U.S. Commerce Secretary John Bryson announced Tuesday a $3 million Economic Development Administration grant to the Natural Energy Laboratory of Hawaii Authority to help expand its alternative energy and biotechnology incubator.
The grant will help fund the renovation of an existing business incubator at the park, turning it into an alternative energy and biotechnology demonstration incubator, administration officials said. The new building will have 10,000 square feet of space to be leased, with room for businesses that have completed their products’ research stage but need more technology development and demonstration before the products can be made and distributed commercially, officials said.
“This $3 million EDA investment in the Natural Energy Laboratory of Hawaii Authority is an example of the Obama Administration’s commitment to investing in cutting-edge, job-creating technologies such as biotechnology and alternative energy sources that are part of an all-of-the-above approach to American energy,” Bryson said. “The grant announced today will help Hawaii businesses develop their products and bring them to market, creating new jobs and spurring additional investment.”
Sen. Daniel K. Inouye, D-Hawaii, said Hawaii is at the forefront of clean energy research and development.
“By experimenting with biotechnology and alternative energy sources at Keahole Point we can move our nation closer to a time when the majority of our power is generated from clean, sustainable sources,” he said.