INDEPENDENT VERDICT
TeraStor Energy Apr 2026 a Series of CGF2021 LLC is a real and fully subscribed 2026 venture investment vehicle, but it should not be confused with TeraStor Energy, Inc., the battery-storage operating company whose name appears in the Series. The SEC filing identifies a Delaware series issuer administered by Sydecar LLC at 2093 Philadelphia Pike in Claymont, classifies it as a Venture Capital Fund, and reports a fixed $445,000 offering that was entirely sold to 21 investors after a first sale on August 26, 2026. It relies on Rule 506(b) and Section 3(c)(1), reports no broker-dealer, sales commissions or finder fees, and was signed by Brett Sagan as General Manager of Sydecar LLC, a manager of the issuer. By contrast, TeraStor Energy, Inc. publicly identifies itself as a separate Delaware corporation headquartered in Marlborough, Massachusetts and develops industrial battery energy storage hardware and control software.
That legal separation is the central finding. The Form D does not say that TeraStor Energy, Inc. itself raised $445,000, nor does it identify the company's valuation, financing round, share price or securities purchased by the Series. What the filing proves is that 21 investors purchased interests in a pooled vehicle named for TeraStor Energy. The vehicle may have been created to aggregate exposure to a TeraStor financing, secondary purchase or another investment involving the company, but the Form D does not disclose the exact underlying security. FilingDossier therefore treats the TeraStor connection as strongly indicated by the Series name while keeping the SPV fundraising separate from operating-company financing.
THE IMPORTANT DISTINCTION: SYDECAR SPV VS. TERASTOR ENERGY INC.
The structure becomes easier to understand once CGF2021 LLC is examined. Public offering documents for other CGF2021 series describe CGF2021 LLC as a Delaware master series LLC under which separately named investment Series can be formed, while SEC records show many unrelated 2025 and 2026 investment vehicles using the same 2093 Philadelphia Pike #5885 address and Sydecar administrative infrastructure. In other words, CGF2021 is not the parent company of TeraStor Energy and should not be presented as part of TeraStor's operating corporate group. It functions as legal infrastructure for investment SPVs, with each Series segregating a particular opportunity and investor group.
That explains several features of the filing that would otherwise look strange. The SEC address is in Claymont rather than TeraStor's Marlborough headquarters, Sydecar appears as administrator rather than a TeraStor executive, Brett Sagan signs the filing, and the issuer is classified as a Venture Capital Fund rather than an energy equipment manufacturer. Those facts are internally consistent once the issuer is recognized as an investment wrapper. They also prevent a common Form D error: an automated database might attach the $445,000 directly to TeraStor Energy's corporate fundraising history simply because the company name appears prominently in the Series title.
The economics also look like a compact deal-specific SPV rather than a conventional blind-pool venture fund. All $445,000 had already been sold when the filing was submitted, $0 remained, and 21 investors participated. If subscriptions had been equal, the simple average would be approximately $21,190 per investor, although the Form D does not disclose individual allocations and equal participation should not be assumed. The offering lasted less than one year and reported a $0 minimum field, another indication that the legal Form D minimum should not be interpreted as the actual commercial subscription requirement for every investor.
WHY TERASTOR IS A DISTINCTIVE UNDERLYING COMPANY
The company referenced in the vehicle name has an unusually traceable technology history. TeraStor says its engineering lineage includes people involved in early LFP battery technology and grid-scale lithium-ion systems, while the TeraStor product itself originated inside American Battery Solutions' Energy Storage Solutions division. American Battery Solutions publicly launched that division and the TeraStor large-scale lithium-ion platform in 2022 together with StorView energy-management software. TeraStor's current corporate history says the ESS division became a standalone TeraStor Energy business in 2023, followed by additional hardware development, UL9540A testing and broader manufacturing expansion.
Current TeraStor products combine battery hardware with a control stack spanning StorCore battery management, StorView/StorOS energy management and StorAIQ optimization. The company markets systems for utility grids, commercial and industrial sites, hospitals, campuses, microgrids and AI data centers, including large P-series units reaching approximately 8 MWh per enclosure. This makes the investment thesis materially different from a generic battery manufacturer: TeraStor is positioning itself as a software-defined storage platform where safety architecture, battery controls, dispatch optimization and AI-assisted operation sit alongside the physical battery enclosure.
The company has also been expanding outside the United States. In March 2026 TeraStor announced a manufacturing and deployment partnership with Nowa Tepro in Gdańsk, Poland, including a European reference deployment and manufacturing capability. Its current materials describe manufacturing or operational reach across North America, Europe and Asia. Those developments provide evidence of an active commercial platform, but they do not establish revenue, profitability, backlog or valuation. None of those financial metrics appears in the Series Form D.
THE SPV HIDES THE MOST IMPORTANT INVESTMENT TERMS
The biggest information gap is the security actually owned by the Series. Investors have purchased pooled investment fund interests, but the public filing does not specify whether the SPV ultimately owns TeraStor common stock, preferred shares, a SAFE, convertible note, secondary shares or an interest in another intermediary vehicle. It also does not disclose the TeraStor financing round, purchase price, number of shares, liquidation preference, pre-money valuation, post-money valuation or whether all 21 investors received identical economics. Those terms matter much more than the $445,000 vehicle size when evaluating the investment.
The April 2026 identifier in the legal name is another useful clue but should not be overinterpreted. It could refer to the month in which the opportunity was sourced, the Series was internally established or an underlying transaction was expected to occur; the SEC filing itself shows the Series was formed in 2026 and did not report its first sale until August 26. FilingDossier therefore does not claim that TeraStor completed a corporate financing round in April merely because the SPV name contains "Apr 2026."
Investors should obtain the Series operating agreement, subscription documents and investment memorandum and confirm the exact TeraStor security, direct versus indirect ownership, acquisition date, company valuation, fee and carry structure, Sydecar administrative expenses, transfer restrictions, voting or information rights and distribution mechanics after an exit. They should also determine whether the vehicle participates in future financings or is limited to one fixed block of securities. Because 21 investors are aggregated behind one Series, their legal relationship is primarily with the SPV rather than directly with TeraStor unless the governing documents provide otherwise.
FINAL ASSESSMENT
TeraStor Energy Apr 2026 is a good example of why company-name matching alone is not enough when reading Form D. The SEC filing confirms a fully subscribed $445,000 Venture Capital Fund with 21 investors, but the issuer is a Sydecar-administered Series of CGF2021 LLC rather than TeraStor Energy, Inc. itself. The operating company has its own Massachusetts headquarters, independent corporate identity and active battery-storage business, while the SEC Series uses Sydecar's Delaware administrative address and a pooled-fund legal structure.
The underlying company is also more developed than the small SPV size might imply. TeraStor traces its technology to American Battery Solutions' ESS business, now markets integrated battery hardware and software for utility, industrial and AI-data-center applications, and expanded its European manufacturing footprint in 2026. None of that turns the $445,000 Form D into proof of TeraStor's corporate valuation or total capital raised. The correct conclusion is narrower: a group of 21 investors fully funded a dedicated TeraStor-named investment Series, while the precise security, entry valuation and relationship to TeraStor's broader capitalization remain private.
That distinction is the core independent research finding. The SEC record verifies the investment wrapper; TeraStor's official materials verify the operating company; what remains to be obtained is the contractual bridge between the two.
Form D is an exempt-offering notice. It is not SEC approval of TeraStor Energy, the Sydecar Series, CGF2021 LLC or the underlying investment.
SEC SNAPSHOT
ISSUER: TeraStor Energy Apr 2026 a Series of CGF2021 LLC | CIK: 0002129255 | SEC FILE NO.: 021-595775 | FILM NO.: 261336326 | ACCESSION NO.: 0002129255-26-000001 | FILED / EFFECTIVE: August 28, 2026
ENTITY: Delaware LLC Series | FORMATION YEAR: 2026 | SEC / ADMINISTRATIVE ADDRESS: 2093 Philadelphia Pike #5885, Claymont, DE 19703 | PHONE: 360-946-0604
INDUSTRY: Pooled Investment Fund - Venture Capital Fund | EXEMPTION: Regulation D Rule 506(b) | INVESTMENT COMPANY ACT: Section 3(c)(1) | REGISTERED INVESTMENT COMPANY: No
SECURITY: Pooled Investment Fund Interests | FIRST SALE: August 26, 2026 | OFFERING DURATION: One year or less
TOTAL OFFERING: $445,000 | AMOUNT SOLD: $445,000 | REMAINING: $0 | INVESTORS: 21 | FORM D MINIMUM: $0 | SALES COMMISSIONS: $0 | FINDER FEES: $0
ADMINISTRATOR: Sydecar LLC | RELATED OFFICER / FORM D SIGNATORY: Brett Sagan | ROLE: General Manager of Sydecar LLC, a Manager of the issuer
MASTER SERIES STRUCTURE: CGF2021 LLC | PUBLIC DOCUMENTS FOR OTHER CGF2021 VEHICLES describe CGF2021 LLC as a Delaware master series LLC used to create separate investment Series.
OPERATING COMPANY REFERENCED BY SERIES NAME: TeraStor Energy, Inc. | HEADQUARTERS: 11 Apex Drive, Suite 300A #10, Marlborough, MA 01752 | BUSINESS: Battery energy storage systems, battery management, energy management and AI-assisted storage optimization.
TERASTOR HISTORY: American Battery Solutions launched its ESS division and the TeraStor platform in 2022 | TeraStor states the division became a standalone company in 2023 | European manufacturing and deployment partnership with Nowa Tepro announced in March 2026.
CURRENT TERASTOR APPLICATIONS INCLUDE: Utility grids | AI data centers | commercial and industrial sites | hospitals | campuses | microgrids | mission-critical infrastructure.
IMPORTANT CAPITAL DISTINCTION: $445,000 is the offering size of the TeraStor-named CGF2021 investment Series. It is not verified as TeraStor Energy Inc.'s corporate financing amount, revenue, valuation or total capital raised.
UNDERLYING SECURITY: Not identified in the public Form D. The filing does not disclose whether the Series holds common stock, preferred stock, a SAFE, convertible security, secondary shares or another investment vehicle.
IMPORTANT ADMINISTRATOR DISTINCTION: Sydecar LLC is identified as Administrator of the issuer. Brett Sagan signs in his Sydecar management capacity. Neither should be described as TeraStor Energy's CEO, founder or operating management based on this filing.
CORE INDEPENDENT FINDING: The name TeraStor Energy appears on a fully subscribed SEC filing, but the legal issuer is an investment SPV rather than the battery company. The research value lies in separating TeraStor Energy Inc.'s operating business from the Sydecar/CGF2021 wrapper through which 21 investors obtained an undisclosed form of TeraStor-related exposure.
Form D is an exempt-offering notice and is not an SEC-issued certificate, approval or endorsement.