Sectors
Energy Flows
LNG SPA receivable securitization + cargo finance — $990B annual volume spanning QatarEnergy LNG, Southeast Asian gas, and African offshore developments.
Key figures
How it works
From LNG terminal to securitized receivable.
SPA tokenization
Long-dated LNG sale and purchase agreements (10-25 years) are tokenized into tradeable receivable tranches, unlocking liquidity from illiquid contracts.
Price oracle integration
JKM (Japan Korea Marker), TTF, and Henry Hub price feeds integrated in real-time. SPA receivable valuations adjust automatically with market movements.
Cargo finance automation
Individual LNG cargo financing triggered by vessel loading confirmation. AIS tracking monitors cargo from liquefaction terminal to regasification facility.
Settlement on delivery
When the buyer — JERA, KOGAS, or other utility — accepts delivery and confirms quality, payment settles the financing automatically.
Capabilities
Full energy spectrum infrastructure.
LNG SPA tokenization
Long-dated sale and purchase agreements broken into tradeable tranches. 10-25 year contracts become liquid, financeable assets with transparent pricing.
JKM/TTF/Henry Hub price feeds
Real-time integration with all major gas benchmarks — Japan Korea Marker, Dutch TTF, and Henry Hub. Automatic margin and valuation adjustments.
Cargo finance automation
Individual LNG cargo financing from loading to discharge. AIS vessel tracking, bill of lading verification, and quality certificate validation — all on-chain.
Long-dated SPA valuation
Proprietary valuation models for 10-25 year LNG SPAs incorporating forward curves, credit spreads, and geopolitical risk premiums. Mark-to-market in real-time.
Energy infrastructure CLO
Collateralized loan obligations backed by diversified energy receivables — LNG SPAs, power purchase agreements, and infrastructure project payments pooled together.
Power market receivables
Utility payment obligations from power purchase agreements tokenized and financed. Sovereign and quasi-sovereign off-taker credit for reliable cash flows.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| SPA liquidity | Illiquid, bilateral negotiation | Tokenized tranches, secondary market |
| Cargo monitoring | Periodic surveyor reports | Continuous AIS tracking on-chain |
| Price feed latency | Daily or weekly assessments | Real-time JKM/TTF/HH oracle |
| Settlement | 10-30 business days | <6 seconds atomic DvP |
Use cases
Real-world applications
QatarEnergy LNG SPAs
Long-dated QatarEnergy LNG sale and purchase agreements securitized against JERA and KOGAS offtake commitments. $500M-$1B target SPA pool.
Mozambique LNG
Coral Sul FLNG production financed via cargo-by-cargo structures. Eni/TotalEnergies equity backing with BP offtake for reliable credit anchoring.
Southeast Asian gas
Petronas LNG and pipeline gas exports financed against Japanese and Korean utility offtake. JKM oracle pricing with AIS cargo tracking.
Deploy energy flow finance.
Start with a single LNG SPA or cargo corridor. See results in days, not quarters. Expand as trust builds.