Detailed Site Characterization Study Will Be Performed for Two Sites, One Near Mayagez and the Other Near Aguadilla. These Studies Will Include the Deployment of Sensors to Produce Long-term Environmental Datasets and Create Detailed Maps of the Benthic Ecology and Sub-bottom Substrates. This Information Will Be Used to Support Business Planning, a Deposition Model, a Farm Layout, and Permit Applications. Third, a Production Plan and Financial Model Will Be Developed to Inform Farm Design, Operational Decisions, and to Indicate the Capital Requirements and the Financial Opportunity of the Project. Fourth, a Socio-economic Study Will Describe the Anticipated Impacts of a Large-scale Fish Farm on Local Businesses and Residents. Lastly, the Results and Lessons Learned From the Project Will Be Disseminated Through the Puerto Rico Maritime Community and Caribbean Aquaculture Community Through a Combination of Publications, Conference Presentations, and Outreach Work. Expected Outcomes: the Project Is Expected to Produce Data and Farm Plans Allowing Regulators to Assess the Interactions the Proposed Farm Will Have on the Local Ecosystem and Communities. the Project Will Also Build Relationships Between Farm Operators and Local Stakeholders, Improving Social License. Lastly, the Project Will Identify a Clear Path to Obtaining the Permits Necessary to Site and Operate a Fish Farm and Make Significant Progress in Obtaining Those Permits. Intended Beneficiaries: the Primary Beneficiaries of the Project Are Innovasea and Cuna Del Mar, Who Will Make Significant Headway in De-risking Their Business and Obtaining Permits. Other Parties Interested in Establishing Ocean-based Aquaculture Farms in Puerto Rico or the Us Will Benefit by Having Access to the Permitting Road Map, Observing the Permitting Process, and Having a Successful (or Well Progressed) Example to Assuage the Concerns of Investors or Supporters. the Coastal Cities of Mayaguez or Aguadilla as Well as the Aquaculture Value Chain in Puerto Rico Will Benefit From the Jobs Created and the Economic Stimulus Within the Communities. the Island of Puerto Rico Will Also Enjoy Improved Food Security With a High-quality Marine Protein Produced on the Island. Subrecipient Activities: the Subrecipients Emmanuel Maldonado-gonzales and Nicolas Gomez Andujar Will Lead the Socio-economics Study. Rene Esteves Amador Will Lead Outreach Efforts. Cuna Del Mar Will Contribute to Planning and Permitting Work.