FOR MORE INFORMATION:
Lucy Norton, Managing Director, 515-225-9242
Monte Shaw, Executive Director, 515-225-9242

FOR IMMEDIATE RELEASE

IRFA Announces Additional Iowa Values Fund Renewable Fuels Infrastructure Grant

JOHNSTON, Iowa - Jun 15, 2006 - New Funding Available July 1st

JOHNSTON, IA – The Iowa Renewable Fuels Association (IRFA) today announced an additional recipient of a Renewable Fuels Infrastructure Grant from the Iowa Values Fund. While all monies for this fiscal year had been previously awarded, some actual costs of E85 pump installations came in below estimates, thereby freeing up funds for one additional grant.

East Central Coop of Waterloo will receive $20,000 from the Iowa Values Fund to install a new E85 pump at their cardtrol located at 602 Washington Street in Hudson, near Highway 20.

“We’re pleased that in the first year of this program the number of Iowa E85 pumps and biodiesel blending locations will be doubled,” stated Joe Jones with the Iowa Department of Economic Development (IDED). “While the legislature’s goal for the three year program was 30 new E85 pumps and 4 new biodiesel blending facilities, we’re half way there in only the first year.”

For the current fiscal year, grants were awarded totaling more than $300,000 to 16 retail stations for E85 pumps and to 2 biodiesel blending facilities, each of which will serve dozens of retail outlets. Funding for the second year of the program is available at the start of the next fiscal year on July 1, 2006.

“We are currently accepting applicants for the next round of grants with the new fiscal year,” stated Lucy Norton, IRFA’s Managing Director who manages the program on behalf of IDED. “We fully expect to once again have more applicants than money. However, we intend to assist as many companies as possible as soon as possible.”

The innovative program makes monies available to gasoline retailers and biodiesel suppliers to help offset the infrastructure cost of bringing biodiesel and E85 (85% ethanol, 15% gasoline) to the public. Forgivable loans, up to 50% of total project cost, will be awarded in two categories:
• Category I - Financial assistance would be available for equipment purchases to upgrade fueling sites to dispense E85 fuel or for equipment purchases for new E85 fueling sites, not to exceed $30,000 per location
• Category II – Financial assistance would be available for equipment purchases for biodiesel on-site or off-site storage facilities, not to exceed a maximum of $50,000 per location.

For an application or further information, contact Lucy Norton at the IRFA office at 515-225-9242, by email at info@IowaRFA.org or on the web at: www.IowaRFA.org.

The Iowa Renewable Fuels Association was formed in 2002 to represent the state’s liquid renewable fuels industry. The trade group fosters the development and growth of the renewable fuels industry in Iowa through education, promotion, legislation and infrastructure development.