HB1513 Summary

• Establishes a two-year alternative energy research and development pilot program within the Department of Business, Economic Development, and Tourism, administered by the High Technology Development Corporation.

• Authorizes matching grants of up to 50 percent of Department of Defense Office of Naval Research awards to qualifying Hawaii businesses conducting research in geothermal, solar, wind, ocean power, bioenergy, biomass, smart grids, and related energy technologies.

• Eligibility requires businesses be 60 percent or more resident-owned, for-profit entities organized in Hawaii, operating for at least one year, and agreeing to spend all grant funds in-state.

• Appropriates $1,000,000 for each fiscal year 2015-2016 and 2016-2017 from general revenues to the alternative energy research and development revolving fund.

• Program terminates June 30, 2017, with all unencumbered fund balances reverting to the general fund; effective July 1, 2015.