Demand depletes blender-pump grant program of funds
The Iowa Renewable Fuels Infrastructure Program awarded all remaining blender-pump grants for this year, running out of cash before a scheduled fourth round of disbursements.
The program board awarded funds to 15 projects for retailers involving equipment installation that will allow customers to buy higher blends of ethanol and biodiesel. Some retailers were turned away.
“RFIP is the definition of a successful program,” Iowa Renewable Fuels Association Policy Director Grant Menke said in a statement. “We’ve seen the number of retail stations offering higher biofuel blends increase dramatically, and interest in the program is still at an all-time high. It is critically important the state continue to make this investment and sustain this momentum toward higher blends.”
Each cost-share dollar has supported $4 in private investment, for a total of $138 million in private economic activity.
Cost-share grants are offered to Iowa retailers wishing to upgrade fueling infrastructure to offer E15, E85 and/or biodiesel blends. Reimbursement can be up to 70 percent of the installation costs, up to a maximum of $50,000 per project, with a five-year commitment.