In California, Propel Fuels has closed on the initial phase of its Series D round of funding with $11 million in equity capital from existing investors Nth Power, Craton Equity Partners, and @Ventures as well as a new investor, Gentry Venture Partners. In addition, the company has secured $10 million in debt financing. With the new funding, Propel will be able to accelerate the build out of its network of stations that offer drivers the cleanest, most sustainable, domestically produced fuels on the market today. As part of the investment by Gentry, Thomas B. Raterman, a Partner, has joined Propel’s Board of Directors.
Propel operates a growing network of stations that provide renewable fuels (Flex Fuel E85, biodiesel blends, SolaDiesel) alongside the conventional gasoline that most drivers use today. Propel 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 company’s 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 2012, Propel was named to Inc. Magazine’s list of the Fastest Growing Private Companies (the 17th fastest growing energy company); the 8th Fastest Growing Private Company in Silicon Valley by the Silicon Valley/San Jose Business Journal; and the 14th Fastest Growing Private Company in the Bay Area by the San Francisco Business Times.
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