The reinstatement of the grant program is expected to foster a supportive business environment for companies that are at the forefront of alternative energy research. By offering financial backing, the program is designed to enhance the research capabilities of local businesses, particularly those that are at least sixty percent resident-owned. This approach not only benefits the companies directly involved but also aims to boost overall job creation and skill development within the state’s workforce as these businesses expand their research efforts.
Summary
House Bill 566 aims to re-establish the Hawaii Office of Naval Research Grant Program, which had previously been implemented under Act 159, Session Laws of Hawaii 2015. The bill enables the Hawaii Technology Development Corporation to provide matching grants that amount to fifty percent of grants awarded by the Department of Defense Office of Naval Research to local businesses engaged in alternative energy research. This initiative aligns with Hawaii's commitment to achieving 100% clean energy by 2045 and is anticipated to stimulate economic growth and diversification within the state.
Contention
While many stakeholders view the bill as a positive step towards enhancing Hawaii's renewable energy landscape, there may be concerns regarding the allocation of funds and the criteria set for eligibility. Critics might argue that restricting grants to businesses owning a significant share held by residents could limit the participation of potentially beneficial companies, while supporters maintain that prioritizing local ownership is crucial for community economic stability. Furthermore, discussions might arise around whether the matching grants provide enough incentive for companies to undertake substantial research projects in alternative energy.