Writing on solar and battery storage, energy markets, tokenization, and what investors should check before they commit capital.
A blockchain records who holds a token. A register records who owns a security in law. When the two are kept separately, the token mirrors the register and the register decides ownership. When the law or the record-keeper recognises the chain, the token is the record. Large tokenized funds launched in 2026 took both routes. For any tokenized asset, the first question is which record a court would read.
Read →A battery storage warranty runs for ten to fifteen years, and its value depends on three conditions: a company still able to honour it, an owner holding the data to prove a claim, and terms that fit how the battery is run. Three German battery storage businesses entered insolvency proceedings within three months in 2026. Investors should treat a warranty as a counterparty exposure and check it the way they check any other.
Read →Power prices used to follow a daily shape that could be averaged into an assumption. They now move between distinct regimes, and revenue is earned unevenly across them. Averaging produces a model that is easy to build and defend but describes the market poorly. A better model shows revenue by regime and how often each regime occurs.
Read →Tokenized assets are not automatically liquid. For long-lived real-world assets, liquidity works like an option holders rarely exercise: what matters is a credible exit window, an understandable price and someone with a reason to take the other side.
Read →Battery revenue benchmarks are model outputs built on different assumptions about foresight, availability, cycling, usable capacity and costs, so the same market and month can produce answers far apart. A benchmark is a useful anchor, and the real work is translating it into what a specific asset will keep.
Read →Verifying real-world asset data onchain starts with the source, not the oracle. For solar farms and battery storage, the settlement meter at the grid connection is a reading the owner cannot adjust, and publishing it continuously changes what investors can know.
Read →Battery storage revenue streams compete for the same megawatts at the same moment, so adding them together gives an upper bound rather than a forecast. The dispatch priority order and the optimiser's objective decide what an asset really earns, and both can be disclosed.
Read →Everything that scaled onchain was already liquid before it was tokenized. Physical infrastructure has to build its price, its legal wrapper and its buyers from scratch, and most of that work is legal rather than technical.
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