Hawaii Recent News – Swanson Reed | Specialist R&D Tax Advisors

Shifted Energy’s Innovations Powering a Sustainable Tomorrow

Shifted Energy – a flexible electricity company – has announced a strategic partnership with Swell Energy. This partnership is set on expanding the horizons of virtual power plants and usher in a new era of energy solutions.

The partnership will include merging Shifted’s distributed energy resource management system (DERMS) with Swell’s DERMS, creating one platform for utilities to manage assets in one place. The VPP offering can be integrated into utilities’ existing supervisory control and data acquisition platforms, providing forecasts of energy demand and generation, according to the companies.

Virtual power plants represent a paradigm shift in how we generate and manage energy. Shifted Energy’s innovative approach to this technology is poised to revolutionize power grids, allowing for increased efficiency and flexibility in energy distribution. This is achieved through the smart management of household energy sources in Shifted’s DERMS. Swell’s DERMS takes a similar approach but with a focus on the dispatch and management of solar and energy storage assets. These two systems will complement each other perfectly to bring an overarching and optimized performance.

As the world continues its transition towards a greener future, Shifted Energy stands as a beacon of progress. Their dedication to research and development not only shapes the trajectory of sustainable energy but also positions the company as a key player in building a resilient and eco-friendly energy ecosystem for generations to come.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Hohonu Inc. Secures $1.8M in Pre-Seed Funding Round

Hohonu, Inc., an award winning Hawaiʻi-based climate tech startup, announced it has completed a $1.8 million pre-seed funding round to scale its efforts to provide actionable data and insights to mitigate coastal flooding both nationally and internationally including Asia and the Pacific.

The company is working to develop reliable technology and systems to acquire trustworthy and actionable data at scale. This data can then be used to help communities adapt to climate change. Through constant and extensive R&D, Hohonu uses the latest technologies in hardware, software, and data science to collect and deliver water level data. This precision monitoring and data analytics can forecast flooding, helping communities prepare before the water hits.

Since their inception, the company has deployed their real-time and low-cost technology in 95 locations across the U.S., capturing over 900,000 hours of water level data across 12 coastal states. Its existing customers include sub-agencies of the National Oceanic and Atmospheric Administration (NOAA), Environmental Consulting Firms, Coastal Managers, and Environmental NGOs.

The $1.8 million pre-seed round was filled out by climate and ocean-focused investors such as Builder’s Vision, Elemental Excelerator, TELUS Pollinator Fund for Good, and Sustainable Ocean Alliance. Also participating were Susquehanna Foundation, Blue Startups, Echo River Capital, and angel investors such as Reece Pacheco and Justin Stevens of Overlap Holdings.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

PlantBaby Acquires $4M in Seed Funding for Children’s Vegan Milk

Hawaii-based PlantBaby has announced the closing of their seed funding round which pulled in $4 million in funding. The round was led by Big Idea Ventures and with participation from The Fund LA, Two Culture Cap, Springbank Collective and Western Technology Investment and notable private investors.

The vegan milk maker intends to use the funding to support their ongoing R&D and to open up new opportunities. The company started out by launching their first milk product, Kiki Milk, in December of 2021. This milk formulation is made from both whole and superfoods for children.

The concept of vegan milk formulations specifically for children was inspired by the co-founders own personal experience. Lauren and Alex Abelin tried vegan, soy-free and dairy-free infant formula when they found out their son needed specialist nutrition but were overall unsatisfied by the product.

They set out to formulate their own plant-based milk that would meet the needs of the 40% of children who have health conditions not supported by nutritional products already on the market. By working with pediatricians and nutritionists, their formula takes into account the unique developmental needs of children – especially those with special nutrition needs.

“Since launching just six months ago, we’ve seen constant consumer demand,” Alex Abelin, co-founder of PlantBaby said in a statement. “This fundraising round will support continued research and development of new plant-based culinary innovations and continued growth of the brand to make PlantBaby itself a vehicle to create positive change for children’s health and well-being of children everywhere.”

PlantBaby’s formula opts for whole foods in place of refined sugars, preservatives, protein isolates, gums, and GMO ingredients. The company has confirmed organic oats, hemp seeds, and coconuts as key ingredients alongside superfood plants, blueberries, and spinach. To date, Kiki Milk has been released in original and chocolate formats.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Hawaii-Based Marine AgriFuture Set to Participate in Hatch Innovation Studio

Hatch Accelerator has announced their latest aquaculture innovation studio in Hawaii. This round will include eleven startups including Marine AgriFuture – a Hawaiin startup.

Marine AgriFuture is committed to utilizing symbiotic relationships and renewable resources to maintain and grow clean, delicious ocean-based products in a bio-friendly and sustainable way in the 21st Century. This goal falls perfectly in line with Hatch’s alternative seafood innovation.

The innovation studio will take place at the Natural Energy Laboratory of Hawaii Authority (NELHA) location over the next four years. Marine AgriFuture, along with the other 10 companies, will be treated to a month-long part-time programme featuring some of the US aquaculture sector’s most prominent players as mentors, along with support and guidance from the Hatch team and network.

Marine AgriFuture’s application included work surrounding the development of a Salicornia – Gracilaria hydroponic polyculture system capable of growing seaweed and saline vegetables. Their system will further be designed to treat wastewater from other farmed aquatic species.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Naikela Botanicals Perfects Their Tea Blends

Hawaii-based Naikela Botanicals develops plant superfood tea powders using their own farmed ingredients. With a commitment to sustainability in farming and manufacturing, they are set on developing the best cup of tea for their customers. In fact, Aaron Moeller, the founder of Naikela, has dedicated much of his life to creating the perfect tea blend.

In this pursuit, they have developed a group of five elite tea powders. These blends are the result of 20 years of constant R&D.

The key to their formulation is the hand-picked and naturally dried herbs from their sustainable farm. They use a patented and unique “sun-powered, solar dehydration system”. The herbs are then ground into powder and combined into unique blends for nourishing and mostly caffeine-free tea blends. Research and development in this process covers the formulation as well as the techniques used to process each herb, and with the culmination of 5 great blends, Maikela Botanicals is only getting started. They will continue on this path, working to expand their product line and add new, delicious tea blends to their line.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Nalu Scientific Receives $1.15M in SBIR Funding

Nalu Scientific has received a third federal research and development grant for its work on specialized ultra-fast data acquisition circuitry. This Hawaii-based company develops high-end sensors and systems and has 180 years of experience in developing microtechnologies.

The most recent grant is $1.15 million from a Phase II Small Business Innovation Research (SBIR) grant from the Department of Energy. This funding will support the design and fabrication of their high-density digitizer system-on-chip (HDSoC). This product would make it possible to capture hundreds of channels of data at resolutions of a billionth of a second. This type of processing power can be applied in systems like medical imaging, LiDAR, and even contribute to self-driving cars. They have previously successfully developed a 32-channel prototype. Nalu will continue this development, advancing it to a 64-channel waveform sampling chip with an integrated readout.

Previous grants came in the form of SBIR Phase I projects, at $200,000 each. These grants focused on Nalu Scientific’s STRAWZ and HiPAREX projects.

STRAWS – Streaming Autonomous Waveform-Digitizer With Zero-Suppression – proposes ultra-fast and very precise data acquisition through a digitizer chip.

HiPAREX – High Performance Amplified Readout Electronics for X-Ray Spectroscopy – is aimed at enhancing X-ray absorption spectroscopy.

“The future of basic science, engineering and medical discoveries depend upon user-friendly electronic lab tools with ever more precise timing measurements,” Mostafanezhad, CEO of Nalu Scientific said. “Our technology provides low-cost, low-power, turn-key solutions usable by scientists and engineers.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Hawaiian Airlines, JetBlue Launch at-Home Pre-Flight COVID-19 Tests

Travelers flying to Hawaii from other parts of the U.S. are able to order a pre-travel COVID-19 test, and potentially forego the 14-day quarantine. A number of airlines, such as Hawaiian Airlines and JetBlue, have partnered with Vault Health to provide travellers with these test kits. Travelers can self-administer tests at home with real time audio-video supervision.

In May, Vault Health teamed up with RUCDR Infinite Biologics and Spectrum Solutions to offer in-home saliva testing for the coronavirus. The test is more sensitive and safer than the existing swab test, and is performed under the supervision of a Vault healthcare provider through a video telehealth visit, eliminating the risk of person-to-person exposure to the virus. It detects the presence of three genes that are found in the SARS-CoV-2 virus, which causes COVID-19, using a technique called qPCR. The test kits cost $150, and can be provided to travelers of all ages, including children. They’re express mailed overnight, and users receive results 24-48 hours after sending it back.

Currently, Hawaii has a 14-day mandatory self-quarantine in place for U.S. Mainland or International travelers arriving into the state, as well as for inter-island travelers arriving in Maui, Kauai, Lanai, Molokai or Hawaii Island. From October 15, travelers who have tested negative (within 72 hours before their flight), will be able to visit without needing to self-quarantine on arrival.

Are you developing a new invention? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’s largest Specialist R&D tax advisory firms, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs and CFPs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

How Does Your State Rank on the Innovation Scale?

Innovation Is Key

Innovation is crucial to sustainable economic growth, but for innovation to occur businesses must have both the incentive and the capacity to invest.

As innovation is key to the United States’ economy as a whole, many U.S. states are showing off while others are falling short when it comes to patents, R&D, venture capital and academics.

So which states are excelling in innovation and which ones are lacking, you ask?

Patents

The top states in patents per population include:

Wisconsin
Washington
Texas
Utah
California
Massachusetts

The bottom five patented states include:

Alaska
Mississippi
Tennessee
West Virginia
Wyoming

Venture Capital

The top states for venture capital are:

Massachusetts
California
Utah
Washington
Colorado

The lowest are:

Arkansas
Alaska
Hawaii
Wyoming
Iowa
South Dakota

R&D Spending

The leaders in R&D spending are:

Delaware
Michigan
California
Connecticut
Massachusetts

The states that spent the least on R&D include:

Arkansas
Wyoming
Louisiana
Alaska
Mississippi

Academics

As for academics, the top states include:

New Mexico
Maryland
Rhode Island
Massachusetts
Alabama

The lowest academic rankings were for:

Louisiana
Arkansas
Delaware
Wyoming
Nevada

If you are a U.S. based company conducting R&D you may be eligible for the federal and/or state research tax credit. Please contact a Swanson Reed representative to find out further information.

Hawaiian Company Selected for Innovation Incubator

Honolulu-based Ibis Networks has been selected for Wells Fargo’s Innovation Incubator, the first and only Hawaii company chosen for the program.

Ibis Networks and fellow Energy Excelerator startup Geli were among 10 companies chosen for the bank’s five-year, $10 million startup program, which looks to further energy efficiency by accelerating sustainable commercial-building technologies.

The startups in the program will be given up to $250,000 in cash and in-kind technical assistance to advance their technologies.

The companies will also have the opportunity to beta test within Wells Fargo’s real estate footprint.

The Wells Fargo Innovation Incubator program launched in 2014 and is funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory.

Ibis recently closed a $2.5 million series A financing, which attracted investors such as Ulupono and EEx Fund One. It has also partnered with Honolulu-based Energy Excelerator and Hawaii Energy to install 1,300 Intelisockets across three University of Hawaii campuses.

Geli, which develops software products that design, automate and manage energy storage, recently closed a $7 million series A and is currently working on designing its Hawaii project as a part of Energy Excelerator’s demonstration track.

All Hawaiian companies conducting research and development and creating innovative products or processes are eligible for the state R&D tax credit. To learn more, contact a Swanson Reed specialist by clicking here.

Hawaii Looking To Promote Innovation to Benefit Local Industries

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Legislators in Hawaii are requesting for the development of a working group dedicated to blockchain technology.

If passed, House Bill 1481, first filed on 25th January, would lead to the creation of a group dedicated to researching “the uses of and best practices regarding blockchain technology”.

The long-term goal of the bill is to seek ways for the technology “to benefit local industries, residents and the State of Hawaii”.

If the bill is passed, the working group would be assigned the duty of preparing a report that investigates potential use cases specific to Hawaii, while also presenting information on how the state itself could leverage the tech.

The bill’s backers suggest that the state should look to the tech as a means for encouraging visitors from abroad to spend – thereby boosting the local economy.

“Digital currencies such as bitcoin have broad benefits for Hawaii. A large portion of Hawaii’s tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding,” the bill reads. “Hawaii has the unique opportunity to explore the use of blockchain technology to make it easier for visitors to consume local goods and services and to drive the tourism economy.”

Hawaii offers an R&D tax credit in which any individual, partnership or corporations may receive for conducting qualifying activities. To find out more of the R&D credit, please contact a Swanson Reed specialist by clicking here.