Culver: Iowa Power Fund was ‘right thing to do’ – cites Shen. Algae plant as example
April 21st, 2012 by Ric Hanson
IOWA CITY, Iowa (AP) – Former Iowa Governor Chet Culver says his program to support renewable energy research and development has been “wildly successful” even if only a fraction of the money has been spent. Culver pointed to a plant in Shenandoah that is growing algae as an example of a success story from the Iowa Power Fund. He says construction on a cellulosic ethanol plant is under way in Emmetsburg, and a second plant is moving forward. Culver says those three projects alone, if they come to fruition, would justify the state’s $71 million investment in the fund. Culver reacted Friday to an investigation by The Associated Press that found a third of the fund’s money has been spent, five years after its creation. He says the fund has been careful with tax dollars.