Booster Fuel Delivery Company Raises $125M in Late-Stage Funding

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May 25 (Reuters) – Fuel delivery company Booster said on Wednesday it had raised $125 million in a late-stage funding round led by investment firm Rose Park Advisors with participation from Japan’s Mitsubishi Corp (8058.T).

The San Mateo, Calif.-based company offers an on-demand platform to reserve fuel services for customers such as tech giants Amazon (AMZN.O) and IBM (IBM.N). Its portfolio includes conventional, renewable and alternative fuels.

As global fuel demand approaches pre-pandemic levels and crude oil prices soar over a decade, energy companies have attracted huge investor interest and have been among the winners of the year. The S&P 500 Energy Index (.SPNY) is up more than 50% so far in 2022.

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Booster’s focus on sustainability is relevant in today’s environment where “fuel prices are hovering at record highs and concerns about energy independence are growing,” founder and CEO Frank Mycroft told Reuters.

The company said its first-quarter revenue more than doubled year-over-year as major e-commerce and delivery companies like United Parcel Service (UPS.N) also used its services.

“Our ability to directly supply clean, US-generated power without the physical infrastructure helps communities today by reducing fuel consumption,” Mycroft added.

Booster said he is encouraging the transition to 100% renewable diesel as environmentally conscious consumers turn to alternative fuels and calls for greener business practices grow louder.

The company is also increasing its capabilities in the on-demand electric vehicle (EV) charging space, it said, as EV popularity grows in the United States.

Other Series D fundraising investors included Chaac Ventures, Equinor Ventures, Thayer Ventures, Conversion Capital and Enterprise Holding Ventures, Booster said.

The company did not disclose its valuation after the round.

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Reporting by Manya Saini in Bangalore; Editing by Maju Samuel

Our standards: The Thomson Reuters Trust Principles.

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