LOS ANGELES, Feb. 10 /PRNewswire/ -- Craton Equity Partners, a leading California clean technology fund, has made an $8 million investment in Propel Fuels, a leading retailer of environmentally friendly alternative fuels for motor vehicles.
Propel, based in Sacramento, California, will use the Craton investment to dramatically expand its station network in California. The company's modular fueling sites are typically co-located on the property of existing gas stations, creating a low cost approach to increasing the availability of ethanol and biodiesel to the millions of Flex Fuel and diesel vehicles on the road. 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 $12 million equity round that also includes funding from Nth Power and @Ventures, which previously invested in Propel. This is Craton's first funding commitment to Propel.
"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," said Tom Soto, a managing partner of Craton Equity Partners. "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."
"As a California based fund whose investors include state and local governments, we are proud to support a California company such as Propel that will create new jobs in our state, and serve and promote the growing consumer demand for access to low carbon fuels", said Craton managing partner Bob McDonald.
"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," said Matt Horton, Propel CEO. "Propel empowers drivers to make clean, affordable, American-made alternative fuels a part of their daily lives."
Propel (www.propelfuels.com) 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 and America's dependency on foreign oil. Propel 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.
Craton Equity Partners (http://cratonep.com/) is a nationally known, Los Angeles-based cleantech fund, focused on investing in new technologies that provide profitable solutions to the effects of climate change and environmental degradation. Craton's investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels. Craton is a leading advocate for sustainable investing, and using investment models to respond effectively to the urgent environmental challenges of our time.
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SOURCE Craton Equity Partners