Propel Fuels raises $20M, and why Washington ran out of gas |
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Propel Fuels raises $20M, and why Washington ran out of gas
California residents will soon be seeing more Propel fueling stations near major metro areas.
Clean tech proponents in Washington state should be crying in their biodiesel after seeing this announcement. Propel Fuels today announced that it has raised $20 million in equity and debt financing, money that it will use to expand its network of alternative fueling stations in California.
The reason this good news for Propel should prick Washington is that the upstart company moved its headquarters from Seattle to Sacramento one year ago this month. A month later, Propel founder Rob Elam wrote in a guest post for TechFlash that Washington state "has fallen well behind Oregon and California in our ability to incubate and grow clean tech companies."
He then blamed the political establishment in the state for failing to embrace the clean tech revolution.
Propel continues to operate in Washington state, with six fueling stations and a small office. However, the company's focus is clearly in California. It is likely that would have been the case anyway given the huge market opportunity there, something that Propel CEO Matt Horton addressed in the release today.
“California has the largest fleet of alternative fuel vehicles in America and the market is significantly underserved,” said Horton. “This funding allows us to build on strong consumer demand and bring alternative fuels to more than 2 million alternative fuel vehicles on California roads today.”
Propel plans to add more than 50 fueling stations in California with the new money. And its plans for Washington?
The company tells TechFlash that it won't be adding any new stations here.
As one clean tech industry watcher noted, it sure seems like Washington dropped the ball by letting Propel get away.
Investors in the company's latest round include Craton Equity Partners, Nth Power and @Ventures.
UPDATE: Propel Fuels tells us that they plan to hire about 600 people related to the station build out in California, as well as about 35 at its new headquarters in Sacramento. (Clarification: Note that the 600 jobs are cited above are indirect construction-related positions, not full time employees at the company)>
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