HUNTINGTON BEACH, CA PRNewswire January 23, 2001 TeamFuel, a fuel procurement and supply chain management firm, is challenging the way traditional companies buy fuel, and this week, it was given a $5.5 million round of strategic venture financing to do so.
TeamFuel is a fuel procurement and demand-side management firm that handles clients' total fuel needs throughout the supply chain, aggregating their customers fuel needs for pricing leverage. The company purchases fuel on behalf of its clients using market management algorithms and competitive bidding. We call this demand-chain re-engineering, said TeamFuel CEO Bill Green.
Well, demand-chain re-engineering is striking a profitable chord with VCs. Firms participating in the $5.5 million round of financing include Nth Power Technologies, DQE Enterprises, Energy Ventures Group, Garage.com and Ephibian.
This capital infusion will allow TeamFuel to significantly ramp up operations well beyond the 55 million gallons of fuel that we managed or rescued' for our clients last year, noted Kristen Irvin, president and founder of TeamFuel. We use our fuel procurement expertise to work on behalf of the fuel purchasers on the demand side' of the equation.
TeamFuel will use the capital infusion for infrastructure development and to expand its sales and marketing organization.
We are very pleased to be investing in TeamFuel and its management's vision of the future of the downstream fuel procurement industry, said Tom Hurkans, president of DQE Enterprises. We see immediate opportunities for TeamFuel in all of those energy arenas in which we and our affiliates have positions.