Propel Fuels Inc., a closely held retailer of ethanol and biodiesel blends, received $21 million in financing to expand its network of biofuel stations.
Gentry Venture Partners and existing investors Nth Power LLC, Craton Equity Partners and @Ventures provided $11 million in equity capital as part of the company’s Series D financing round, Propel said in a statement on its website today. It also received $10 million in debt and didn’t identify the provider.
Propel, based in Redwood City, California, operates 24 fuel stations in California and six in Washington. The funding will help it expand to about 75 locations within a year, Chief Executive Officer Matt Horton said in a phone interview. The U.S. Energy Department and the California Energy Commission have awarded Propel $22 million in grants to expand its network, and the private investments will provide some of the required matching funds, he said.