GPRE receives grant

Green Plains Renewable Energy Inc. has received preliminary approval from the Iowa Power Fund for a $2.3 million grant that will fund the research and development of algae as a biofuels feedstock. The grant will allow corn-based ethanol producer GPRE and GreenFuel Technologies Corp. to conduct a 195-day test to determine the viability of algae production using carbon dioxide produced at GPRE's plant in Shenandoah, Iowa. If the test is successful, the project could be expanded commercially.