Propel Biofuels secures first round funding of $4.75 million, moves ahead on biodiesel installations at 20 service stations

Propel Biofuels announced that they have completed a $4.75 million first round of capital from @Ventures and Nth Power. The company announced a goal in April of installing its biodiesel fuel equipment at 20 stations in Washington, Oregon and California. Currently, the company has eight sites in Washington state in the permitting stage. Initial funding for Propel had come from Imperium Renewables in the form of a loan.

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