The company's modular fueling sites are typically co-located on the property of existing gas stations, creating a low-cost approach to increasing the availability of ethanol and biodiesel to the millions of flex-fuel and diesel vehicles on the road. Propel currently owns [image-nocss] and operates 11 alternative fueling stations in Seattle and Sacramento, which sell ethanol (E85) and biodiesel fuels.
Craton's investment is part of a $12 million equity round that also includes funding from Nth Power and @Ventures, which previously invested in Propel. This is Craton's first funding commitment to Propel.
"We are excited to be supporting the growth of Propel because it's a California company that's bringing the clean tech revolution to consumers at the street level. Clean, American-made biofuels are critical to ending our dependence on foreign oil, and Propel is making these fuels available to consumers in a way that is convenient and will drive the purchase of alternative fuel vehicles," said Tom Soto, a managing partner of Craton Equity Partners.
"As a California based fund whose investors include state and local governments, we are proud to support a California company such as Propel that will create new jobs in our state, and serve and promote the growing consumer demand for access to low carbon fuels", said Craton managing partner Bob McDonald.
"We welcome the financial support of Craton Equity Partners because it will allow us to significantly expand the reach of our network of fueling stations," said Matt Horton, Propel CEO. "Propel empowers drivers to make clean, affordable, American-made alternative fuels a part of their daily lives."
Los Angeles-based Craton Equity Partners' investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels. Craton is a leading advocate for sustainable investing, and using investment models to respond effectively to today's urgent environmental challenges.
Propel builds, owns and operates a network of Clean Fuel Pointsgreen-built, self-serve filling stations providing drivers convenient access to clean, American, low carbon fuels. The company offers drivers and fleets a cleaner fuel choice that reduces carbon emissions and America's dependency on foreign oil. Propel developed CleanDrive, which it said is the nation's first integrated carbon emission reduction tracking platform.
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