HI HB1257

Re-establishes the two-year Hawaii Office of Naval Research Grant Program within the Department of Business, Economic Development, and Tourism to provide 50% matching grants to Hawaii businesses awarded alternative energy research contracts from the U.S. Department of Defense Office of Naval Research

Eligible businesses must be 60% or more resident-owned, organized as for-profit entities under Hawaii law, operating in the state for at least one year, and agree to spend all grant funds within Hawaii

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

Research areas covered include geothermal, solar, wind, ocean power, bioenergy, biomass, solid waste, smart grids, transportation, and demand response technologies

Both the grant program and revolving fund are set to sunset on June 30, 2027, with any remaining fund balances reverting to the general fund