Propel Fuels says it has closed on the initial phase of its Series D round of funding with $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.
Propel says the new capital will help the company accelerate the build-out of its network of renewable-fuel stations. These facilities provide E85 and biodiesel blends alongside conventional gasoline and diesel pumps.
‘The continuing support of our existing investors, the new investment from Gentry, and the access to additional debt capital is a strong endorsement for our vision, our accomplishments and team,’ says Matt Horton, CEO of Propel. ‘This new funding, combined with grant funding from the State of California, will enable us to accelerate the build-out of our alternative fuel stations across state.’
More information on Propel Fuels' current and future station locations can be found HERE.