Funding Propels Propel's Expansion
Capital will fuel growth plans for more than 200 alternative fuel stations
REDWOOD CITY, Calif. -- Propel Fuels, a leading retailer of alternative fuels and clean mobility solutions, has closed on the initial phase of its Series D round of funding with $11 million in equity capital from existing investors Nth Power, Craton Equity Partners, and @Ventures as well as a new investor, Gentry Venture Partners. In addition, the company has secured $10 million in debt financing from CapX Partners. With the new funding, Propel will be able to accelerate the buildout of its network of stations with "the cleanest, most sustainable, domestically produced fuels on the market today," it said.
Propel operates a network of stations that provide renewable fuels (Flex Fuel E85, biodiesel blends) alongside the conventional gasoline that most drivers use today. Offering what it calls "a better station experience that reaches beyond fuel," Propel enables drivers to offset carbon from their fuel purchases, improve their vehicle's fuel economy, find rideshare opportunities, tune bicycles and recycle on the go.
Propel is the only fueling company in the country to bring drivers the opportunity to offset their emissions at the pump through the company's unique CarbonOffset program, it said.
"The continuing support of our existing investors, the new investment from Gentry, and the access to additional debt capital from CapX is a strong endorsement for our vision, our accomplishments, and team," said Matt Horton, CEO of Propel. "This new funding, combined with grant funding from the State of California, will enable us to accelerate the build out of our alternative fuel stations across state, offering consumers true choice and a better experience at the pump."
As part of the investment by Gentry, Thomas B. Raterman, a Partner, has joined Propel's board of directors.
"We're witnessing a revolution in transportation, whether it's innovative new enzymes to create clean fuels or whole new drivetrains and power systems in the vehicles themselves," said Raterman. "Propel is creating a position as a trusted source of the most advanced fuels on the market today--no matter what type of vehicle you drive. We're excited to help them succeed."
Propel currently operates approximately 30 stations throughout California and Washington, with more than 200 stations planned for new and existing markets over the next two years. The company's network of stations will include a mix of their traditional "Clean Fuel Points" (renewable fueling stations co-located with traditional fuel stations) and the new "Clean Mobility Centers."
Based in Redwood City, Calif., Propel Fuels builds, owns and operates a network of green-built filling stations providing convenient access to American, low-carbon fuels and clean mobility solutions. The company offers consumers and fleets new fuel choices that make progress towards reducing carbon emissions, creating jobs, and lowering America's dependence on foreign oil. Propel has also developed CleanDrive, the nation's first integrated carbon emission reduction tracking platform.