The Hawaii Technology Development Corporation (HTDC) has awarded more than $2 million in grant funding to 15 local companies as part of the Hawaii Small Business Innovation Research (HSBIR) program. The HSBIR program aims to support businesses that are developing new technologies, platforms, or processes.
Eight of these companies received matching grants during Phase 1, which is designated for projects in the early stages of development. Additionally, 11 companies were awarded matching grants.
Len Higashi, Acting Executive Director of HTDC, said: "We're proud to support these innovative local businesses as they work on breakthrough ideas and technologies. Our goal at HTDC is not only to foster growth within our technology community but also contribute significantly towards a sustainable economic future for Hawaii."
Among the beneficiaries is Greenpath Technologies Inc., which was granted funds for their solar-powered electric vehicle charging stations project. Other recipients include Pacific Biodiesel Technologies LLC and Cardax Pharmaceuticals Inc., both working on innovations related to renewable energy and healthcare respectively.
Kelly King, CEO of Pacific Biodiesel Technologies LLC expressed her gratitude by saying: "This grant will help us accelerate our research efforts into producing sustainable biofuels from locally sourced feedstocks such as algae and waste cooking oil. We believe this can provide significant benefits not just for the environment but also create job opportunities within our communities."
Another recipient, David Watumull of Cardax Pharmaceuticals Inc., commented on how crucial this financial boost would be in supporting their ongoing research: "Receiving this grant allows us greater flexibility with our resources while we continue developing novel anti-inflammatory therapies aimed at improving patients' lives."
Companies receiving Phase 1 funding are eligible for additional funds through subsequent phases if they demonstrate progress towards commercializing their products or services successfully.
As part of its commitment towards strengthening innovation across various sectors like clean energy production, healthcare services, and communication technology, the HTDC will continue to provide funding through the HSBIR program in the coming years.
By supporting local companies that are pushing the boundaries of innovation and sustainability, Hawaii is positioning itself as a leader in developing cutting-edge technologies while fostering an environment for future economic growth.