Innovation Incentive Program

Summary

The Innovation Incentive Program within the Florida Office of Tourism, Trade, and Economic Development provides resources for business projects designed to allow Florida to compete effectively for high-value research and development, including alternative and renewable energy projects.

For the purpose of this incentive, alternative and renewable energy means electrical, mechanical, or thermal energy produced using one or more of the following energy sources: ethanol, cellulosic ethanol, biobutanol, biodiesel, biomass, biogas, hydrogen fuel cells, ocean energy, hydrogen, solar, hydro, wind, or geothermal.

An alternative or renewable energy company must submit an application to Enterprise Florida, Inc. prior to making a decision to locate new operations or expand existing operations in Florida. At a minimum, an alternative and renewable energy project must involve collaboration with an institution of higher education; provide the state a minimum full return on investment within a 20-year period; include matching funds from the applicant or other available sources; and be located in Florida. Additional criteria may apply. Reference Florida Statute § 288.1089 for further requirements.

Incentive awards are subject to state funding availability.