Propel Fuels has closed on the initial phase of its Series D round of funding with f 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 from CapX Partners. 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. Propel operates a growing network of stations that provide renewable fuels (E85, biodiesel blends) alongside the conventional gasoline that most drivers use today. Propel enables drivers to offset carbon from their fuel purchases, improve their vehicles' fuel economy, find rideshare opportunities, tune bicycles, and recycle on the go. Propel is the only fueling company in the country to bring drivers the opportunity to offset their emissions at the pump through the company's unique CarbonOff-set program. As part of the investment by Gentry, Thomas B. Raterman, a partner, has joined Propel's board of directors. Raterman has more than 30 years of corpo- rate finance, investment banking and executive management with rapidly growing entrepreneurial companies. Propel currendy operates stations throughout California and Washington state with more than 200 stations planned for new and existing markets over the next two years.
展开▼
