From these nominations, 51 companies were named as semi-finalists. The Ocean Exchange Solutions Review Team then reviewed their applications and chose the 24 finalists who traveled to the Ocean Exchange event to present their solution in person. All companies met the required Technology Readiness Level (TRL), a method used to measure and assess the maturity of a particular technology. Ocean Exchange also provides a description of the five levels of innovation as part of the Ocean Exchange Award nomination process.
Each finalist for the Neptune, Wallenius Wilhelmsen Orcelle®, and Transportation Hubs award made a fifteen-minute presentation to delegates attending the event, followed by questions from members of the Solutions Review Team. On the final day of the event, each finalist delivered a summary of his/her presentation.
The delegates, representing business, academia, government, and non-profits, selected the three monetary winners based on their presentations at Ocean Exchange.
Awards were conferred at the conclusion of Ocean Exchange 2022.