CASY Caseys General Stores Inc

The USDA announced on Thursday the issuance of roughly $19 million in funding under its Higher Blends Infrastructure Incentive Program (HBIIP) to seven fueling companies for the build-out of infrastructure in 22 states aimed at fostering greater access to renewable fuels.

The grants come after the program -- which was formed in January 2020 to expand the use of fuels like ethanol and biodiesel -- received $500 million in funding in summer 2022 through the Inflation Reduction Act. Grants under that funding round will be available through 2031 and can cover up to 75% of project costs, at a cap of $5 million per applicant.

Three of the grants issued Thursday nearly breach that cap.

Fuel retailers Casey's General Store Inc. and Love's Travel Stops & Country Stores Inc. each received $4.9 million for the build-out of 456 and 704 E15 dispensers, respectively, at locations throughout the country.

Bulk Petroleum Corporation received the full amount of $5 million to build 73 E15 dispensers, seven E85 dispensers, 33 B20 dispensers, 31 ethanol storage tanks and 22 biodiesel storage tanks at their 24 fueling stations in the Midwest.

The remaining four grants were offered to fueling companies Tristar FLC Inc. ($3.5 million), Piasa Enterprises Inc. ($200,000), Capital City Oil Inc. ($122,521) and AC&T Inc. ($128,000).

As of this latest round of funding, the Biden administration has issued $96 million in HBIIP funds. In June, USDA issued $25 million in grants to 59 projects.

USDA Secretary Tom Vilsack announced the latest round of funding Thursday at the Iowa Renewable Fuel Association's annual summit in Altoona, Iowa.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Patrick Newkumet, pnewkumet@opisnet.com; editing by Aaron Alford, aalford@opisnet.com

(END) Dow Jones Newswires

January 11, 2024 13:44 ET (18:44 GMT)

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