Who We Are

Hawaii is dependent on oil for 85% of its energy needs. This leaves Hawaii vulnerable to price volatility and supply disruptions – and results in $5-7 billion being sent out of the state’s economy every year for oil. In partnership with the U.S. Department of Energy, the State has committed to transition to 70% clean energy in the electricity and transportation sectors by 2030. This initiative requires substantial private investment – analysts estimate that $15-20 billion of capital investment will be needed.

Such a transformation represents an enormous market opportunity for clean energy businesses. To meet the State’s aggressive goals will likely require inventions that have not yet become commercial products, and enterprises that have not yet become fully developed businesses. The Hawaii Renewable Energy Development Venture was created to help address this need – to ensure that as Hawaii’s clean energy future takes shape, new businesses and new technologies are ready to step in with solutions to the state’s energy challenges.

The mission of Hawaii Renewable Energy Development Venture (HREDV) is to accelerate the development of viable renewable energy and energy efficiency technologies in Hawaii and to help businesses successfully commercialize these innovations.

Hawaii Renewable Energy Development Venture was created in 2008 with funding from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. HREDV is a project of the Pacific International Center for High Technology Research (PICHTR), a Hawaii-based non-profit established in 1983 whose mission is to accelerate technology development in Hawaii and the Pacific Rim.

HREDV executes its mission through three main activities, which are articulated in the HREDV Roadmap in more detail:

Co-investment: Investing in projects to help drive new Hawaii-based technologies toward broad commercialization

Industry development: Providing training and mentorship for Hawaii entrepreneurs to help create sound, sustainable businesses in the state’s clean tech industry

Outreach: Working with Hawaii’s communities and county economic development agencies to help Hawaii businesses succeed and to create meaningful opportunities for the state’s young people