Reinventing gas pumping, by putting it through the clouds. Impressive.
If Booster Fuels CEO Frank Mycroft has his way, gas stations will one day be obsolete.
His start-up, founded in 2014, is filling up cars in parking lots, so drivers don’t have to wait in lines or make extra trips. Booster is now operating across twenty U.S. cities, and in the parking lots of at least 300 different companies, Mycroft said. The service is available in Orange County, the San Francisco Bay Area and the Dallas - Fort Worth region.
Booster generates $180,000 in revenue daily, according to Mycroft, and has already delivered fuel more than 1 million times to customer cars.
To make delivery possible, Booster designed a tanker truck that can navigate the tight lanes of parking lots. The trucks can both load up fuel and deliver it, cutting out the costs of the middle man and allowing the start-up to procure fuel wholesale from providers like Exxon and Shell.
To make money, Booster charges users for each fuel delivery. Customers can order a refill at work using the Booster app. They have to leave the gas cap on their cars accessible wherever they’ve parked to get the service.
Mycroft, an ex-Boeing spacecraft engineer, recently took CNBC for a ride in one of the company’s specially designed trucks.
“The innovation really happens at the intersection of everything,” Mycroft said. “It’s hardware with embedded systems, with software that’s communicating to the cloud, it’s procurement of fuel, it’s pricing the customers.”
Booster has raised around $32 million in venture funding from firms including Conversion Capital, Madrona and Maveron. It plans to use some of that capital to expand over the next year into new company lots and at least three more states.