Keokuk, IA – Paul Roos says Amjet Turbine Systems will revolutionize the field of hydro-electric power. He says his company is working on a micro-turbine that costs less to build and can be installed in a variety of locations.
The Iowa Power Fund has $630,000 set aside for ATS, but the company must first raise $1,070,000 in private capital.
Roos says investors are interested in his company, but he says they first want to see a prototype for one of his micro-turbines. He says building a scale model will cost about $200,000.
That is why Roos and Steve Bisenius with the Lee County Economic Development Group showed up at Thursday night's Keokuk City Council meeting.
Roos asked the panel to consider providing the $200,000 for his prototype. The city council reached a consensus to fund the project, but questions remain as to where the money would come from.
Alderman Roger Bryant says the city may have to ask outside organizations for help in securing the money.
Alderwoman Susan Dunek says KEDC (Keokuk Economic Development Corporation) must be involved in these discussions. She says that organization should also be the go-between for any financial assistance.
The overwhelming consensus of the council was to support ATS by whatever means necessary. That idea was bolstered after members were told that Fort Madison representatives have approached Roos about possible locations and business opportunities.
Roos says he would like to have the capital in place by October 8. He says that would provide enough time to get ATS on the agenda for the Iowa Power Fund.
The future of the Iowa Power Fund could hinge on the November election, so timing appears to be of the essence.
Roos says the University of Iowa has validated the design of his micro-turbine.
Lee County has already contributed $150,000 to ATS. Roos says that money has been spent on design and development.
Parking Lot
Meanwhile, Keokuk will end up saving more than $10,000 by delaying the replacement of the police station parking lot.
The city council has hired Hickey Contracting of Keokuk to rebuild the lot. The company submitted the low bid of just over $36,000.
That will bring the total cost of the project to about $48,000. That includes the $12,000 the city paid Meyers Driveway and Septic Service for tearing out the parking lot.
The city council decided to re-bid the project after being told in late August, by Meyers, that the total cost of the lot would be about $60,000.