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Alternative Energy - Wednesday, August 29, 2007

Propel Biodiesel: Another Seattle Alt Fuel Startup Funded

Seattle seems to be turning into the alternative fuel hub for the nation. Today we learn that Propel Biodiesel has raised $4.75N in Series A from @Ventures and Nth Power. Angel investors included 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. Arthur Rubinfeld, who was SVP at Starbucks and had responsibility for building out locations, has joined the board.

The company plans to refine biodiesel pumps for existing service stations. Propel says it has 7 locations signed and has built the first 5 biodiesel dispensing systems.

If you are not familiar with the pitch for biodiesel to the US market, it appeals to people who want greater energy independence for the US as materials are 100% domestic product. Additionally, biodiesel supporters make the case that it is better for the environment. The downside is its not cheaper to buy than gas and at this point it is not easy to find filling stations that sell biofuel. That's where Propel comes in.

Petrol Biodiesel is branding a cause - fighting oil consumption.

Propel was founded in 2004 by Rob Elam who says he had senior roles with Imation, IDG, and Fluent/TPD Communications UK. He brought on David O'Neil in February 2007. He was VP of Worldwide Sales & Marketing at The PowerTech Group.

See One of Propel's Many Web commercials

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