In California, Propel Fuels announced it will move its headquarters from Redwood City to Sacramento. As California’s low carbon economy grows over the next decade, Sacramento will be home to the people and policies shaping its future. “The low carbon economy is being defined in Sacramento,” said Propel’s founder and CEO, Rob Elam, “There’s nowhere we’d rather be.”
California is accelerating its implementation of carbon reduction and clean air regulations, including AB 32 Global Warming Solutions Act, the Low Carbon Fuel Standard (LCFS), and Carbon Cap-and-Trade. In addition, Governor Jerry Brown has announced an Executive Order to reduce petroleum use in California 50 percent by 2030. Propel is committed to strong partnerships between the public and private sectors, developing and supporting progressive public policy that brings equitable, market-based solutions to realize the state’s policy goals.
In 2014, Propel appointed new board directors and management to refocus the company on California’s carbon opportunity. Company Founder Rob Elam returned to Propel as Chief Executive Officer, with Koichi Kurisu appointed as COO. Propel’s board is now composed of Mr. Elam and two new directors, Eric Starr (Chairman) and Barrett Carlson of CapX Partners, a Chicago-based provider of capital to middle market companies.
Under new management Propel has seen record results across all significant Key Performance Indicators, including Same Store Sales, COGS, Customer Acquisition, Customer Retention, and Capacity Utilization.
Additional recent business highlights for the company include:
• Record Flex Fuel Sales: Propel now dominates California’s E85 Flex Fuel market with more than 70 percent of all Flex Fuel sold statewide1.
• Diesel HPR Launch: In March, Propel introduced next generation Diesel HPR2, the highest performing, lowest carbon diesel fuel available in North America.
• New Partnerships: Propel announced partnerships with California’s largest low carbon fuel suppliers Pacific Ethanol and Neste Oil.
• Technology and Data: The company delivered industry leading technology and customer intelligence, including ground breaking low carbon consumer analytics, data driven infrastructure locationing technologies, CleanDrive carbon accounting, and a new station locator and real time pricing app.