Enables fatty acid ligase activity; fatty acid transmembrane transporter activity; and identical protein binding activity. Involved in glucose import in response to insulin stimulus; long-chain fatty acid import into cell; and positive regulation of triglyceride biosynthetic process. Acts upstream of or within several processes, including adiponectin-activated signaling pathway; lipid transport; and positive regulation of protein serine/threonine kinase activity. Located in basal plasma membrane and endoplasmic reticulum. Is integral component of plasma membrane. Is expressed in several structures, including alimentary system; central nervous system; genitourinary system; phalanx; and sensory organ. Orthologous to human SLC27A1 (solute carrier family 27 member 1). [provided by Alliance of Genome Resources, Apr 2022]