Booster making renewable fuels accessible in ways gas station cannot
Booster provides fuel direct to fleet vehicles
Courtesy of Booster Fuels Inc.
Fuel delivery company Booster started out filling commuters cars at work. However, after the Covid pandemicFrank Mycroft, CEO of Booster, says that many people have moved to remote jobs. The company has increased its business refueling commercial vehicles fleets to ensure drivers can go as soon as they begin a shift.
To grow that business and offer more renewable energy options to customers, Rose Park Advisors led a new venture financing round for Booster, which included venture and energy firms such as Maveron, Mitsubishi Corp. and Maveron Venture Group.
CNBC’s Matt McIlwain told CNBC that Madrona’s managing Director, Matt McIlwain said he expected Booster, with the new capital, to grow geographically. The investor stated that the company’s existing partnerships and contracts will allow them to reach an incredible level. If the company does as it is expected, a public offer could also be made for Booster within the next two- to three year.
Mycroft states that some of the funds will be allocated to research and development. Booster has been working to find ways of charging electric vehicles anywhere they’re parked, such as buses or delivery vans. This includes dirt lots with no infrastructure.
Mycroft states that electric vehicle charging could become a big business for Booster. But, Mycroft claims that many companies today can’t afford the conversion of their fleets to battery, or don’t have access to the batteries they desire.
It TeslaHeavy-duty Semi production has already been halted multiple times. begin in 2023. Also Rivian recently warned investorsDue to legal disputes with suppliers, it might not be in a position to ship the thousands of electric vans promised by Amazon.
Booster currently encourages diesel-burning customers to use renewable diesel. Mycroft admits that alternative fuels such as these can cause tailpipe emissions but they still have about one third of the carbon footprint than traditional fossil fuels.
Booster can only be piped into renewable and biodiesel through different lines than gas stations. This is why Rose Park Advisors managing director Steve Geskos says that energy companies love to collaborate with start-ups.
This year, fuel prices have shot up since Russia’s brutal invasion of UkraineMycroft states that biodiesel and renewable diesel are becoming more affordable. AAA reported Wednesday that the national average price for unleaded regular gas was $4.60 per gallon.
Although Mycroft doesn’t consider his company a solution to climate change, he is aware of the environmental impacts that transportation has on the environment and seeks out opportunities to make them less harmful.
Booster supplied fuel during Texas’s February blackouts. This allowed fire trucks to run and generators to operate as long as there was power. Booster trains drivers from its state to quickly refuel Cal Fire’s fire trucks in preparation for California’s wildfire season.
Mycroft stated that emergency response was unfortunately another part of the business.
Intergovernmental Panel on Climate Change, U.N. recommendsTo limit the human-caused global warming that increases extreme weather and its severity, “a significant reduction in fossil fuel usage, widespread electrification and improved energy efficiency are necessary.”