SACRAMENTO, Calif. -- Propel Fuels, a retailer of low-carbon liquid fuels, has announced it will move its headquarters from Redwood City, Calif., to Sacramento, Calif.
As California's low-carbon economy grows over the next decade, Sacramento will be home to the people and policies shaping its future. "The low carbon economy is being defined in Sacramento," said Propel's founder and CEO, Rob Elam, "There's nowhere we'd rather be."
California, the world's seventh-largest economy and third-largest petroleum market, is accelerating its implementation of carbon-reduction and clean-air regulations, including AB 32 Global Warming Solutions Act, the Low-Carbon Fuel Standard (LCFS) and Carbon Cap-and-Trade. Also, Governor Jerry Brown has issued an executive order to reduce petroleum use in California by 50% by 2030. Propel is committed to strong partnerships between the public and private sectors, developing and supporting public policy that brings equitable, market-based solutions to realize the state's policy goals.
In 2014, Propel appointed new board directors and management to refocus the company on California's carbon opportunity. Company founder Rob Elam returned to Propel as CEO, with Koichi Kurisu appointed as COO. Propel's board is now composed of Elam and two new directors, Eric Starr, chairman, and Barrett Carlson of CapX Partners, a Chicago-based provider of capital to middle-market companies.
Under new management, Propel has seen record results across all significant key performance indicators, it said, including same-store sales, cost of goods sold, customer acquisition, customer retention and capacity utilization.
Additional recent business highlights for the company include:
- Record flex-fuel sales. Propel now dominates California's E85 flex-fuel market with more than 70% of all flex fuel sold statewide, it said.
- Diesel HPR launch. In March, Propel introduced next-generation Diesel HPR2, the highest-performing, lowest-carbon diesel fuel available in North America.
- New partnerships. Propel announced partnerships with California's largest low carbon fuel suppliers Pacific Ethanol and Neste Oil.
- Technology and data. The company delivered technology and customer intelligence, including low-carbon consumer analytics, data-driven infrastructure locationing technologies, CleanDrive carbon accounting and a new station locator and real-time pricing app.
The company will maintain a presence in the Bay Area with its Silicon Valley Workshop, focused on innovation in customer experience, retail technologies, data analytics and partner initiatives.
Propel can be found at 43 flex-fuel E85 and 36 advanced-diesel locations across California and Washington.