News & Press
11/10/2010
FOR IMMEDIATE RELEASE: November 10, 2010
Iowa Power Fund Board Approves $4.2 Million in Innovative Energy Projects
DES MOINES— The Iowa Power Fund Board today approved three innovative energy projects for Iowa totaling over $4.2 million during a public meeting at Grand View University. The three projects combined, will generate an additional $21 million in leveraged funds.
AmbroZea, of Ames, was awarded $1.5 million to apply high-protein expression biotechnology to further optimize multi-tasking yeast for commercial deployment in Iowa’s fuel-ethanol industry, develop an additional revenue stream and create and retain ethanol industry jobs.
Avello Bioenergy Inc., of Boone, was awarded $2.5 million and is teaming with private industry and academia partners to build a demonstration scale biomass plant, using local farm-based renewable resources, to produce sustainable petroleum replacements, renewable industrial fuels and bio-products for full-scale pre-commercial test and market development. An educational component is also included with researchers and students at Iowa State University and the Iowa Farm Bureau to benefit farmers.
Finally, Indigo Dawn, LLC of Des Moines was awarded $225,000 to team with experts in the design, energy and building industries to develop a common place two-story brick masonry building in downtown Des Moines, into an integrated renovation and prototypical site that achieves a 75% improvement in energy efficiency over a ‘code minimum’ building standard.
Since its creation, the Iowa Power Fund has fueled success for Iowans in creating new jobs; drawing the attention of renewable energy companies and the private investments they bring; and the growth of an industry that has made Iowa a leader in cutting-edge, value-added agriculture. The Power Fund has invested more than $47 million directly in 37 competitive projects, leveraging more than $295 million in energy research and development, early stage commercialization and education.
© 2010 Iowa Office of Energy Independence
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Media Contact: Don Tormey, 515-725-0428, cell at 515-868-1325 or email don.tormey@iowa.gov.
The Office of Energy Independence (OEI) sets the strategic direction for Iowa’s clean energy future by identifying goals to achieve desired results. The office will align state government efforts for achieving energy independence through partnerships with business and industry, community leaders, government and public agencies, and other stakeholders.
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To learn more about the Avello Bioenergy Iowa Power Fund project, please visit the Demonstration Plant page.
