Bio-fuel Blitz: 200 New Refueling Stations Slated to Open in CA, WA
Good news coming out of the bio-fuel industry last week as Propel Fuels announced it has finished generating the appropriate funding to create 200 new stations in California and the State of Washington over the next two years. Of the $21 million that was needed to begin their expansion, $11 million was gained through equity capital from existing investors while the remaining $10 million was secured through debt financing.
Spirits are inevitably high for the company. Propel CEO Matt Horton expressed strong optimism for the upcoming plans, “The continuing support of our existing investors…is a strong endorsement for our vision, our accomplishments and team…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 [the] state, offering consumers true choice and a better experience at the pump.”
The company has earned several awards in recent history for their swift, effective emergence in the fuel scene, including being named one of the Fastest Growing Private Companies nationwide and the 8th Fastest Growing Private Company in Silicon Valley by Inc. Magazine. The San Francisco Business Times ranked Propel Fuel as the 14th Fastest Growing Private Company in the Bay Area, as well.
Propel is best known for establishing a direct focus on environmentally-conscious objectives at their fueling stations. Aside from providing E85 (85 percent ethanol) and various forms of biodiesel at their pumps, Propel also makes an effort to conserve by providing a ride-sharing service for ‘carpoolers’, recycling stations at each location and an option to offset their emissions through their CleanDrive program.
Considering that Propel Fuels only has approximately 30 locations at this time, the expansion plans in store are substantial for the fledgling company. The process has been tedious for Propel; a report from 2010 stated that they intended to open 75 locations by the end of 2011, but have clearly fallen short of that original goal. With their ongoing recent success and now having the appropriate funding in hand, their inability to induce notable expansion appears to be a thing of the past. All things considered, the future is looking very bright for Propel Fuels.
Energy Curtailment Specialists, Inc.