The company closed the initial phase of its Series D round of funding, obtaining $11m from existing investors Nth Power, Craton Equity Partners, and @Ventures in addition to a new investor, Gentry Venture Partners.
Propel also received $10m as debt financing from CapX Partners and will employ the funds to unveil 200 new stations in the next two years – in new as well as existing markets.
Commenting on the developments Propel CEO Matt Horton said that the assistance of both existing and new investors represents a strong endorsement for the company’s vision.
"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, offering consumers true choice and a better experience at the pump," Horton added.
Gentry partner Thomas Raterman remarked, "Propel is creating a position as a trusted source of the most advanced fuels on the market today – no matter what type of vehicle you drive."
Propel’s renewable fuel stations are currently spread across California and Washington State and provide fuels such as Flex Fuel E85 and biodiesel blends, besides conventional gasoline.
