Contact Information: Contact: Jaime Quick Scoville PR for Propel 206-625-0075 x3 james.quick@scovillepr.com
Propel Fuels Announces $20 Million Funding Round to Expand Alternative Fuel Station Network Across California
Funding Provides Choice at the Pump to America's Largest Base of Alternative Fuel Capable Vehicles
| Source: Propel Fuels
SACRAMENTO, CA--(Marketwire - February 10, 2010) - Propel
Fuels, a leading retailer of clean, renewable fuels, today announced a
$20 million investment in the company. 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. This funding will allow Propel to expand its network of
alternative fuel stations into all major markets across California,
supporting the state's emissions reduction goals and stimulating job
growth.
"California has the largest fleet of alternative fuel vehicles in America
and the market is significantly underserved," said Matt Horton, CEO of
Propel. "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. With numerous
advanced biofuel production facilities preparing to break ground in the
state, Propel's 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.
"Propel has the right business model to capitalize not only on the current
demand for renewable fuels, but also on future demand for the next
generation of fuels," said Tom Soto, Managing Partner at Craton Equity
Partners. "Propel is well positioned to help California and other states
take advantage of the economic and environmental benefits of renewable
fuels."
Recognizing California's commitment to emissions reductions and low carbon
fuels, Propel relocated to the state in 2009 and has contributed to job
growth in the clean technology sector. California's leadership in renewable
fuel adoption programs has created a positive environment for
public-private partnerships, further supporting Propel's California
expansion. Access to alternative fuels will provide immediate and
significant CO2 reduction for the state's vehicle fleet and drivers,
helping achieve the state's ambitious emission reduction goals as required
by AB32 and California's Low Carbon Fuel Standard.
About Propel
Propel builds, owns and operates a network of Clean Fuel Points --
green-built, self-serve filling stations providing drivers convenient
access to clean, American, low carbon fuels. The company offers drivers and
fleets a cleaner fuel choice that reduces carbon emissions, creates jobs
and lowers America's dependency on foreign oil. Propel has also developed
CleanDrive™, the nation's first integrated carbon emission reduction
tracking platform. Based in Sacramento, with offices in Seattle, Propel
operates a growing network of Clean Fuel Points in Washington state and
California. More information is available at www.propelfuels.com.