The Hawaiian Commercial & Sugar Company (HC&S) has revealed it will be working closely with state authorities to develop biofuels research on the island group.
According to the organisation, it will be working closely with the University of Hawaii and federal agencies to boost renewable energy production and distribution.
Chris Benjamin, general manager of the firm, said the move is a "significant step forward" for the state's sustainable efforts in the power sector.
He commented: "Our ultimate goal is to produce advanced biofuels and renewable electricity from sugarcane and other biomass crops."
HC&S noted the initiative will receive at least $4 million (£2.6 million) a year in investment from the Department of Energy and the Navy's Office of Naval Research.
The money will be used to explore new technologies and the long-term resource requirements for sustaining operations of this kind.
Last month, Royal Dutch Shell chief executive officer Peter Voser described biofuels as the most promising sustainable energy source.
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