Diligence memo · auto-generated · as of July 1, 2026
Fuel Tech, Inc.
Fuel Tech, Inc. looks fair against its niche peers and is dormant on financing cadence.
Businessfiled
Fuel Tech, Inc. operates in Other Energy, based in Warrenville.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Fuel Tech, Inc. has raised $26M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $26M on 2021-02-11.
Most recent recorded round closed around 2021-02-11.
Valuation (modeled)modeled
Provath models Fuel Tech, Inc. at approximately $265M (range $61M–$908M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.30× the median modeled value of Series B Other Energy companies in 2019–2021 (30 peers) — value vs value, same stage and era. Within the normal band (130% of peer median) for its niche.
Financing rhythm & timingmixed
Last raise 5.4 yr ago; this sector typically re-raises about every 12 months.
Only one round on record and long silent — often defunct, acquired, or gone quiet.
Comparablesmixed
Capital scale ranks ahead of 84% of Other Energy peers (2048 compared).
Modeled value ranks above 91% of those peers.
Closest niche peers: CalBioGas Investors I LLC, Crown Lng Holdings Llc, PowerTeam Management Feeder, LLC, Monarch Resource Partners Holdings LLC, NG Advantage LLC.
Peoplefiled
7 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.