US: Booster Raises Funding to Expand Mobile Refueling Platform and Speed up Transition to Low-Carbon Fuels

(Booster/NGV Journal) Booster, mobile energy delivery platform, announced it has raised more than $125 million in Series D funding led by Rose Park Advisors with participation from new investors Chaac Ventures, Equinor Ventures, Mitsubishi Corporation and Thayer Ventures. Renewable Energy Group (REG), a leading producer of low-carbon renewable fuels, also increased their strategic investment as part of the round.

With the new funding, Booster will continue to expand its network of direct-to-vehicle fuel delivery, connecting fleets directly to an expanding portfolio of conventional, renewable and alternative fuels. At a time when the urgent desire to transition to a sustainable energy future is far outpacing the availability of the necessary infrastructure, Booster provides a critical “one-stop-shop” solution for the transportation and mobility sectors, and promotes the switch to renewable and alternative fuels in response to growing customer demand.

“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, we have 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 eliminates the middleman, reducing refueling costs, improving productivity and – through its strategic partnership with REG – ensuring reliable, energy-agnostic access to a resilient supply chain of fuel options.

Booster 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. Its mobile network has also supported regions facing critical fuel shortages, and assisted with relief efforts during recent disasters such as hurricanes, floods and wildfires. Advocacy groups such as Paralyzed Veterans of America and the United Spinal Association work with Booster to advance contactless, full-service fuel delivery as the winning alternative to self-service gas stations for drivers with disabilities through the Californians for Smart Fueling coalition.

“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.” READ MORE

Excerpt from CNBC: Fuel delivery start-up Booster made its name filling up commuters’ cars while they were parked at the office. But after the Covid pandemic shifted so many to remote work, Booster CEO Frank Mycroft says, the company ramped up its business refueling commercial vehicle fleets so drivers are ready to go the moment they start a shift.

To grow that business and offer more renewable energy options to customers, Booster has raised approximately $125 million in a fresh venture funding round led by Rose Park Advisors, alongside energy and venture firms including Mitsubishi Corp., Renewable Energy Group, Maveron and Madrona Venture Group among others.

Matt McIlwain, managing director at Madrona, told CNBC he expects Booster to expand geographically with that capital.

For now, Booster is convincing customers with traditional, diesel-burning trucks to try renewable diesel, or biodiesel which is made from spent cooking oil or other plant-based blends. Alternative fuels like these generate tailpipe emissions, Mycroft acknowledges, but overall they have about one-third of the carbon footprint of traditional fossil fuels.

Since renewable and biodiesel can’t be piped in through the same lines that go to gas stations, Booster is key to distribution, says Steve Geskos, managing director at Rose Park Advisors, one reason energy companies are keen to partner with the start-up.

For example, during the widespread blackouts in Texas last February, Booster delivered fuel to keep fire trucks running, and generators going as long as the grid was down. In preparation for California’s wildfire season, Booster is now training drivers in its home state on how to quickly refuel fire trucks used by Cal Fire. READ MORE