Propel Fuels, a Redwood City, California-based provider of alternative fuels and clean mobility solutions, has raised $21m in financing.
It includes:
– an initial $11m tranche of a Series D funding, from existing investors Nth Power, Craton Equity Partners, and @Ventures as well as new investor Gentry Venture Partners and
– a $10m debt facility from CapX Partners.
The company intends to use the capital to build out its network of stations.
Led by Matt Horton, CEO, Propel operates a network of stations that provide renewable fuels (Flex Fuel E85, biodiesel blends) alongside conventional gasoline. The company currently operates stations throughout California and Washington State with more than 200 stations planned for new and existing markets over the next two years. The network of stations will include a mix of their traditional Clean Fuel Points (renewable fueling stations co-located with traditional fuel stations) and the new Clean Mobility Centers.
In conjunction with the funding, Thomas B. Raterman, Gentry Venture Partners, has joined Propel’s Board of Directors.
FinSMEs
12/12/2012