Mobile energy supplier Booster recently raised more than $125 million the company says enables further expansion of its direct-to-vehicle fuel delivery network, which includes conventional, renewable, and alternative fuels.
Rose Park Advisors led the Series D funding with participation from new investors Chaac Ventures, Equinor Ventures, Mitsubishi Corporation, and Thayer Ventures. Renewable Energy Group (REG), a producer of low-carbon renewable fuels, also increased its strategic investment as part of the round. Existing investors also participated, including Cercano Management, Conversion Capital, Enterprise Holding Ventures, Invus Opportunities, Madrona Venture Group, Maveron Ventures, Perot Jain LP, and Version One Ventures.
Booster’s goal is to support fleets making the transition to sustainable energy ahead of the “availability of the necessary infrastructure,” the company said.
“The supply chain powering transportation is overly reliant on costly fixed infrastructure,” said Frank Mycroft, CEO and founder at Booster. “Given the extraordinary growth of the ‘delivery-of-everything’ economy, customers need reliable solutions that enable them to become more carbon-efficient today without compromising on cost or flexibility.
“Since our founding seven years ago, Booster has been singularly focused on reinventing that supply chain with solutions built on data, mobility, and the digital-first experience that customers want.”
By delivering fuel directly to vehicles, Booster maintains it eliminates the middleman, reducing refueling costs, improving productivity and—through its partnership with REG—ensuring “reliable, energy-agnostic” access to a resilient supply chain of fuel options.
The company also says it is promoting the switch to renewable and alternative fuels in response to growing customer demand. Today, the company delivers 100% renewable diesel to “thousands” of fleet vehicles across California and is building on its capabilities to meet the increased demand for electric vehicles (EVs) to include on-demand EV charging after a successful 2021 pilot.
Booster reports it grew Q1 revenues by more than 125% year-over-year, and has overhauled the fuel supply for many of the largest e-commerce, technology, and transportation fleets in the world, including Amazon, Imperfect Foods, and UPS, some of whom now run their fleets on recycled used cooking oil instead of fossil fuels.
“Booster’s energy logistics platform and trusted service professionals are disrupting the energy supply chain, reducing emissions, and improving the competitive position of small and large customers alike,” said Matt Christensen, managing partner at Rose Park Advisors. “Booster’s solution helps fleets to navigate alternative powertrain options both today and in the future, when performance will increasingly be evaluated on measures of environmental and sustainability impact.”