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.
To apply for the program, click here.