Des Moines, IA – The Iowa Power Fund Board has granted AMJET Turbine Systems' request for $325,000. The money will come in the form of reimbursements.
The company will use the money to build a small-scale hydroelectric turbine. The turbine will eventually be tested at the University of Iowa.
The smaller version is being built in Keokuk.
AMJET has been working for months to secure the state funding.
The company originally requested $630,000 from the Iowa Power Fund. The request had to be lowered, though, because of a lack of matching funds.
The company has said the small-scale turbine would have two purposes. It will prove the technology and it will help secure funding for the development of a full-size turbine.
The Iowa Power Fund Board did require that AMJET eventually build the turbines in Iowa.
The Keokuk City Council has contributed $200,000 to AMJET Turbine Systems while the Lee County Board of Supervisors pledged $150,000.