Appropriates $10 million for 2023-24 from the General Fund to the Department of Commerce (DOC) to be allocated to the NC Clean Energy Innovation and Research Fund established in this act, for clean energy innovation and research grants. Appropriates $4.5 million for 2023-24 from the General Fund to DOC for the One North Carolina Fund to provide competitive grants for support of clean energy and energy efficiency innovation, entrepreneurship, and small business development in the clean energy sector. Provides that appropriated funds that are not spent or encumbered by June 30, 2027, revert to the General Fund.

Adds new Part 2L, Clean Energy Innovation and Research Fund, in Article 10 of GS Chapter 143B, providing as follows. Establishes the NC Clean Energy Innovation and Research Fund (Fund) in DOC and makes the Office of Science, Technology and Innovation in the Department responsible for administering the Fund. Requires DOC to make grants from the Fund to private businesses with fewer than 100 employees, nonprofit organizations, local governments, and State agencies to encourage the expansion of small to medium-size businesses with fewer than 100 employees that will help grow a green economy in the State. Requires the Fund to be used for clean energy and energy efficiency innovations and research and for the development of small businesses and encouragement of entrepreneurship in these areas. Sets out three priority areas. Allows setting a cap on the grant amounts and requiring private business to provide matching funds. Allows DOC to adopt rules for the Fund's administration. Allows the specified amount of funds to be used to administer the Fund.

Effective July 1, 2023.