|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||2||$225,000|
During FY 2012, EDA awarded eight grants totaling $8.2 million to grantees in the State of Hawaii. These investments encourage the growth of alternative energy, biotechnology and ocean science, agriculture, tourism, culinary arts, commercialization and disaster resiliency in the state by supporting bottom- up, regionally-owned economic development initiatives to create jobs and position communities in Hawaii to maximize their economic assets and potential. These investments are expected to create or retain 987 jobs according to grantee estimates.
Investment Spotlight: EDA Supports Clean Energy Start-ups
Because of its remote location, Hawaii’s economy is heavily dependent on imported oil. A profound understanding that lessening Hawaii’s dependence on oil is critical to ensuring its economic stability has compelled the state, and its Natural Energy Laboratory of Hawaii Authority (NELHA), to become a leader of clean energy research and development.
With lowering foreign oil dependency a critical issue across the county, the economic benefits of clean energy innovations developed in Hawaii are having significant impacts far beyond the Islands. To harness growing demand and opportunity, NELHA needed to expand and upgrade its incubator to grow more startups, as well as provide them access to cutting edge technologies to increase their competitiveness. EDA’s investment of $3 million will fund the renovation and conversion of an existing business incubator into an alternative energy and biotechnology demonstration incubator. Located in NELHA's technology park in Kailua-Kona, the building will provide space for business tenants that have completed the research stage for their products but need further technological development and demonstration prior to commercialization. The project is expected to create 985 jobs, and further grow the state’s clean energy cluster.