Sacramento, United States [RenewableEnergyWorld.com] Propel Fuels this week announced a US $20 million investment in the company. This funding will allow Propel to expand its network of fuel stations into all major markets across California, supporting the state’s emissions reduction goals and stimulating job growth.
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,” said Matt Horton, CEO of Propel Fuels. “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.”
Concerns over the price, long-term supply and environmental impacts of petroleum have led California companies to invest hundreds of millions of dollars into advanced biofuel production technologies. Propel said that its fueling infrastructure is a critical link between California’s citizens and the next generation of low carbon fuels.
In addition to liquid fuels, Propel’s retail platform is extensible to meet demand for future transportation technologies including hydrogen and electric vehicles.