Participated · Series D · Dec 2012

Propel Fuels operates a network of stations providing renewable fuels (Flex Fuel E85, biodiesel blends) alongside conventional gasoline. Led by CEO Matt Horton and based in Redwood City, California, the company runs stations throughout California and Washington State. Its retail network includes traditional Clean Fuel Points co-located with conventional stations and new Clean Mobility Centers. Propel plans to expand aggressively, with more than 200 stations planned for new and existing markets over the next two years. The company raised financing to fund this buildout and recently added a new board member tied to the financing. Propel Fuels operates modular alternative-fuel fueling sites, typically co-located on existing gas station properties to lower costs. Its stations sell ethanol (E85) and biodiesel fuels to Flex Fuel and diesel vehicle owners. The company owns and operates eleven alternative fueling stations in Seattle and Sacramento. Propel raised new capital to expand its station network in California. The expansion funding reflects a mix of equity and debt financing. The company plans to use the proceeds to increase availability of ethanol and biodiesel across its target market in California.

Participated · Series D · May 2011

Cobalt Technologies develops and manufactures biobutanol (n-butanol) from non-food crops and biomass byproducts. Its biobutanol is sold into paints, coatings and renewable chemicals markets and can also be processed into jet fuel; the DOE notes biobutanol has greater energy density than ethanol. The company uses a non-genetically modified organism to ferment sugars from low-cost feedstocks such as wood chips and agricultural residues. Cobalt plans to build a 470,000 gallon-per-year demonstration plant in Alpena, Michigan, which is expected to start up around April 2012. It will generate some revenue from the Alpena facility and use that revenue along with the Series D proceeds to begin development of its first commercial plants. Cobalt is also developing bio jet fuel(s) under a partnership with the U.S. Navy struck in late 2010. Cobalt Technologies is a San Jose alternative energy startup. The article does not describe the company’s specific products or technology. It has secured $3 million of a planned $9 million second round. The partial raise was reported in a regulatory filing. The filing and report were cited by PE Week. No operating metrics, revenue figures, or future plans were disclosed in the article.

Participated · Series B · Oct 2010

Carbonflow provides Software-as-a-Service applications to manage carbon reduction projects under the Kyoto Protocol’s Clean Development Mechanism as well as regional, state, and voluntary programs. Its platform is designed to increase efficiency, transparency, security, and timeliness of project management that involves multiple decision makers and collaborators across continents. Typical users include local developers, government agencies, development banks, auditors, corporate buyers and other constituents. The company plans to use new capital to expand its global sales presence and to accelerate the release of new software products and services. Carbonflow maintains offices in San Francisco, Sydney and Zurich. The business closed a $4.2M financing to support these growth initiatives.