H.B. 1257 Summary

• Re-establishes the Hawaii Office of Naval Research Grant Program as a two-year 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 provide grants of up to 50 percent of federal awards from the U.S. Department of Defense Office of Naval Research to qualifying Hawaii businesses conducting alternative energy research in geothermal, solar, wind, ocean power, bioenergy, smart grids, and related fields.

• 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 agrees to expend all grant funds within Hawaii.

• Establishes the Alternative Energy Research and Development Revolving Fund to support the grant program, with unspecified appropriations for fiscal years 2025-2026 and 2026-2027.

• Sunsets both the grant program and revolving fund on June 30, 2027, with remaining fund balances reverting to the general fund.