Re-establishes the Hawaii Office of Naval Research grant program and establishes the alternative energy research and development revolving fund.

This bill re-establishes the Hawaii Office of Naval Research grant program for two years, providing matching grants to businesses conducting alternative energy research. It also establishes the alternative energy research and development revolving fund to promote such research. The Hawaii technology development corporation will manage the grants, which must match federal grants from the U.S. Department of Defense Office of Naval Research. The fund will cease to exist on June 30, 2028, with any remaining balances lapsing to the credit of the general fund.

Re-establishes the Hawaii Office of Naval Research grant program and establishes the alternative energy research and development revolving fund.

This bill re-establishes the Hawaii Office of Naval Research grant program for two years, providing matching grants to businesses conducting alternative energy research. It also establishes the alternative energy research and development revolving fund to promote such research. The Hawaii technology development corporation will manage the grants, which must match federal grants from the U.S. Department of Defense Office of Naval Research. The fund will cease to exist on June 30, 2028, with any remaining balances lapsing to the credit of the general fund.