Propel Fuels Announces $20M Funding Round to Expand Alternative Fuel Station Network Across California
Propel Fuels, a retailer of clean, renewable fuels, announced a $20-million investment in the company. This funding will allow Propel to expand its network of alternative fuel stations into all major markets across California, supporting the state’s emissions reduction goals.
|A Propel Fuels E85/Biodiesel station. Click to enlarge.|
The financing includes a $12-million Series C equity investment led by Craton Equity Partners and includes existing investors Nth Power and @Ventures, along with $8 million in debt financing.
California has the largest fleet of alternative fuel vehicles in America and the market is significantly underserved. This funding allows us to build on strong consumer demand and bring alternative fuels to more than 2 million alternative fuel vehicles on California roads today.
—Matt Horton, CEO of Propel
In addition to liquid fuels, Propel’s retail platform is extensible to meet demand for future transportation technologies including hydrogen and electric vehicles.