The New Playbook For Financing Clean Energy
By the early 2030s, decentralized and distributed energy systems are projected to represent a global market in at least the low hundreds of billions of dollars, with published estimates across adjacent segments spanning roughly 100 to 700 billion dollars in annual value worldwide. Fuse Energy, Glow, and Daylight sit at the front of this shift, using blockchain rails and token based incentives to rewire how power is produced, financed, and consumed. Fuse Energy operates as a vertically integrated renewable utility, combining generation and supply with crypto rewards that steer customers toward grid friendly consumption. Glow functions as a protocol that directs token and carbon credit subsidies into new solar farms, creating a programmable, market driven incentive layer for project developers. Daylight turns homes into networked micro power plants by financing solar plus battery systems on subscription and is building a DayFi yield platform that links these distributed assets with DeFi capital. Together, they offer an early view of how decentralized infrastructure and on chain incentives can accelerate clean energy build out while packaging distributed power assets into a more transparent, underwritable category for institutional investors.
Fuse Energy
Fuse Energy (originally “Tesseract”) was founded in London in 2022 by Alan Chang and Charles Orr, both early Revolut executives. Backed at seed by Balderton Capital in 2022 when the founders left Revolut, the company set out to “fix” a fragmented energy system. Chang (CEO) and Orr (COO) assembled a team of engineers from top firms such as Meta, Citadel, Tesla, and Palantir. Fuse officially launched as the first new residential power supplier in the UK after the 2021–22 energy crisis. Notable early supporters include climate-focused funds like Lowercarbon Capital and prominent angels such as former F1 champion Nico Rosberg, which lends additional credibility to its mission.
Concept & Product
Fuse is a full-stack renewable energy company addressing inefficiencies in generation and retail. It owns and operates utility-scale solar and wind farms and provides electricity directly to tens of thousands of UK households as a licensed supplier. By vertically integrating generation, trading, and distribution, Fuse minimizes loss and cost at each step of the value chain. Its consumer mobile app offers real-time energy tracking and encourages demand response, where customers are nudged to use power when renewable output is high.
Blockchain enters via Project Zero, Fuse’s decentralized incentive layer on Solana. Customers can earn Project Zero utility tokens by shifting usage to off-peak times or by installing home solar or storage, and redeem these tokens for energy bill discounts. Unlike crypto-native protocols, Fuse’s blockchain element is a supplementary rewards program rather than the core service. Energy is still delivered in kilowatt-hours and paid in fiat, but tokens provide an extra economic lever to encourage grid-friendly behavior. This approach differs from traditional utilities’ demand response programs by automating rewards on-chain and potentially crowdsourcing some project financing via tokenomics, while Fuse remains the primary energy provider.
Business Model & Economics
Fuse earns revenue like a traditional retailer, selling electricity (and gas, where offered) to consumers on a per-kWh or fixed-plan basis. Thanks to its vertical model, it captures generator margins and trading profits instead of paying intermediaries. Those savings allow Fuse to offer lower prices or invest in growth. It also operates a distributed energy installation business (solar panels, home batteries, EV chargers), which can generate one-time sales or installation fees. All customer payments are in local currency, providing recurring cash flow.
The Project Zero token has no direct claim on equity or cash flows; it functions as a loyalty incentive. Value primarily accrues to customers through discounts and to token holders rather than directly to Fuse’s P&L. As of 2025, Fuse reported annualized revenue of approximately 300 million dollars from over 150,000 household customers, implying robust unit economics at scale. Early indications are that Fuse’s integrated approach yields faster payback on renewable projects: by reinvesting all profits into new capacity, the company claims it can out-compete incumbent utilities on cost while growing supply.
Fundraising & Cap Table
Fuse has raised approximately $100 million in equity funding to date. A seed round in late 2022 (led by Balderton) was followed by a September 2024 $12 million strategic round led by Multicoin Capital, which introduced crypto-focused investors and brought total funding to about $90 million at that time. In July 2025, Fuse added another $10 million (led by Lowercarbon and Balderton) at a valuation north of £750 million (around $1 billion), officially making it a unicorn. Other investors include Lakestar, Accel, Creandum, Ribbit and BoxGroup, reflecting a mix of top-tier venture firms and climate investors. The company has no public token; the Solana-based Project Zero token is in pilot and not broadly available (especially not in the US due to regulatory concerns). Institutional investors will note that equity in Fuse represents ownership of a fast-growing energy supplier (with claims on its real assets and revenue), whereas the token, if formally launched, is more a customer incentive mechanism than a source of investor return. Any future token distribution to investors or the public has not been detailed, so value for now is expected to accrue primarily to equity holders via the company’s growth.
Traction & Milestones
Fuse’s growth has been dramatic for an energy startup. By Q3 2025 it had more than 150,000 homes on supply, up from 50,000 earlier that year. This customer base puts Fuse among Europe’s fastest-growing startups of any sector. Revenue scaled accordingly: Fuse reached about $90 million ARR by mid-2025 and then surpassed $300 million ARR as usage surged in late 2025. The company operates several utility-scale renewable plants (wind and solar) totaling undisclosed megawatts, and runs a live energy trading platform to optimize power sales into the grid. It became the first new UK residential energy supplier in years post-crisis, demonstrating an ability to navigate licensing and regulatory hurdles. Fuse has inked partnerships with hardware providers for home installations and even engaged mainstream media by sponsoring a popular energy podcast, boosting its brand. A major milestone was the launch of Project Zero (2024), one of the earliest real-world integrations of crypto incentives in retail energy, accompanied by a regulated demand-response program. The company also achieved profitability on an operational basis by reinvesting profits into more capacity (per investor Nico Rosberg’s note that Fuse plows “100% of profits” into building renewables), a reassuring signal for investors that growth is backed by real economics.
Roadmap & Strategy
Fuse positions itself as a next-generation energy major built on tech and decentralization. Over the next 2–3 years, it plans to expand beyond the UK into other deregulated energy markets in Europe and potentially globally. This will involve securing energy supplier licenses in new countries and developing or acquiring local renewable assets. Product-wise, Fuse is exploring home hardware and AI integration, for example an “AI co-pilot” for home energy management and a crypto-enabled virtual power plant to network its customers’ batteries and EVs. The Project Zero token incentive program is expected to roll out fully to UK customers once compliance is sorted, and possibly to certain overseas markets in coordination with regulators. Fuse’s stated end-goal is to deliver cheap, clean energy at scale, effectively becoming a vertically integrated green utility that leverages blockchain to coordinate distributed resources. In founder Alan Chang’s words, the team “never settles” short of number one: they aim for market leadership in any segment they enter. For institutions, Fuse’s strategy of owning generation-to-retail and layering a tokenized incentive network on top could make it an attractive platform for large-scale climate investment, provided it continues to hit milestones in new markets and maintain regulatory compliance.
Glow
Glow emerged in 2023 as a blockchain-driven solar energy network. It was co-founded by David Vorick, a crypto veteran best known for creating the Sia decentralized storage protocol in 2015. Glow’s core team operates under “Glow Labs” and the non-profit Glow Foundation, indicating a structure similar to other crypto protocols (with a company developing the tech and a foundation overseeing the ecosystem). The project is globally distributed, with early solar farm partners in the United States and India.
Concept & Product
Glow’s mission is to direct new solar buildout to where it cuts the most CO₂. Today, subsidies are often misallocated: some solar farms that would be profitable anyway still get support, while higher impact projects in dirty grids struggle to get built. Glow replaces this with a market-driven subsidy layer on Ethereum.
Solar developers who join Glow commit 100% of their electricity revenue into an on-chain pool for a fixed period. In return, they receive GLW tokens proportional to the revenue they contribute, plus USDC payouts tied to carbon credits, with higher rewards for projects in dirtier grids. Only projects that truly need extra support will find this trade-off attractive, so the system naturally self-selects toward the highest impact assets. Smart contracts handle pooling, reward formulas, and transparent tracking of solar output. In effect, Glow is a decentralized marketplace that coordinates independent solar builders through on-chain incentives, rather than owning any assets itself.
Business Model & Economics
Glow operates as a crypto network, so value flows through tokens rather than traditional revenue. Solar projects route part of their electricity sales into Glow’s on chain treasury. Funds are converted into Glow Carbon Credits (GCC), auctioned to corporates, with USDC paid back to projects based on carbon impact. In parallel, the protocol mints GLW and distributes it in proportion to revenue contributed. GCC are bought using GLW, and the spent GLW is burned, which links token value to real demand for verified carbon offsets.
For a solar developer, “revenue” is the USDC from carbon credit sales plus the liquidation value of earned GLW, instead of direct electricity income. Unit economics are framed as subsidy per ton of CO₂ avoided or per megawatt-hour supported. As more projects join, a fixed reward pool is spread thinner, so only the most efficient projects with the lowest subsidy per MWh or highest carbon impact per dollar are incentivized to participate, similar to how Bitcoin mining becomes harder as more miners enter.
The core of the Glow ecosystem is now the Glow miner. Similar to Bitcoin miners, a Glow miner has a cash price tag and produces GLW tokens every week for about 100 weeks. Unlike Bitcoin, however, a Glow miner pays incentives to people who construct solar farms. Every Glow miner that gets sold turns into cash incentives that can be used to fund future solar farms.
Glow Labs and the Glow Foundation capture value through GLW appreciation and team or treasury allocations. The thirty million dollar raise directed roughly twenty three and a half million into solar deployment, not corporate profit, and there is currently no classic fee-based revenue model. All rewards and transactions occur on chain in GLW or USDC, while solar capex remains off chain. By mid 2024, around seventy farms were live, generating roughly fifty megawatt-hours per month and making Glow one of the highest on chain revenue DePIN protocols globally. Long term viability depends on sustained GLW liquidity and ongoing demand for carbon credits, both of which remain key risk variables.
Fundraising & Cap Table
Glow raised a seed round in late 2023 and, by October 2024, had secured a thirty million dollar financing co-led by Union Square Ventures and Framework Ventures, with participation from Lattice, Protocol Labs, Alliance and climate-focused investors such as Spark; based on public disclosures, this brings its total funding to exactly $30 million to date. Although the company is only about two years old and still scaling its team, founder Vorick’s track record and the strength of this syndicate give it significant institutional credibility.
The 2024 raise appears to blend equity in Glow Labs with a SAFT-style claim on GLW tokens, funding both protocol development and solar deployment. GLW is already live for network operations and rewards, but trading remains limited, consistent with a cautious rollout. In practice most long-term value is meant to accrue to the token rather than the company, so institutional capital can gain exposure by holding Glow Labs equity, accumulating GLW, or financing solar assets that plug into the network and earn token and carbon-credit flows, with equity investors ultimately relying on token appreciation or future liquidity events.
Traction, Adoption & Milestones
Glow has moved quickly from pilot to traction. By mid 2024 it had expanded from the US into India, proving the model can scale into markets with higher grid emissions. Because Indian grids are more carbon intensive, solar farms there earn larger rewards for displacing coal, which immediately increased Glow’s total carbon credit output. The protocol also prioritizes verification: participating farms face regular audits, including site checks and satellite imaging, with results written on chain to create a transparent, tamper resistant record.
In June 2024, independent on chain data showed Glow as the leading revenue generating DePIN protocol, even though it was still in a closed beta with a limited number of projects. By late 2024, its largest single solar farm had generated about 1.6 million dollars in protocol revenue, effectively bringing forward a decade of projected energy sales. The environmental benefit of that asset was likened to the carbon impact of roughly sixty thousand trees.
On the demand side, Glow’s Impact Partner program has begun to attract corporates that want blockchain traceable carbon credits, an early sign that ESG buyers are willing to adopt crypto native climate tools. Around the protocol, an active Discord community and “solar DAO” style groups now co fund new installations. These early adopters validate Glow’s thesis that open, transparent incentives can mobilize capital into real world renewables. As of late 2024, the network reported around five megawatts of installed capacity and set a target of six hundred megawatts within roughly eighteen months, a scale that would position Glow among the largest decentralized renewable platforms.
Roadmap & Strategy
In the near term, Glow’s roadmap is focused on scale and geographical expansion. With more than twenty three million dollars from its most recent raise earmarked for subsidizing new solar projects, the team aims to catalyze hundreds of megawatts of additional capacity by 2026. This likely means entering more regions where grid electricity is still carbon heavy and where solar economics already have a foothold, such as parts of Southeast Asia, Africa, and other coal dependent markets. The team has indicated that expansion into further countries will track both carbon impact potential and local demand for clean energy.
On the technology and market side, Glow plans to refine its incentive model and the Glow Carbon Credit marketplace so that credits are clearly additional, verifiable, and attractive to institutional buyers. That may involve formal partnerships with established carbon registries, enterprise ESG platforms, or major brokers. Another strategic focus is governance and token economics. To move toward full decentralization, Glow will need to introduce a more formal governance process for GLW holders, likely via some form of DAO, so that the community can shape reward parameters, treasury deployment, and protocol upgrades.
Glow’s long term vision is extremely ambitious. The stated goal is effectively to replace grid electricity with clean energy by creating what the team describes as near absurd amounts of clean power through crypto incentives. In practical terms, this means becoming a global platform for renewable energy funding, operating as a decentralized counterpart to institutions like multilateral development banks or national subsidy programs, but powered by open markets and on chain transparency. Over the next two to three years, success will be judged mainly by installed megawatts, the volume and pricing of Glow Carbon Credits, and the stability of GLW token economics. Any move to list GLW broadly or to open the network fully will be a major inflection point. Glow is likely to pursue such steps once it believes the network is sufficiently mature from both an operational and regulatory perspective. If the strategy succeeds, Glow could become a permanent decentralized infrastructure layer for climate finance.
Daylight Energy
Daylight Energy was founded in 2022 in New York with the vision of creating a decentralized residential energy network. The founding team of four are seasoned energy and finance professionals. CEO Jason Badeaux is a former oil and gas investment banker who saw firsthand how slow traditional energy infrastructure grows. CTO Udit Patel came from utility Consolidated Edison, bringing grid operations expertise. Co-founder Evan Caron is an energy investor and entrepreneur with ventures in energy storage and advisory roles in climate tech. A fourth ex co-founder, Dallas Griffin, was a managing director at an investment bank and initially helped shape Daylight’s financing strategy. This mix of backgrounds, spanning Wall Street, utility operations, and renewables, shaped Daylight’s approach to tackling residential solar’s pain points.
Concept & Product
Daylight’s core idea is to turn everyday homes into distributed power plants. It addresses two problems: homeowners’ barriers to adopting solar and storage (high upfront costs, complex installation, uncertain payback) and the grid’s need for more flexible, distributed capacity as demand rises. Daylight’s product is a monthly energy subscription that provides a household with solar panels, a home battery, and an intelligent energy management system at no upfront cost. In exchange, the homeowner pays Daylight a fixed monthly fee for energy, typically lower than their previous utility bill, and agrees to let Daylight dispatch energy from their battery to the grid during peak events. Daylight effectively acts as a new type of retail energy provider plus installer. It equips the home with distributed infrastructure and then networks these homes into a virtual power plant that can sell power or grid services when needed.
Blockchain technology underpins the coordination and incentive mechanisms. Currently, Daylight rewards participating homeowners with “Sun Points”, a loyalty point system for engaging in the network, for example allowing deeper discharge of their battery during a grid peak or referring new customers. These Sun Points can be redeemed for discounts, gift cards, or to offset the energy subscription bill. Importantly, Daylight envisions replacing Sun Points with an on-chain network token in the near future, making each subscriber a stakeholder with a share in the network’s growth.
On the financing side, Daylight is introducing DayFi, a DeFi-inspired yield protocol that lets external investors fund these home energy systems and earn a return from subscription and grid revenues. In summary, Daylight’s product marries a proven concept (third-party ownership of residential solar, as done by firms like Sunrun) with Web3 elements, namely a tokenized rewards program and a decentralized capital pool for project finance. Compared to traditional utilities or solar installers, Daylight’s model is novel in that it aligns the homeowner, the grid, and investors via a shared token economy. Homeowners get cheaper power and token upside, the grid gets extra capacity on demand, and investors get yield from energy assets, all coordinated by Daylight’s platform.
Business Model & Economics
Daylight earns money from two main sources. The first is homeowner subscriptions: households pay a monthly fiat fee for solar-plus-battery service, effectively buying power from Daylight instead of the local utility under multi-year contracts. This creates predictable, utility-like recurring revenue at the retail level. The second is grid services: Daylight aggregates batteries and surplus solar across its network and sells energy or capacity into wholesale markets during peak demand. Grid operators pay premium rates for fast-response power, and those payments support the economics of the fleet and likely boost gross margins.
On the cost side, Daylight funds upfront installation of solar and batteries, plus maintenance and customer acquisition. By owning assets through a project fund and spreading costs over long subscriptions, it operates like a utility or leasing company: high capex upfront, long annuity-style cash flows. DayFi adds a financing layer. External investors provide capital, potentially in crypto or tokenized debt, in exchange for yield funded by subscription and grid revenues. Daylight can earn platform or origination fees and a share of that yield, creating a separate financing revenue line.
Tokens are intended to reduce marketing spend and improve unit economics. Sun Points and a future network token reward referrals and participation, aiming to lower the notoriously high soft costs in rooftop solar by turning customers into advocates. If this works, Daylight can make residential solar and storage both profitable for investors and immediately cheaper for consumers, even as traditional tax credits taper off. Token rewards are positioned as a new incentive layer that fills the gap and helps keep offers attractive without relying solely on government subsidies.
Fundraising & Cap Table
Daylight has raised about 28 million dollars in equity and secured a 60 million dollar project finance facility, giving it access to nearly 90–100 million dollars of capital. Early backing included a 4 million dollar seed round in 2022 and a 9 million dollar Series A in 2023 led by a16z Crypto, with Escape Velocity and Lerer Hippeau also participating. In October 2025, Daylight closed a 15 million dollar Series B led by Framework Ventures, with a16z Crypto, Lerer Hippeau, M13, Room40 Ventures, EV3, Coinbase Ventures, and Not Boring Capital joining, while Turtle Hill Capital led the 60 million dollar project facility that funds solar and battery installations for customers.
This mix of venture equity and dedicated project credit is unusual at Daylight’s stage and reflects the capital intensity of residential energy infrastructure. It allows the company to scale deployments without issuing new equity for each system, while lenders are repaid from subscription revenues
Traction, Adoption & Milestones
As of late 2025, Daylight is still in rollout mode but is showing solid early traction in its pilot markets. The company launched its subscription service in Illinois and Massachusetts in 2024 and has been signing up homeowners in those states. While user counts are not publicly disclosed, Daylight communications refer to scaling to bring more homes online with the new financing. A meaningful achievement is that Daylight has operational residential systems in the field providing backup power and grid services, proving the technical viability of its virtual power plant concept.
Daylight has partnered with local solar installers in its launch states, embedding its financing into their sales process. This is a crucial go-to-market milestone, since tapping into existing installer networks can accelerate customer acquisition. On the grid side, Daylight has integrated with regional electricity markets to monetize its aggregated battery fleet, and early tests of dispatch have been successful in generating revenue to offset customer bills. Another milestone is regulatory. Obtaining energy provider or aggregator licenses in multiple states, including Illinois, Massachusetts, and Connecticut, by 2025 demonstrates that Daylight can navigate compliance in a heavily regulated industry.
Roadmap & Strategy
Over the next two to three years, Daylight plans to scale from its initial markets into other high-value U.S. regions such as California, Texas and parts of the Northeast, focusing wherever rooftop solar and home storage have strong economics. Each new state will require regulatory approvals and partnerships with local installers and sales channels.
On the product side, the key milestone is launching DayFi in late 2025. The platform is meant to let crypto investors and traditional yield seekers fund home solar-plus-battery projects in return for tokenized claims on energy revenue, potentially evolving into tradable energy-backed tokens or securities. In parallel, Daylight is expected to formalize its network token (often called a Sun Token), convert Sun Points, and introduce tokenomics that may include governance rights, profit sharing, and gradual decentralization of decisions such as expansion priorities and reward rates.
Strategically, Daylight wants to become the financing layer for distributed energy, channeling capital from DeFi and other investors into rooftop assets at lower cost than conventional project finance. If successful, it could operate as a large-scale originator and servicer of tokenized energy assets for both token holders and institutions, with an eventual vision of a global grid of homes that act as network nodes where homeowners share in the returns. Near term, proving this model in pilot regions with hard data on grid stability, customer savings, and investor performance, while working with regulators on clear rules for tokenized physical networks, will be critical to validating the thesis.
Paradigm Shift
Each of these ventures, if they scale, could reshuffle who captures value in power markets. Fuse Energy could rewrite the role of retail utilities: instead of incumbents that buy wholesale power and pass costs through, a vertically integrated, token-incentivized supplier could deliver cheaper energy with higher engagement. Likely losers are legacy utilities and energy brokers that live on inefficiencies; winners are consumers with lower bills and DER manufacturers as Fuse deploys more panels, batteries, and related assets. Capital would move away from large centralized plants toward decentralized assets owned or financed by Fuse and its customers.
Glow could change how renewable projects are financed. In a Glow-led model, tokenized incentives and carbon credits could partially replace government subsidies and climate funds as the main subsidy channel. Traditional intermediaries, such as agencies and banks that manage renewable credits or grant programs, would see less volume. The main winners would be high-impact developers in underfunded markets, who gain direct access to a global pool of climate capital.
Daylight could reshape distribution and retail. A scaled “grid of homes” would cut demand from traditional utilities and weaken their supply monopoly, while also pressuring classic solar leasing models if Daylight’s token incentives reduce customer acquisition costs. Homeowners would gain energy independence and a share of network upside, and grid operators would gain a flexible tool to manage peaks without building new peaker plants. Capital that would normally fund new lines and generators might instead go into rooftop systems and batteries via DayFi-style vehicles.
Across all three, utilities and independent power producers face a mix of complement and threat: these networks add flexible capacity but also eat into core power sales, so we should expect both partnerships and pushback. Regulators will welcome help on renewables and reliability, while closely examining token risks for consumers and the impact on grid stability. The deeper shift is toward a more decentralized, participatory energy system, where households and developers act as both users and producers, and capital allocation is steered by tokenized market signals rather than centralized planning and fixed tariffs.
Risk and Constraints
Each model still carries meaningful execution, technology, token, and regulatory risk. Execution is hard because these ventures must build physical energy infrastructure and sophisticated software or token systems at the same time. Fuse has to keep deploying renewables and signing customers fast, facing project development risk and tough competition in retail energy. Glow must source high quality solar projects and run a token economy that does not punish early users when volatility hits. Daylight is trying to be an installer, utility, and fintech platform in one, which is a heavy operational burden for an early stage company.
Technology risk centers on integrating blockchain with real assets: Daylight needs to reliably control thousands of home batteries and secure IoT data on chain, while Glow’s contracts must accurately reflect energy output and resist gaming. Token and market design are especially fragile. All three rely on tokens; if those tokens fail to retain value or incentivise the right behavior, the business logic can break. Glow’s GLW rewards must be high enough to attract projects but not so generous that they become inflationary or draw in low quality supply. Token markets are reflexive: a price spike can drive overbuilding, a crash can stop participation. Managing supply and burn mechanics is meant to smooth this, but there is also the risk that tokens are treated as securities. Fuse has already geofenced its token from the U.S., and Daylight has postponed launching a token, both reflecting unresolved regulatory uncertainty.
Policy and Grid Integration Risks
Energy is tightly regulated: who can supply power, how tariffs are set, how grid services are procured. Fuse operates as a licensed UK supplier under regulator oversight, which means any misstep, such as token rewards being interpreted as an unapproved tariff discount, could trigger intervention. Incumbents may also lobby against decentralized models by restricting access to wholesale markets for aggregators like Daylight or tightening securities and commodities rules around token rewards.
Grid integration adds another layer of risk. These businesses must perform within physical power systems. If Daylight’s aggregated batteries fail in a grid event, it could face penalties and lose operator trust. Token-driven customer behaviour could also have unintended system effects; for instance, if many Fuse customers respond to reward signals at the wrong time, they could increase stress on the grid instead of relieving it. Regulators will scrutinize reliability and consumer protection: if Daylight struggled financially, who maintains rooftop assets and guarantees service? To mitigate these contingency risks, authorities may require measures such as surety bonds or backup operators, which lift the cost base.
Glow faces policy risk around carbon credits and international exposure. Voluntary carbon markets are under growing scrutiny, so if standard setters or regulators reject Glow’s on-chain credits, that revenue could shrink. Cross-border projects may also face sovereign and currency risk, especially where local developers must convert crypto-denominated rewards into local currency. Finally, all three models depend on physical and regulatory capacity: interconnection limits, net-metering caps, and slow grid-connection queues can choke growth even when token incentives work. Policy is therefore decisive: rules that welcome aggregated distributed resources into markets are powerful tailwinds, while protectionist or overly cautious regimes could delay deployment for years.
Conclusion
Decentralized energy in 2025 has moved from concept to reality, but it is still early. Fuse Energy, Glow, and Daylight now have real customers, physical assets, and meaningful funding, showing that the promise of DePIN in energy is starting to materialize. Most activity remains small relative to national grids, and long term technical, regulatory, and economic risks are not fully resolved.
For institutional capital, the signal is getting clearer. Fuse, with substantial revenue and regulated operations, looks closest to being institution ready. Glow and Daylight are more experimental, and must prove token economics at scale and navigate regulation before conservative capital moves in size. The next 12 to 24 months will be defined by major grid partnerships, credible token launches, and sustained revenues. Decentralized energy networks are not replacing traditional infrastructure yet, but are quickly forming a complementary layer where financing electrons may involve both kilowatts and crypto wallets.
Links
Sources
https://blog.usv.com/our-investment-in-glow-protocol-depin-at-the-edge-of-energy-markets
https://multicoin.capital/2024/09/12/the-great-energy-coordination-problem/
https://www.m13.co/article/meet-daylight-energy-turning-homes-into-mini-power-plants
Cover Artwork
The Windmill at Wijk bij Duurstede
Jacob Isaacksz van Ruisdael, c. 1668 - c. 1670
Risk Disclaimer:
insights4.vc and its newsletter provide research and information for educational purposes only and should not be taken as any form of professional advice. We do not advocate for any investment actions, including buying, selling, or holding digital assets.
The content reflects only the writer’s views and not financial advice. Please conduct your own due diligence before engaging with cryptocurrencies, DeFi, NFTs, Web 3 or related technologies, as they carry high risks and values can fluctuate significantly.
Note: This research paper is not sponsored by any of the mentioned companies.