Propel Fuels Announces $20M Funding Round to Expand Alternative Fuel Station Network Across California
11 February 2010
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.
I would like to see M85 available everywhere at about $2 per gallon to use in 50 million FFVs. It will be tough to get this into major oil company franchised fueling stations.
Posted by: SJC | 11 February 2010 at 10:24 PM
Instead of investing billions in separate fueling stations to sell an inferior fuel, it might be better to invest the money in transforming the ethanol plants to butanol plants and then just mix the butanol with normal gazoline and simply use the existing infrastructure.
Posted by: Alain | 12 February 2010 at 01:54 AM
We could do butanol but once you take it above 10% the oil companies will lobby it to death. They do not make butanol and probably will not. They like their strangle hold on liquid fuels and they will fight to keep it that way.
Posted by: SJC | 14 February 2010 at 12:06 PM