Iowa State will receive $22.5 million for biorenewables and bioeconomy research over the next eight years as part of a new partnership with the energy company Conoco-Phillips.

The grant was announced at a press conference Tuesday during the “Community Futures: The Small Town in the Bioeconomy” summit in the Scheman building. The funding will provide $1.5 million for 2007 research and $3 million for each following year.

“[This announcement] is exciting for Iowa State, but also for all of Iowa,” said University President Gregory Geoffroy. “The bioeconomy is a major priority for Iowa State University, for Governor Culver, for Iowa, for our nation; and to be successful, it must be a partnership involving Iowa’s elected leaders; our educational institutions; our business, community, agriculture and commodity leaders and the people of Iowa.”