Propel Fuels Secures $21M in Funding to Speed Expansion
REDWOOD CITY, Calif. — Propel Fuels, a retailer of alternative fuels and clean mobility solutions, has secured new funding that will allow the company to accelerate the build-out of its network of stations offering drivers clean, sustainable, domestically produced fuels.
Propel closed on a Series D round of funding, with $11 million in equity capital from existing investors Nth Power, Craton Equity Partners and @Ventures, along with new investor Gentry Venture Partners. Additionally, the company secured $10 million in debt financing from CapX Partners.
Propel's network of stations offers renewable fuels such as E85 and other flex-fuels alongside conventional gasoline. According to the company, it is the only fueling company in the United States that lets drivers offset their emissions at the pump through its CarbonOffset program.
"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," stated Propel CEO Matt Horton. "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 the state, offering consumers true choice and a better experience at the pump."
As part of Gentry Venture's investment, Thomas B. Raterman, a partner, has joined Propel's board of directors. Raterman has more than 30 years of corporate finance, investment banking and executive management experience with rapidly growing entrepreneurial companies, according to Propel’s announcement.
"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," Raterman said. "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."
Redwood City, Calif.-based Propel Fuels currently operates stations in California and Washington State, with more than 200 stations planned for new and existing markets over the next two years. Its network will include a mix of its traditional Clean Fuel Points, which are renewable fueling stations co-located with traditional fuel stations, as well as new Clean Mobility Centers. More information is available at www.propelfuels.com.