The Booster provides fuel directly to the fleet vehicles.
Courtesy of: Booster Fuels Inc.
Booster fuel start-up made its name by filling passenger cars while parked in the office. But after the Covid pandemic shifted so many people to remote work, says Booster CEO Frank Mycroft, the company has stepped up its commercial vehicle refueling activities so that drivers are ready to start when they start a shift.
To grow this business and offer more renewable energy options to our customers, Booster raised about $ 125 million in a new business venture led by Rose Park Advisors, along with energy and corporate companies such as Mitsubishi Corp., Renewable Energy Group, Maveron and Madrona Venture Group, among others.
Matt McIlwain, CEO of Madrona, told CNBC he expects Booster to expand geographically with this chapter. “The committed partnerships and contracts they already have will lead them to an incredible scale,” said the investor. He also believes that a public offering could be possible for Booster over the next two to three years if the company performs as expected.
Mycroft says some of the funding will also go to research and development. Booster works on ways to recharge all-electric vehicles, including buses and delivery trucks, wherever they are parked – even on dirt roads away from any charging infrastructure.
Charging electric vehicles should become a big business for Booster over time, says Mycroft, but today many companies can not afford to convert their fleets into battery-powered electric models or battery-powered electric vehicles. to buy are not even available.
Tesla Semi heavy-duty, for example, has been delayed several times with production expected to begin in 2023. And Rivian recently warned investors that it may not be able to deliver the thousands of electric trucks promised by Amazon due to legal battle with a supplier.
For now, Booster is convincing customers of traditional diesel trucks to try renewable diesel or biodiesel made from spent cooking oil or other blends of vegetable origin. Alternative fuels such as those that produce emissions from exhaust, Mycroft recognizes, but overall have about one-third of the carbon footprint of traditional fossil fuels.
Because renewables and biodiesel can not flow through the same lines that go to gas stations, Booster is the key to distribution, says Steve Geskos, CEO of Rose Park Advisors, a reason why energy companies want to cooperate with the start-up.
As fuel prices soar this year after Russia’s brutal invasion of Ukraine, biodiesel, renewable diesel and other “performance” fuels are proving competitive in price, Mycroft says. The national average for regular, unleaded gas hit a record $ 4.60 a gallon, according to the AAA on Wednesday.
While Mycroft knows itself and does not charge its company as a clean climate solution, the CEO says he is looking for every opportunity to reduce the negative impact of transportation on the environment and help communities become climate resilient.
For example, during the extensive blackouts in Texas last February, Booster delivered fuel to keep fire trucks and generators running for as long as the grid was down. In preparation for the California fire season, Booster is now training drivers in its home state on how to quickly refuel fire trucks used by Cal Fire.
“Emergency response is, unfortunately, another growing part of our business,” Mycroft said.
The UN Intergovernmental Panel on Climate Change recommends a “substantial reduction in fossil fuel use, broader electricity, improved energy efficiency and the use of alternative fuels” to reduce global warming, which increases the severity and frequency of seizures. events.