FOR MORE INFORMATION:
Monte Shaw, Executive Director, 515-252-6249

FOR IMMEDIATE RELEASE

June 1 , 2007

IRFA Announces New Iowa Values Fund Renewable Fuels Infrastructure Grant Recipients

Previous Recipient Biodiesel Terminal Now Open in Coralville

JOHNSTON, IA – The Iowa Renewable Fuels Association (IRFA) today announced the recipients of new Renewable Fuels Infrastructure Grants from the Iowa Values Fund.  Grants totaling approximately $80,000 will add a renewable fuel option for 3 E85 retail stations and 1 biodiesel blenders.

After two years of Values Fund grants, a total of 27 E85 pumps and 3 biodiesel blending facilities have been funded.  Legislation creating the three-year program established the goal of funding 30 E85 pumps and 4 biodiesel blending facilities.

“We’re especially pleased to see companies coming back for a second location because they’re first location is doing so well,” stated Lucy Norton, IRFA’s Managing Director who oversees the program.  “Over the next four to five years, we expect E85 and biodiesel blends to become a ubiquitous feature of Iowa’s fuel retailing landscape.”

In addition to the Values Fund program managed by IRFA, entities wishing to install E85 or biodiesel retailing sites or biodiesel blending terminals can apply for grants through the $13 million Iowa Department of Economic Development renewable fuels infrastructure program.  An application form can be found at:  www.iowalifechanging.com/business/downloads/renewfuelprojectapp.pdf

Both program offer grants covering 50% of the infrastructure cost for E85 and biodiesel up to $30,000 for retailers or $50,000 for biodiesel wholesale blenders.

New Values Fund Grant Recipients

New Biodiesel Terminal in Coralville

Harney Oil, located one block from the Magellan Terminal on First Avenue in Coralville, is now open for business.  They offer B99.9 to retailers and jobbers 24 hours a day, seven days a week.  Those interested in offering biodiesel blends can pick up diesel at the Magellan Terminal and then top of the load with the correct amount of biodiesel for the blend they wish to offer.  Harney Oil received a $50,000 grant from the Values Fund program for this project.

“This makes offering biodiesel blends to customers a lot easier in the Iowa City area,” stated Monte Shaw, IRFA Executive Director.  “IRFA was pleased to work with Harney Oil to make this a reality.”

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.

###