SB3205 Summary

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

• Authorizes the Hawaii technology development corporation to provide grants up to 50 percent of Department of Defense Office of Naval Research awards to eligible businesses in fields including geothermal, solar, wind, ocean power, bioenergy, batteries, energy storage, and other alternative energy technologies.

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

• Establishes the alternative energy research and development revolving fund and appropriates funds for fiscal year 2022-2023, with the program and fund terminating on June 30, 2024.

• Takes effect on July 1, 2050 (effective date noted in bill text).