Seattle, Washington [RenewableEnergyAccess.com] Propel Biofuels, a Seattle-based alternative fuel retailer, announced this week that it has closed a $4.75 million Series A investment from cleantech pioneers @Ventures and Nth Power.
@Ventures led the round, and will be represented on the board of directors by Peter Mills and Matt Horton. Nancy Floyd, Nth Power founder and managing director, will serve as Chair of the newly formed board.
Seattle-based sustainable business leaders also participated in the round, including; Andrew Stout, founder of Full Circle Farms, Ronny Bell, founder of Pioneer Organics, Barry Barr, founder of KAVU, and Jack Rafn, founder of RAFN Construction.
In conjunction with the financing, the company announced Arthur Rubinfeld, previously Executive VP at Starbucks, will join Propel as a member of the company’s board of directors.
“These important investments, both financial and intellectual, bring us closer to our goal of providing drivers with a viable alternative to imported fossil fuels,” notes Propel’s CEO David O’Neal.
Propel will fuel its expansion with regionally grown feedstocks. “Our customers want the most local and sustainable fuel that meets their cost and performance expectations,” adds Propel Founder and President Rob Elam. “And we can deliver on that promise.”