Hawaiian Electric Industries, Inc. (HE) Rolls Out AI-Driven Wildfire Defense System

We recently compiled a list of 10 Cheap Utility Stocks to Buy According to Hedge Funds. Hawaiian Electric Industries, Inc. stands fourth on our list.

Hawaiian Electric Industries, Inc. (NYSE:HE), the primary energy provider for 95% of Hawaii’s population, is advancing its commitment to renewable energy and grid modernization while addressing wildfire safety. Operating across Oahu, Hawaii, Maui, Lanai, and Molokai, the company is focused on strengthening its core utility business and transitioning to a more resilient, sustainable energy system.

A major step in its clean energy transition is the Hoohana Solar project, which began operations in July 2025. This marks a significant milestone in expanding grid-scale renewable capacity and supports Hawaii’s decarbonization goals.

Hawaiian Electric Industries, Inc. (NYSE:HE) is also prioritizing wildfire safety, investing $120 million in 2024 to reduce wildfire risk by an estimated 60%. This includes installing fire-safe fuses, AI-assisted cameras, weather stations, and upgrading utility poles and overhead lines. The business launched a Public Safety Power Shutoff program and plans to submit a comprehensive wildfire safety plan to the Hawaii Public Utilities Commission in 2025.

A view of the skyline from an electricity pylon, to show the ubiquity of the companies energy products.

Financially, the firm is strengthening its balance sheet by selling its stake in American Savings Bank to reduce debt and fund utility-focused initiatives, including wildfire mitigation efforts. As one of the cheap utility stocks, institutional investors like Allianz Asset Management and Bank of New York Mellon have recently increased their stakes in Hawaiian Electric Industries, Inc. (NYSE:HE), reflecting market confidence.

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Disclosure: None.