This week , a gas programs upkeep and software program enterprise in Houston, scored a $four.6 million funding revealed.
The corporate’s earlier backers Adams Capital Administration, BEV Capital and 9 particular person angels supplied the tranche cash. Up to now, Additech has raised about $35 million.
The chairman of Additech, Ralph Koehrer, defined in an e-mail that his firm will use this cash to “develop the variety of gas facilities [that have] our service,” and launch a brand new, “drive clear throughout America” advertising and marketing marketing campaign brief time period.
Additech’s programs embrace interactive merchandising software program, and dispensers of engine cleansing gas components, in addition to shows that play commercials whereas drivers refill. These are put in at gasoline stations in 16 states, from Texas to Florida and as much as the Carolinas.
Its most important clients embrace , and the operator of Wal-Mart shops’ gasoline stations .
The corporate is eyeing new enterprise in California and Arizona.
With its technical capabilities and attain, Koehrer confirmed, Additech may assist gasoline stations distribute biofuels (or different renewable liquid fuels) sooner or later, although the corporate hasn’t dedicated to take action but.
Adams Capital Administration normal companion in Austin says for now, Additech is “Mak[ing] it extremely straightforward for folks to make their vehicles and vans run cleaner and get higher gasoline mileage. You decide your grade of gasoline on the pump and also you’re requested ‘Do you need to put some additive in…? Sure? Nicely, you don’t must get soiled or something.’ Do that as soon as each three months or so and get higher mileage. It’s good for the atmosphere, and your pocketbook.”
Gasoline stations (or “gas facilities” in trade parlance) get a share of Additech’s income for permitting its programs to be put in and maintained at their stations.
Additech makes about 10% of its income from its media enterprise, and 90% from its merchandising programs, and gross sales of its custom-blended gas components on the pump. Its gas components are made by and embrace two detergent cleaners and a friction modifier.