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Summary:

Propel Biofuels, a Seattle-based startup that is building public biodiesel fueling sites, has raised $4.75 million in its Series A round of funding from @Ventures and Nth Power, the company announced on Wednesday. @Ventures led the round and was joined by local business investors including Andrew […]

Propel Biofuels, a Seattle-based startup that is building public biodiesel fueling sites, has raised $4.75 million in its Series A round of funding from @Ventures and Nth Power, the company announced on Wednesday. @Ventures led the round and was joined by local business investors including Andrew Stout, founder of Full Circle Farms; Ronny Bell, founder of Pioneer Organics; Barry Barr, founder of KAVU; and Jack Rafn, founder of RAFN Construction.

Founder Rob Elam told us that the company plans to spend the funding on expanding its network of fueling stations; Propel will launch the first of its fueling stations out of beta within a couple months. Earlier this year Propel received a loan from Imperium Renewables (a large Seattle-based biodiesel producer which recently filed for an IPO) partly in exchange for an agreement to sell some of Imperium’s biofuel.

Update: Rob Day, principal at @Ventures, says to us in an email that “fueling locations are a critical missing link in the biofuels supply chain right now.” Day thinks that Propel’s solution makes it easy for independent gas station owners that are looking to offer a green fueling solution, with low upfront costs and low risk. We also wrote about Kris Moller’s Conserv Fuel station, which offers biofuels in Southern California.

By Adena DeMonte

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  1. Mr Friday Joseph Okonedo Monday, September 17, 2007

    BIODIESEL –BIOFUELS-BIOENERGY

    ATTN :

    This is Bushmen Palm Product Company located in the republic of Guinea Conakry .
    Our office head quarter is located at :

    Rue de College,Quartier Tatagui 2
    Commune Urbain De Forecariah
    Region De Kindia
    BP: 8086 Republique De Guinee
    Tel: +224.64.40.24.14
    Fax: + 224.64.28.06.75
    The CEO of BPPC: Mr Friday Joseph .M.Okonedo (myself)

    Our operation sites are:
    SITE 1 ( BBPC ,ville de Bocaria,District De Kalia Republique De Guinee)
    SITE 2 ( BPPC ,Ville De Coyah,KM 55 Republique De Guinee)
    SITE 3 (BPPC,Ville de Tougnifily,Route De Boke,Prefecture de Boffa)

    We are an agro industry in the area of planting seeds, production of palm kernel oil and palm oil.
    Considering the world’s new direction towards Bio fuels, Bio diesel, Bio energy, we deem it very important to be a party to this new and safe invention for a better and secured environment.

    Presently we have gathered about 16.000 tonnes of palm kernel nuts and we seek for a buyer of these palm kernel nuts which can be useful in bio fuels / bio diesel or for soap manufacturers.

    We also seek collaborators that can be partners with us to establish crushing and pressing plants to transform those nuts into oil for export purpose or for bio affairs.

    We also have excess palm fruits that keep wasting all year round because we don’t have palm oil pressing/extracting machines and we need a serious partner to collaborate with us in the crude palm oil production.

    65% of Guinea bush/forest are covered with natural palm trees, growing and producing from year to year and they are they are free for people to take fruits for palm oil as much as you can handle or produce.

    We have an empty land of 4000 Hectares that we need to transform to a palm tree plantation.

    We also have another land of 600 hecters of land that we propose for Jathropa and sunflower farming in a zone where there is a constant temperature for such plant and we need serious partners and possible funding if any exists for this available projects.

    We want to seriously contribute in the new wave of biofuels and biodiesel trade for a better and cleaner world.
    Our problem is that we don’t have the necessary materials and funding to put all our aims, goals and ambition in practice but really we have a very big dream to achieve. For the moment, all the resource and finance that we have is on the palm kernels and we keep on our daily collections from our tiny finance of which we have attained to that huge tonnage of 16.000 tonnes.

    We expect a favourable response from you.

    Sincerely,
    Mr Friday Joseph Okonedo.M.
    Managing director and CEO
    BUSHMEN PALM PRODUCTS COMPANY

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  2. kelly abubakar ichakapa Wednesday, October 3, 2007

    we are vegetable oil consultants and have clients in the west coat and supply palm kernel and palm oil. please quote for us for 3000MT monthly for palm kernel ex youe factory or FOB guuinea port for this. we need palm oil of the sa

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  3. Exodus Kilanko Tuesday, March 4, 2008

    Dear Sir,
    We are proud to go into business relationship with your good self.

    We urgently need 25000 metric tones of CPKO per week for a 60 months contract. Our target price is USD$200 per metric tones because. We are prepared to sign up a contract with your company today because we have our ship tank ready for purchase.

    Regards,
    President: Scan Group Africa Limited.

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  4. [...] Air Resources Board (CARB). The stations can’t be that expensive as Propel has only raised a Series A round of $4.75 million from @Ventures and Nth Power, and the company owns and operates the stations [...]

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  5. I would like to be contact with this company

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