Iowa Economic Development Authority Board approves projects resulting in $71 million in capital investment
March 26, 2012
For more information, contact:
Tina Hoffman, Iowa Economic Development Authority
Phone: 515.725.3150 or Cell: 515.783.8225
Iowa Economic Development Authority Board approves projects resulting in $71 million in capital investment
March 26, 2012 (DES MOINES, IA)
Demonstration Fund Awards made to two start-ups
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Avello Bioenergy, based in Boone, is commercializing technology using a proprietary process to convert renewable feed-stocks into materials, chemicals and fuels. The initial product, for which a pilot plant [run] was financed by the Demonstration Fund, was bio-asphalt. In addition, the bio-oil fractions have unique properties that can be used for other product applications. The company has identified applications in building materials and chemicals for sealants, coatings and water-proofing materials. The company proposes a project to design, construct and utilize a lab-scale biomass pyrolysis reactor to produce and optimize the bio-oil fractions. Once optimized, the company plans to use its larger demonstration plant to produce sufficient quantities of the end products to provide for commercial scale needs. The board approved a $150,000 loan through the Demonstration Fund to move this project forward.The Demonstration Fund provides financial and technical assistance to encourage high technology prototype and concept development activities that have a clear potential to lead to commercially-viable products or services within a reasonable period of time.
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The [Demonstration] fund provides up to $150,000 to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding. Award recommendations are made by the Technology and Commercialization Committee to the IEDA Board for approval.
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The Iowa Economic Development Authority board today awarded financial assistance to seven companies for job creation and expansion projects. Today's awards will assist in the creation of 323 new jobs, retention of 214 jobs and will account for $71 million of new capital investment to the state.
"We continue to take advantage of every opportunity to create good, well-paying jobs and build a stronger economy in Iowa. Companies that received awards today represent not only successful and established businesses within the state but also new companies exploring innovative technologies," said Governor Terry Branstad.
The board approved assistance for planned or proposed projects located in Oskaloosa, Polk County, Dyersville, Cedar Rapids, Cedar Falls, Urbandale and Sioux City.
"Today's action by the board shows strong and steady movement towards our job creation goals," said Debi Durham, director of the Iowa Economic Development Authority. "We continue to see companies choosing Iowa as the place to grow their business."
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© 2012 - Iowa Economic Development Authority Avello was also awarded a Demonstration Fund award in 2010, for more information click
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