HI HB566

Re-establishes the Hawaii Office of Naval Research Grant Program for two years (through June 30, 2025) to provide 50 percent matching grants to Hawaii businesses awarded alternative energy research grants by the Department of Defense Office of Naval Research.

Eligible businesses must 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 conducting research in alternative energy fields including geothermal, solar, wind, ocean power, bioenergy, smart grids, and transportation.

Grant amounts cannot exceed 50 percent of the federal Department of Defense Office of Naval Research award amount, and businesses are ineligible if they have obtained any other state grant for the same research.

Establishes the Alternative Energy Research and Development Revolving Fund to support the program, with the fund to be abolished on June 30, 2025, with unencumbered balances lapsing to the general fund.

Appropriates funds from general revenues into the revolving fund for fiscal years 2023-2024 and 2024-2025 (specific amounts left blank), with appropriated moneys not to lapse at end of 2024-2025 fiscal year but any remaining balances to lapse on June 30, 2025.