26 Jan Composites Alliance Receives Seed Funding
January 26, 2015 — The Composites Alliance of Rhode Island has received $175,000 in seed funding from the Rhode Island Foundation and the van Beuren Charitable Foundation. The announcement was made at a press conference organized by the Rhode Island Marine Trades Association (RIMTA) on “Launching into the Future: Growing Rhode Island’s Marine and Composites Industries,” which was held on the opening morning of the Providence Boat Show.
Rhode Island dignitaries—including Governor Gina Raimondo, Congressman David Cicilline, and Representative Kenneth Marshall, with Senator Sheldon Whitehouse and Senator Jack Reed joining by video—spoke in support of this new statewide initiative.
Governor Raimondo stressed the importance of rebuilding the state’s middle class and creating tens of thousands of family-supporting jobs. “We are going to create good jobs by focusing on industries where Rhode Island can be a leader, such as the marine and composites industry,” said Governor Gina Raimondo.
Rich O’Meara of Core Composites gave attendees at the press conference a statistical snapshot of this growing industry. According to figures from the American Composites Manufacturers Association (ACMA), this industry grew by 6.3% in 2014; the composites industry is projected to grow an average of 6.5% between now and 2020, according to the ACMA.
O’Meara also spoke about the Composite Alliance’s mission to attract companies that need composites expertise and the importance of educating these types of companies about the capabilities resident in Rhode Island. “These companies need to know what we already have here in Rhode Island,” said O’Meara. “Funding from these two foundations will allow us to bring that kind of recognition to this area.”