Los Angeles-based venture fund Craton Equity Partners announced today that it has led an investment in Sacramento-based Propel Fuels, a retailer of alternative fuels for motor vehicles. Propel runs a number of alternative fueling stations in both Seattle and Sacramento selling biofuels and E85 ethanol. Craton said it invested $8M in Propel, alongside Nth Power and @Ventures. Propel raised $12M in equity and $8M in debt in its funding round, which it says will go to expand its network of stations in California. More information »