Press Release Archive
Thursday, April 10, 2008
Iowa Power Fund Board Moves Forward On Proposals
Six applications discussed, Five proposals move forward, Poet request tabled
(Des Moines)- The Iowa Power Fund Board took the next step in awarding $25 million to entities that have applied for Power Fund dollars. The money is earmarked to be applied towards research and development in renewable energy and projects which improve energy efficiency. Today, the 18-member Power Fund Board looked at six proposals, and five were approved to move forward in the process. The sixth, a proposal by POET from Sioux Falls, SD, was tabled to allow for ongoing discussions, which are expected to take place during the next two to three months. Last year, Governor Culver proposed the $100 million Power Fund. It was approved by the legislature and is managed by the newly created Office of Energy Independence.
Governor Culver praised the work of the Power Fund Board and Due Diligence Committee, saying, “It’s taken a lot of hard work to lay the foundation to get to this point. The Power Fund board has received hundreds of applications and the six applications the board reviewed today have been through rigorous scrutiny. I am pleased to see impressive proposals brought to the table which will play a key role in making Iowa the renewable energy capital of the United States.”
The board has indicated that they are interested in moving forward with funding five of these projects, and has appointed a negotiation committee for each of those applicants. The committees will work with each applicant to iron out project and funding details. The only project that didn’t move directly to negotiations is POET Project Liberty. Board members expressed concern that the $20 million dollar request was very large, relative to the entire amount in the fund. Board members say they will likely review the POET application again in July and they plan to have ongoing conversations with POET’s representatives.
Power Fund Board Chair Fred Hubbell said, “We are pleased at how quickly the board has been able to move on these proposals. It’s an exciting time in Iowa and all six proposals we reviewed highlight the pioneering spirit of leaders in businesses and universities.”
Director of Office of Energy Independence, Roya Stanley said, “The board appreciates the time, thought and planning all the applicants put into their proposals. And I particularly want to thank the volunteers on the Due Diligence Committee and the Power Fund Board for being committed and invested partners in Iowa’s quest for energy independence.”
The Power Fund Board meets again on May 14, 2008. The proposals under negotiation will be brought forward and the board could finalize funding for one or more of the projects.
Here is a summary of the Power Fund Board’s recommendations:
| Entity | Title of Project | City | Amount Requested | Board’s Recommendation |
| Cellencor, Incorporated | Reducing the Energy and Environmental Costs of Drying Corn Distillers Grain | Ames, IA | $1,500,000 | Yes, move to negotiations |
| University of Northern Iowa | Determining Maximum Sustainable Production of Biomass with Mixture of Prairie Species | Cedar Falls, IA | $612,300 | Yes, move to negotiations |
| POET Project Liberty | POET Project Liberty | Sioux Falls, SD | $20,000,000 | Tabled for further review |
| Iowa State University of Science & Technology | Efficient, Low Cost, Photovoltaic Solar Energy Conversion | Ames, IA | $1,623,580 | Yes, move to negotiations |
| RENEW Energy Systems | Mobile Solid Biomass Briquette Plant | Osage, IA | $655,000 | Yes, move to negotiations |
| Green Plains Renewable Energy Inc. | Green Plains Renewable Energy Inc. Algae Project | Shenandoah, IA | $2,315,407 | Yes, move to negotiations |