HB 2075 Summary

• Establishes a two-year alternative energy research and development program within the Department of Business, Economic Development, and Tourism to provide matching grants to qualified Hawaii businesses conducting alternative energy research.

• Authorizes the Hawaii Technology Development Corporation to award grants up to 50 percent of the amount awarded by the U.S. Department of Defense Office of Naval Research for alternative energy research in geothermal, solar, wind, ocean power, bioenergy, biomass, smart grids, transportation, and demand response technologies.

• Requires eligible businesses to be 60 percent or more resident-owned, for-profit entities organized in Hawaii, operating in the state for at least one year, and expending grant funds within Hawaii.

• Appropriates $1,000,000 from general revenues for fiscal year 2018-2019 to fund the matching grant program through an alternative energy research and development revolving fund.

• Program terminates on June 30, 2020, with any unencumbered fund balances reverting to the general fund.