Funding News: Propel Biofuels

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.


Comments have been disabled for this post