Companies · Other Energy

NEXT Renewable Fuels, Inc.

HOUSTON · Other Energy

Diligence memoA one-page analyst read on NEXT Renewable Fuels, Inc. — recommendation, valuation, rhythm, risks.
$88.1M
Total raised · real
14
Rounds
0.3×
Latest step-up
Top 7%
Sector rank · raised
Series C
Latest stage · inferred · Mon Dec 29 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

NEXT Renewable Fuels, Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.01× the median modeled value of Series C Other Energy companies in 2025–2027 (17 peers) — value vs value, same stage and era.
Active
  • Last raise 6 mo ago; this sector typically re-raises about every 12 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other Energy

NEXT Renewable Fuels, Inc. is one of 2049 Other Energy companies tracked from HOUSTON. By capital raised it ranks among the largest (ahead of 94% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

climate/cleantech

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2025-12-29
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$250M$500M$750M$1.0BSeed · 2018-09-25 Raised $1.6M (real) Modeled valuation $20M (est)Seed2018Seed · 2019-09-24 Raised $675K (real) Modeled valuation $8.8M (est)Seed2019Seed · 2020-02-21 Raised $375K (real) Modeled valuation $4.9M (est)Seed2020Seed · 2021-05-03 Raised $2.0M (real) Modeled valuation $20M (est)Seed2021Seed · 2021-12-17 Raised $500K (real) Modeled valuation $4.1M (est)Seed2021Seed · 2022-08-11 Raised $1.5M (real) Modeled valuation $9.9M (est)Seed2022Seed · 2022-09-12 Raised $700K (real) Modeled valuation $4.5M (est)Seed2022Seed · 2023-01-25 Raised $950K (real) Modeled valuation $5.4M (est)Seed2023Series C · 2023-04-14 Raised $75M (real) Modeled valuation $596M (est)Series C2023Series C · 2023-05-02 Raised $3.0M (real) Modeled valuation $24M (est)Series C2023Series C · 2023-08-08 Raised $1.1M (real) Modeled valuation $8.3M (est)Series C2023Series C · 2023-12-22 Raised $150K (real) Modeled valuation $1.1M (est)Series C2023Pre-Seed · 2023-12-22 Raised $100K (real) Modeled valuation $421K (est)Pre-Seed2023Series C · 2024-02-15 Raised $110K (real) Modeled valuation $772K (est)Series C2024Series C · 2025-12-29 Raised $499K (real) Modeled valuation $2.7M (est)Series C2025Pre-Seed · 2025-12-29 Raised $150K (real) Modeled valuation $289K (est)Pre-Seed2025Cumulative $88M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Seed$1.6M · 2018
Seed extension$675K · 2019
Seed extension$375K · 2020
Seed extension$2.0M · 2021
Seed extension$500K · 2021
Seed extension$1.5M · 2022
Seed extension$700K · 2022
Seed extension$950K · 2023
Series C$75.0M · 2023no Series A / Series B on file
Series C extension$3.0M · 2023
Series C extension$1.1M · 2023
Series C extension$150K · 2023
Bridge · Series C-stage$100K · 2023smaller follow-on
Series C extension$110K · 2024
Series C extension$499K · 2025
Bridge · Series C-stage$150K · 2025smaller follow-on

Stages are modeled from round size (public records carry no series label). No record for: Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$2.7M
Base estimate est.
$1.8M
Conservative case
$3.3M
Upside case
$3.3M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.

Seed · modeled $20.4M · 2018-09-252018Seed · modeled $8.8M · 2019-09-24Seed · modeled $4.9M · 2020-02-21Seed · modeled $19.9M · 2021-05-03Seed · modeled $4.1M · 2021-12-17Seed · modeled $9.9M · 2022-08-11Seed · modeled $4.5M · 2022-09-12Seed · modeled $5.4M · 2023-01-25Series C · modeled $595.6M · 2023-04-14Series C · modeled $23.7M · 2023-05-02Series C · modeled $8.3M · 2023-08-08Series C · modeled $1.1M · 2023-12-22Pre-Seed · modeled $421K · 2023-12-22Series C · modeled $772K · 2024-02-15Series C · modeled $2.7M · 2025-12-29Pre-Seed · modeled $289K · 2025-12-292025
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
74%
Survival probability
55% low · 86% high
1.16×/yr
Annual markup
1.33×/yr upside case
0.5 yr
Elapsed time used
0.5 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
6 mo
Avg between rounds
$12.1M/yr
Capital velocity
7.8 yr
On record since
2018
First round
16
Rounds on file
How it compares to the market

Benchmarked against 2049 companies in Other Energy. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 26× above median
This company$88.1M
Sector median$3.4M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.0× of median
This company$150K
Sector median$47.0M
Modeled value — vs sector median (estimate, all stages) 0.2× of median
This company$2.7M
Sector median$17.0M

Raised more than 94% of sector peers (real $). Modeled value above 14% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #17 of 17.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Cig Ds1, Llc · Series C Raised $70.0M · modeled $381.8M (est)Electra Battery Materials Corp · Series C Raised $111.3M · modeled $378.0M (est)Z-GEO Holdings, LLC · Series C Raised $60.0M · modeled $355.1M (est)Natron Holdings, Inc. · Series C Raised $55.4M · modeled $329.2M (est)Ludvik Electric Co · Series C Raised $60.0M · modeled $329.0M (est)Antares Nuclear, Inc. · Series C Raised $86.7M · modeled $284.1M (est)Nuclear Co · Series C Raised $46.3M · modeled $276.3M (est)Cig Ds2, Llc · Series C Raised $45.5M · modeled $247.1M (est)Standard Nuclear, Inc. · Series C Raised $159.0M · modeled $244.8M (est)Ga Drilling Holding, Co. · Series C Raised $82.7M · modeled $208.5M (est)Malta Inc. · Series C Raised $106.5M · modeled $127.7M (est)Bioleum Corp · Series C Raised $106.7M · modeled $116.6M (est)NEXT Renewable Fuels, Inc. (this company) Raised $88.1M · modeled $2.7M (est)NEXT Renewable Fuels, Inc.
CompanyStageRaised · realValue · estvs peer med.
Cig Ds1, LlcSeries C$70.0M$381.8M1.56×
Electra Battery Materials CorpSeries C$111.3M$378.0M1.54×
Z-GEO Holdings, LLCSeries C$60.0M$355.1M1.45×
Natron Holdings, Inc.Series C$55.4M$329.2M1.34×
Ludvik Electric CoSeries C$60.0M$329.0M1.34×
Antares Nuclear, Inc.Series C$86.7M$284.1M1.16×
Nuclear CoSeries C$46.3M$276.3M1.13×
Cig Ds2, LlcSeries C$45.5M$247.1M1.01×
Standard Nuclear, Inc.Series C$159.0M$244.8M1.00×
Ga Drilling Holding, Co.Series C$82.7M$208.5M0.85×
Malta Inc.Series C$106.5M$127.7M0.52×
Bioleum CorpSeries C$106.7M$116.6M0.48×
NEXT Renewable Fuels, Inc. this companySeries C$88.1M$2.7M0.01×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Seed$1.6M2018-09-25$7.9M$20.4M90%
Seed$675K2019-09-24$3.4M$8.8M90%
Seed$375K2020-02-21$1.9M$4.9M90%
Seed$2.0M2021-05-03$10.0M$19.9M90%
Seed$500K2021-12-17$2.5M$4.1M90%
Seed$1.5M2022-08-11$7.5M$9.9M90%
Seed$700K2022-09-12$3.5M$4.5M90%
Seed$950K2023-01-25$4.8M$5.4M90%
Series C$75.0M2023-04-14$500.0M$595.6M90%
Series C$3.0M2023-05-02$20.0M$23.7M90%
Series C$1.1M2023-08-08$7.3M$8.3M90%
Series C$150K2023-12-22$1.0M$1.1M90%
Pre-Seed$100K2023-12-22$556K$421K90%
Series C$110K2024-02-15$733K$772K90%
Series C$499K2025-12-29$3.3M$2.7M90%
Pre-Seed$150K2025-12-29$833K$289K90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Seed$1.6M2018-09-25
    • First recorded raise — entered as Seed.
    • 7 investors on this round.
  2. Seed$675K2019-09-24
    • Raised 12 mo later, in step with the ~12 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  3. Seed$375K2020-02-21
    • Came back fast: 5 mo vs the ~12 mo sector norm.
    • Round 1.8× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  4. Seed$2.0M2021-05-03
    • Raised 14 mo later, in step with the ~12 mo sector norm.
    • Round 5.3× larger than the prior — scaling up.
    • 10 investors on this round.
  5. Seed$500K2021-12-17
    • Raised 7 mo later, in step with the ~12 mo sector norm.
    • Round 4.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  6. Seed$1.5M2022-08-11
    • Raised 8 mo later, in step with the ~12 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 7 investors on this round.
  7. Seed$700K2022-09-12
    • Came back fast: 1 mo vs the ~12 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  8. Seed$950K2023-01-25
    • Came back fast: 4 mo vs the ~12 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 5 investors on this round.
  9. Series C$75.0M2023-04-14
    • Came back fast: 3 mo vs the ~12 mo sector norm.
    • Round 78.9× larger than the prior — scaling up.
    • 7 investors on this round.
  10. Series C$3.0M2023-05-02
    • Came back fast: 1 mo vs the ~12 mo sector norm.
    • Round 25.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  11. Series C$1.1M2023-08-08
    • Came back fast: 3 mo vs the ~12 mo sector norm.
    • Round 2.7× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  12. Series C$150K2023-12-22
    • Came back fast: 4 mo vs the ~12 mo sector norm.
    • Round 7.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  13. Pre-Seed$100K2023-12-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  14. Series C$110K2024-02-15
    • Came back fast: 2 mo vs the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  15. Series C$499K2025-12-29
    • Raised again after 22 mo — slower than the ~12 mo sector norm.
    • Round 4.5× larger than the prior — scaling up.
    • 1 investor on this round.
  16. Pre-Seed$150K2025-12-29
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.3× smaller than the prior — bridge or down round.
    • 1 investor on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~6mo cadence
$150K
Modeled next size est.range $150K$240K
0.3×
Last step-up
$12.1M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Christopher Efird3 other2018-09
David Kane2 other2021-05
E. Scott Crist1 other2021-12
Louis Soumas1 other2018-09
Robert Russell1 other2021-05
Stephen Trauber1 other2025-12
Birgette Ahring2025-12
Birgette Scott Ahring2023-12
Chris Hearn2025-12
Chris Scott Hearn2023-12
Christopher Effird2023-05
Dan Kim2022-09
Dan Scott Kim2022-08
David Scott Kane2021-12
Eugene Cotten2021-05
Eugene Scott Cotten2021-12
Jo Ellen Darcy2025-12
Jo Ellen Scott Darcy2023-08
Larry Mellinger2018-09
Lisa Holmes2025-12
Lisa Scott Holmes2023-01
Luisa Scott Ingargiola2022-08
Robert Scott Armstrong2023-04
Stephen Scott Trauber2023-04
Registry & provenance

NEXT Renewable Fuels, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1755471
SEC CIK
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Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Clean Energy Fuels Corp.Other EnergySeries C$998.7M91%
Global Clean Energy Holdings, Inc.Other EnergySeries A$43.4M87%
Clean Energy Technology CoOther EnergyPre-Seed$2.3M87%
Renewable Ipp, LlcOther EnergyPre-Seed$2.2M86%
Renewable Power Direct LLCOther EnergySeed$19.7M86%
Next Energy Technologies, Inc.Other EnergySeries A$45.9M86%
Solar Tech Energy Systems, Inc.Other EnergySeed$4.0M86%
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Frequently asked
How much funding has NEXT Renewable Fuels, Inc. raised?
NEXT Renewable Fuels, Inc. has raised approximately $88.1M in disclosed capital across 14 recorded financing rounds, aggregated from public filings.
What is NEXT Renewable Fuels, Inc.'s estimated valuation?
Provath's modeled valuation for NEXT Renewable Fuels, Inc. is approximately $2.7M (modeled range $1.8M–$3.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is NEXT Renewable Fuels, Inc. at?
NEXT Renewable Fuels, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Mon Dec 29.
What does NEXT Renewable Fuels, Inc. do and where is it based?
NEXT Renewable Fuels, Inc. operates in the Other Energy sector, based in HOUSTON.
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