HI HB1685

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 of up to 50 percent of the amount awarded by the U.S. Department of Defense Office of Naval Research to eligible businesses in fields including geothermal, solar, wind, ocean power, bioenergy, smart grids, and other alternative energy technologies.

Requires grant recipients to be at least 60 percent resident-owned, organized as for-profit entities under Hawaii law, in operation for at least one year, and obligated to spend grant funds in Hawaii.

Creates the Alternative Energy Research and Development Revolving Fund to support the grant program, with both programs terminating on June 30, 2026.

Appropriates unspecified general revenue funds to the revolving fund for fiscal year 2024-2025 and declares that appropriations will exceed the state general fund expenditure ceiling; takes effect July 1, 2024.