Propel Fuels, a Sacramento, California-based retailer of environmentally friendly alternative fuels for motor vehicles, has received a $20m equity and debt investment.
The round was led by new investor Craton Equity Partners, which committed $8m. Other participants include existing investors Nth Power and @Ventures. In addition, the company raised $8m in debt financing.
Propel will use the new funds to expand its station network in California.
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 and operates eleven alternative fueling stations in Seattle and Sacramento, which sell ethanol (E85) and biodiesel fuels.