(1) There is created in the cabinet a Kentucky Alternative Fuel and Renewable Energy Fund Program to provide funding to Kentucky-based companies to undertake research and development and commercialization work in the area of alternative fuels and renewable energy.
(2) The purpose of the program is to:
(a) Accelerate knowledge transfer and technological innovation, improve economic competitiveness, and spur economic growth of Kentucky-based companies involved in the areas of alternative fuels or renewable energy;
(b) Support research and development activities that have clear potential to lead to commercially successful products, processes, or services in the areas of alternative fuels or renewable energy within a reasonable period of time;
(c) Stimulate growth-oriented alternative fuels and renewable energy enterprises within the Commonwealth;
(d) Encourage partnerships and collaborative projects between private enterprises, Kentucky’s public and private colleges and universities, and research organizations in alternative fuels and renewable energy; and
(e) Promote research and development and commercialization activities in alternative fuels and renewable energy that are market-oriented.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 116, sec. 7, effective June 25, 2013. — Created
2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 48, effective August 30, 2007.