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@Ventures Invests in Propel Biofuels, Inc.
Waltham, Mass. — August 29, 2007 — @Ventures®, the venture capital business of CMGI®, Inc. (NASDAQ: CMGI), announced today that it has made a $2.0 million investment in Propel Biofuels, Inc., a biofuels retailing and distribution company. @Ventures led the company’s $4.75 million Series A financing round, joined by co-investor Nth Power and several Seattle-based sustainable business leaders.
Propel is working to build the “last mile” in the biofuels industry, connecting biofuels producers with consumers. In order to provide drivers with an alternative to petroleum-derived fuels, Propel builds, owns and operates public biofuels fueling sites. Propel also provides comprehensive consulting and support to large fleets seeking a transition to alternative fuels.
In conjunction with the financing, Peter Mills, Managing Director of @Ventures, has joined Propel’s board of directors. Propel announced today that Arthur Rubinfeld also will be joining the company’s board of directors. Mr. Rubinfeld was previously Executive VP at Starbucks, where he was responsible for the planning and execution of Starbucks’ retail brand design, positioning, real estate, and store growth strategies. During his 10 years with Starbucks, Mr. Rubinfeld was responsible for the company’s growth from 100 stores to more than 3,800 stores worldwide.
"Many consumers would like to reduce their dependence on fossil fuels, but currently have no choice at the pump," said Matt Horton, a Principal with @Ventures. "Whether they are motivated by the environment, national security, or a desire to support farmers, people need access to alternative fuels in order to make a difference. We believe that Propel is addressing a critical need in the biofuels industry by making biofuels more readily available to consumers."
About Propel Biofuels
Propel is fueling change by giving customers access to alternative fuels that are better for our environment, better for our economy and better for our energy security. Propel builds, owns and manages a network of alternative fuel locations that serve fleets and individuals seeking to reduce carbon emissions. The Seattle-based company was founded in 2004. For more information, visit www.propelbiofuels.com.
About @Ventures
@Ventures provides venture capital to early stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 software, IT, Internet, and clean energy companies. The focus of @Ventures’ fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification technologies. For more information, visit www.ventures.com.
About CMGI
CMGI, Inc. (Nasdaq: CMGI), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI's venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit www.cmgi.com.
