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$2.1 million for new biodiesel refinery near Forest City

May 11, 2011(DES MOINES) – The Iowa Power Fund Board approved awards of over $2.1 million for projects to build a biodiesel refinery near Forest City, create jobs for the region, increase biofuels production and to expand existing volunteer programs to train veterans for implementing energy efficient measures throughout the state.

The Board awarded Growth Design Energy, Mt. Valley LLC $1.5 million to construct a refinery and increase biodiesel production by three million gallons a year using second generation refining technologies with non-food waste oils as feedstocks. The construction of the plant and commercialization of this innovative processing technology would boost the renewable and sustainable energy industry in Iowa.

Grant funds of $699,500 will assist the Iowa Commission on Volunteer Service to expand existing Green Corps and AmeriCorps programs to support the training of Iowa veterans to implement statewide energy efficiency improvements for low income, elderly and veterans’ homes using energy audits, weatherization and energy efficiency education and outreach.

Growth Design Energy and ICVS will leverage over $12.3 million in matching funds to bring the total cost of the two projects to over $14.5 million.

The Power Fund has invested more than $65.2 million directly in 45 competitive projects, leveraging more than $576 million in energy research and development, early stage commercialization and education. To review a list of Power Fund approved projects, please visit: www.energy.iowa.gov.

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