Propel currently owns and operates eleven alternative fueling stations in Seattle and Sacramento, which sell ethanol (E85) and biodiesel fuels. Craton’s investment is part of a $12m equity round that also includes funding from Nth Power and @Ventures, which previously invested in Propel. This is Craton’s first investment in Propel.
Tom Soto, managing partner of Craton, said: “We are excited to be supporting the growth of Propel because it’s a California company that’s bringing the clean tech revolution to consumers at the street level. Clean, American-made biofuels are critical to ending our dependence on foreign oil, and Propel is making these fuels available to consumers in a way that is convenient and will drive the purchase of alternative fuel vehicles.”
Matt Horton, CEO of Propel, said: “We welcome the financial support of Craton Equity Partners because it will allow us to significantly expand the reach of our network of fueling stations. Propel empowers drivers to make clean, affordable, American-made alternative fuels a part of their daily lives.”
Craton is focused on investing in new technologies and its investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels.
