HI HB2054

Establishes a two-year Hawaii Office of Naval Research Grant Program within the Department of Business, Economic Development, and Tourism to provide matching grants for alternative energy research and development.

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 to qualifying businesses in fields including geothermal, solar, wind, ocean power, bioenergy, and smart grids.

Requires applicant businesses to be 60 percent or more resident-owned, organized as for-profit entities under Hawaii law, operating in the state for at least one year, and agreeing to expend all grant funds within Hawaii.

Appropriates $1,000,000 from general revenues for fiscal year 2022-2023 to fund the grant program, which terminates on June 30, 2024.

Effective date is July 1, 2100.