U.S. Navy Gives $30 Million To Hawaii For Clean Energy Startups
According to TechCrunch, The U.S. Navy has committed to giving $30 million to Energy Excelerator, a Hawaii-based non-profit organization that funds seed-stage startups and growth-stage companies specializing in clean energy solutions. The catch is that the companies funded need to be willing to commercialize their technologies in Hawaii.
Seed-stage startups that qualify will be awarded $30,000 to $100,000 in fixed-price grants and growth-stage companies will be awarded up to $1 million in cost-reimbursable grants–if they are willing to use Hawaii to test out their products and are able to raise 50% worth of matching funds. In return, the companies will give away 1% equity to Energy Exelerator.
Although a small state, Hawaii is known for their high energy costs, which have created a market for green technology. Hopefully, this play made by the U.S. Navy will help facilitate in building that market and drive energy costs down in the long run.