Booster Pulls in $125M for On-Demand Fuel Delivery Platform
Booster, an on-demand energy delivery platform, announced Wednesday it closed a $125 million Series D funding round. The round was led by Rose Park Advisors with participation from Chaac Ventures, Equinor Ventures, Mitsubishi Corporation, Thayer Ventures and low-carbon energy producer Renewable Energy Group (REG).
With the ongoing supply chain issues, getting any fuel — let alone renewable or alternative fuels — to fleets through traditional channels is more complicated and costly than ever. Booster cuts out the middleman with on-demand fuel delivery. This reduces refueling costs and improves fleet management productivity. Booster’s partnership with REG also ensures fleets have access to fuel options.
“The supply chain powering transportation is overly reliant on costly fixed infrastructure,” Booster founder and CEO Frank Mycroft said in a statement. “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.”
In addition to connecting fleets with traditional fuel, Booster is also working to shift the industry to renewable and alternative fuels. Currently, Booster delivers 100 percent renewable diesel to thousands of its California customer’s fleets, according to a company statement. The company is also working to add on-demand charging for electric vehicle (EV) fleets to meet customer demands.
Booster isn’t the only company working toward expanding EV fleets to receive new capital. Just last week, Inspiration Mobility in Washington, D.C. raised $215 million to transition fleets from gas to electric. With the rise in demand for EV fleets and their lower carbon footprint, it’s no surprise investors are taking notice.
Booster plans to use its new capital to expand its network of direct-to-vehicle fuel delivery, bringing conventional, renewable and alternative fuels directly to fleets.