RELATING TO ENERGY.

Authorizes the Hawaii Technology Development Corporation to establish a two-year Hawaii Office of Naval Research Grant Program to provide 50 per cent matching grants to Hawaii awardees of alternative energy research grants from the United States Department of Defense Office of Naval Research. Requires the Department of Business, Economic Development, and Tourism to adopt administrative rules to implement the Hawaii Office of Naval Research Grant Program. Establishes the Alternative Energy Research and Development Revolving Fund.