Energy Excelerator seeks to support renewable energy organizations in HawaiiMay 29, 2014
Organization looks to provide financial support for energy start-ups in Hawaii
Energy Excelerator, a new program based in Hawaii that is meant to offer financial support for renewable energy projects, has announced that it will begin accepting applications on June 1, 2014. The organization is seeking to support 14 organizations with $5 million in funding that will be split among successful applicants. Energy Excelerator is looking particularly for innovative start-ups that have ambitious, but plausible clean energy projects that will take root in Hawaii.
Hawaii continues to grow in prominence as a favorable energy market
Hawaii has become an attractive market for clean energy. The state has been looking to support renewable energy for some time due to the high costs it faces concerning fuel imports and other issues. Hawaii may face significant environmental disasters due to the ongoing effects of climate change in the future, which may place the state under severe economic pressure. As such, state officials have been campaigning to boost the adoption of clean energy in order to establish a greater degree of energy security and mitigate the effects of climate change.
Organization aims to help solve Hawaii’s energy and environmental problems
Energy Excelerator aims to help foster in a new energy future for Hawaii. The organization intends to help solve important environmental and energy problems that the state is facing. The organization also hopes to help ambitious energy start-ups to expand their businesses, reaching more consumers and having a more prominent impact on the state’s energy infrastructure. The companies that Energy Excelerator intends to support focus on a wide range of clean energies, including solar and wind power, as well as those interested in the development of clean technology and the promotion of energy efficiency.
Eight seed stage and six growth stage start-ups to receive support from Energy Excelerator
Energy Excelerator is looking to support eight seed stage and six growth stage start-ups based in Hawaii. Applications will be accepted begining in June, with start-ups expected to be chosen in September of this year. Seed stage organizations will receive up to $75,000 and will be assigned mentors as determined by Energy Excelerator. Growth stage companies will receive as much as $1 million.