Navy Offers $30 Million for Hawaii Alternative Energy
September 11, 2013
The U.S. Navy on September 9 announced that it will invest $30 million in support of Energy Excelerator, a Hawaii-based program that funds development of new and innovative energy ideas. The program is part of an effort to discover groundbreaking energy technologies, and supports startup companies in bringing those technologies to the market. It focuses on alternative energy areas such as technological capabilities that can better integrate power from solar and wind energy; energy storage breakthroughs, such as smaller and more efficient batteries; and transportation advances.
Seventeen Energy Excelerator portfolio companies have raised more than $38 million in follow-on funding during the past three years. The program will accept applications for the last round online until September 27. See the Navy press release and the Energy Excelerator website.