Maine Patent of the Month – December 2023
Running Tide Technologies, Inc. is making waves as they harness the power of the ocean to build a climate positive future. The company has been working for over two decades to rebalance the natural carbon cycle and deacidify the ocean. Recently, this effort has resulted in the granting of a patent for their approach to quantifying ocean-based interventions for sequestering carbon dioxide.
One of the greatest challenges facing humanity in the 21st century is to develop scalable methods for removing CO2 from the atmosphere and upper ocean and then durably sequestering it in the deep ocean or marine sediments. While many governments and companies are working to develop solutions that meet these needs, being able to quantity the impact of these efforts is crucial to understanding which solutions are working – and which aren’t.
Running Tide’s solution quantifies and verifies ocean-based interventions, evaluating their efficacy in sequestering carbon through the use of complex data collection and analysis. Sensors are implemented in a target body of water and pull relevant data into a novel quantification model which generates an output, predicting the capacity of the target to sequester CO2. Based on this output, a CO2 offset credit is determined and are used to inform the development of solutions.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
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The Research & Experimentation Tax Credit (or R&D Tax Credit), is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. The credits are a tax incentive for performing qualified research in the United States, resulting in a credit to a tax return. For the first three years of R&D claims, 6% of the total qualified research expenses (QRE) form the gross credit. In the 4th year of claims and beyond, a base amount is calculated, and an adjusted expense line is multiplied times 14%. Click here to learn more.
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