updated 11/12/2010 11:02:33 AM ET 2010-11-12T16:02:33

The Iowa Power Fund Board has approved more than $4.2 million in funding for three energy projects that it says will generate $21 million.

Among the energy projects, Avello Bioenergy Inc. of Boone was awarded $2.5 million to build a demonstration-scale biomass plant. The plant will use local farm-based renewable resources to make sustainable petroleum replacements and other fuels for market development.

AmbroZea of Ames was awarded $1.5 million for a project involving biotechnology in Iowa's fuel-ethanol industry. And Indigo Dawn LLC of Des Moines will receive $225,000 to turn a two-story brick building in downtown Des Moines into an energy efficient building.

The Iowa Power Fund Board says it has awarded more than $47 million for 37 projects.

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