🚩 **Pre-revenue with unproven dispatch software** - entire thesis rests on unvalidated algorithms
🚩 **Single-manufacturer dependency** - what if Tesla changes API or stops supporting third-party control?
🚩 **No utility contracts signed** - without off-taker, you're speculating on wholesale market access
🚩 **Immature ancillary services market** - APAC/emerging markets lack competitive day-ahead structures
🚩 **Hardware bet on unproven chemistry** - sodium-ion, flow batteries, etc. vs proven LFP
🚩 **Undercapitalized for claimed deployment** - VPPs need scale, <$5M won't achieve meaningful MW
🚩 **No clear path to scale** - customer acquisition model doesn't pencil at 10,000+ devices