Kentucky Alternative Fuel and Renewable Energy Fund Program -- Purpose

Purpose. (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.