Wednesday, February 13, 2008
Governor Culver Delivers First Power Fund Pre-applications
Governor attends Power Fund Board meeting, delivers 78 proposals to Board
(Des Moines) Today, Governor Chet Culver personally delivered the first 78 pre-applications received by the Office of Energy Independence to the Power Fund Board of Directors and Due Diligence Committee. The proposals represent nearly $190 million in financial requests to the state’s first Power Fund grant process.
Governor Culver said, “Iowa has positioned itself to become the Silicon Valley of the midwest. We’ve made a good name for ourselves across the nation and around the world in terms of being very serious about job creation and leading the way in terms of renewable energy.”
The Governor signed the $100 million Iowa Power Fund, aimed at boosting renewable fuel research and production and weaning Iowa from its dependence on foreign oil by 2025, into law on May 23, 2007. The bipartisan legislation created the first-ever Iowa Power Fund and created the first-ever Iowa Office of Energy Independence, headed up by Director Roya Stanley. The money dedicated to the Power Fund will largely be used for grants, distributed over the next four years.
“The pre-applications have come in from across the state and the groups and organizations requesting the funds are diverse. Universities and colleges, utilities, for-profits, non-profits, associations, and school districts are among the groups that want to research and develop the next generation of renewable energy,” said Governor Culver. “I look forward to seeing which organizations are awarded the very first Power Fund dollars as Iowa moves quickly to become the renewable energy capitol of the United States.”
The Power Fund board will evaluate the pre-applications and decide which projects should move forward with a full application process. The first grants could be awarded in April or May.