Gov. Chet Culver this afternoon announced he has selected Fred S. Hubbell to chair the Iowa Power Fund Board.

Hubbell, a former ING Groep NV executive who earlier in his career served as chairman, president and CEO of Equitable of Iowa Cos., is one of seven members appointed by Culver to serve on the 18-member board. The Iowa Power Fund will provide for $100 million in state funding over the next four years to pump into research and development projects for renewable energy.

Also appointed to the board are Lucy Norton, Clive; Glenn Cannon, Waverly; Peter Hemken, Des Moines; Carrie LaSeur, Mount Vernon; Patricia Higby, Cedar Falls; and Thomas Wind, Jefferson. The appointees, which must be confirmed by the Senate, will serve three-year terms.

Iowa Utilities Board Director John Norris, Iowa Department of Economic Development Director Mike Tramontina, Iowa Department of Natural Resources Director Rich Leopold, and Iowa Secretary of Agriculture Bill Northey will also serve on the board.

Serving with Hubbell and Higby on the board’s seven-person due diligence committee, which will make funding recommendations to the board, will be Franklin Codel, West Des Moines; Vern Gebhart, Marion; Floyd Barwig, Ames; Ted Crosbie, Earlham; and William C. Hunter, Coralville.

Serving as ex-officio, nonvoting members of the board will be Sen. Rob Hogg, Cedar Rapids; Sen. Hubert Houser, Carson; Rep. Nathan Reichert, Muscatine; Rep. Chuck Soderberg, Le Mars; Mary Jo Dolan, Des Moines; Kent Henning, Johnston; and Gregory Geoffrey, Ames.