In hopes of tapping into an oil rich sea, the U.S. Minerals Management Service awarded [Narragansett-based] Accurate Environmental Forecasting (AEF) scientists a four-year, $800,000 grant to research and develop a basic understanding of the currents that occur near the continental slope, rise and shelf of the Gulf of Mexico. 

AEF's existing system is used by the National Weather Service as a model for the National Hurricane Center and by insurance and reassurance companies to assess the damage and fallout of a hurricane. 

The self-sustained company has kept a steady flow of business, generating 40 percent of revenues from grants and 60 percent from licenses.

AEF executives, for instance, have received funding from a Japan-based insurance company to develop forecasting technology for typhoons. "The initial funding of $250,000 is for Phase I of the project," Ginis said.