Fuel Retailer Achieves Highest Ranking Among Renewable Energy Companies
REDWOOD CITY, Calif. (December 1, 2011) – Propel Fuels (www.propelfuels.com), a leading retailer of renewable fuels, has been chosen by Forbes Magazine as one of the most promising companies in America. Forbes‘ list of America’s Most Promising Companies features 100 privately held up-and-comers with compelling business models, strong management teams, notable customers, strategic partners and investment capital. At 42nd, Propel is the highest ranked renewable energy company on the list and was recognized for its groundbreaking approach in a traditional industry and for the large market opportunity served by its fueling stations. Today there are more than 20 million cars on the roads of America that can fill-up with alternative fuels and millions more in production each year.
“This prominent recognition is a validation of our approach to provide drivers something they have never had – true choice at the pump,” said Matt Horton, CEO of Propel. “Every fill-up is an opportunity to make progress – creating new jobs, reducing vehicle emissions, and providing our country a more secure energy future. We thank Forbes for the honor and we’ll keep our foot on the pedal to bring clean fuels to millions of Americans.”
Propel operates a network of Clean Fuel Point stations selling domestically-produced E85 Flex Fuel and biodiesel throughout the Western U.S., with more than 200 sites planned for new and existing markets over the next two years. These stations will serve the growing demand for renewable fuels driven by Chrysler, Ford and GM’s commitments to manufacture an increasing number of alternative fuel compatible vehicles. Along with thousands of loyal customers, Propel’s fleet program supports hundreds of private and public fleets, including the United States Postal Service and the California Department of Transportation.
Significant company growth, an established and expanding customer base, and a strategic role in a rapidly growing industry were all key factors evaluated by Forbes, and which led to Propel’s inclusion on the list.
“Sizing up younger, privately held companies is hard: Their fortunes can change very quickly and there’s a dearth of public data,” says Forbes Executive Editor Brett Nelson. “We took a more comprehensive approach to evaluate their health and potential.”
To sharpen its search, Forbes teamed up with CB Insights, a Manhattan-based data firm that tracks investment in high-growth private companies. With $650,000 in grants from the National Science Foundation, CB has developed complex software called Mosaic that mines myriad online sources (from press releases and social networks to job boards and court filings) to come up with one, algorithmically derived score that measures a private company’s health. Forbes married Mosaic’s data-crunching with old-fashioned reporting to assemble a list of rising stars with bright growth prospects. To view the complete the list, please visit www.forbes.com/ampc.
Headquartered in Redwood City, California, Propel builds, owns and operates a network of Clean Fuel Points – green-built, self-serve filling stations providing convenient access to clean, American, low carbon fuels. The company offers drivers and fleets a cleaner fuel choice that makes progress towards lowering America’s dependence on foreign oil, reducing carbon emissions, and creating jobs. Propel has also developed CleanDrive®, the nation’s first integrated carbon emission reduction tracking platform. Propel operates a growing network of locations providing cleaner mobility options in California and Washington State. More information is available at www.propelfuels.com and by following Propel on Twitter at: @PropelFuels.
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