The wedge
Offtaker portal
The wedge is double-counting: corporate offtakers are being asked to prove what they bought.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
ALDQ
Screened
SCREENEDEnergy certificatesAlder Holt
The incumbent copy takes a year. The named customer is already writing.
A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.
Alder Holt — A ledger of energy certificates (GOs, RECs) for producers and offtakers who already sit in a national registry. It moves the event faster. It does not invent a green token for Twitter.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
They unpublish in an hour. They will not wait for your committee to finish reading.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Certificate ledger
Counsel hours
0
Undetermined — not a path
Sentences killed
0
Before listing
Claims live
1/7
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 3100
ALDQ
The plate
Orbit. Edition 3100.
A unique plate for Alder Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
ALDQ · Helsinki · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Helsinki
Producers
Sells
Offtaker
Offtaker portal
Markets
0
Helsinki
Years
0
Founded 2021
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
Registry cooperation is in writing, even if early.
Traction
No paying pilot on the public file.
Founded 2021, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 66/100. A warehouse or port that has written a live event. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One retirement an offtaker will show their auditor.
A public carbon coin is a commodity or a security. This pad will not sell it. They win if they are cheaper than the internal build, not cheaper than a protocol.
The brief
How a serious reader should hold this.
You can wait for a sticker. The named customer did not. They are writing into this record while the rest of the market argues about a comment period.
Read this as an operating company, not a round. Counsel has a posture: Undetermined — not a path. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.
US traffic was taken off the public surfaces in the first working session. Alder Holt did not argue. Adult companies do not costume a US offering.
From the pilot
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the screen
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
The window
Miss this and you read the archive.
The next Energy certificates company on this board will not have this waitlist, this HQ, or this counsel posture.
Budget exists on a line the board can see. That is why the window is this quarter.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 9
- Counsel hours on file
- 13
- Asks / week
- 6
- Our cut
- 0% of proceeds
If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.
This company
Alder Holt
A generalist vendor copies the slide. They cannot copy the named record.
In the same conversation
- National GO registries
- Xpansiv
- Not a public carbon coin
The bet
Why this company exists.
The wedge is double-counting: corporate offtakers are being asked to prove what they bought.
The wedge is double-counting: corporate offtakers are being asked to prove what they bought.
Corporate offtakers are being asked to prove what they bought. Registries lag. A dual record that the registry still owns is sellable.
GO and REC markets are measured in tens of billions. Ops software is a thin slice with high switching costs.
Versus the field
The incumbent brand sells the relationship. Alder Holt sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Named: Helsinki. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Helsinki. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01A certificate that exists in a registry is evented here
- 02Delivery and retirement are visible to the offtaker
- 03The registry remains the legal source
- 04No public ‘carbon token’ sale on this pad
- 05Delivery and retirement are visible to the offtaker; the registry remains source
- 06Kill of a public sentence is an hour, not a committee.
In the same conversation as
- National GO registries
- Xpansiv
- Not a public carbon coin
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Control environment
35%
A counsel memo that can survive a later reader.
Named operators
25%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
15%
Hiring the operator who already does this job at a licensed firm.
Second market
25%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Offtaker portal
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- They win if they are cheaper than the internal build, not cheaper than a protocol.
- Moat on file
- Dual-record: the registry still owns the legal fact.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- A public carbon coin is a commodity or a security. This pad will not sell it.
- Why we listed it
- Registry cooperation is in writing, even if early.
Next twelve months
What has to be true.
One retirement an offtaker will show their auditor.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2021, headquartered in Helsinki. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 66/100. A warehouse or port that has written a live event. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Helsinki is the operating centre
- The waitlist, if any, is a product list — not a book
- RCA Pad does not take a cut of proceeds
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product21
- Customers18
- Legal path24
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The unit of account becomes a token
Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.
Double count
If the registry and this ledger can both be sold, the product is a liability.
Green token
A freely traded climate token is usually a commodity or a security. This pad will not sell it.
Registry cooperation
Without the registry, this is a shadow certificate.
Policy
GO rules move. The product has to move with them, not ahead of them.
Double count
If the registry and this ledger can both be sold, Alder Holt is a liability. Dual-record or nothing.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Alder Holt has to be cheaper or faster before that happens.
Ask these next
- 01Is the waitlist demand for a product, or a queue for a coin?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 05Has counsel written the perimeter in a memo you can file?
- 06What does renewal look like if no round ever happens?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Alder Holt Ltd
- Path on file
- Undetermined — not a path
- Posture
- No public sale
- Pack
- Sprint
Where they can operate
Named vs off-limits.
Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.
- Helsinkinamed
- United States retailrestricted
Team
Who runs it.
- Lars DiazChief executive
- Luca DiazMarkets
Stack
- Certificate ledger
- Energy certificates
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Lars Diaz came in named. The team is not a handle. Alder Holt Ltd exists, founded 2021, headquartered in Helsinki. Anonymity would have been an automatic decline.
A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Alder Holt does not sell a token to the public on this pad | Posture lock | live |
| The product is energy certificates sold to institutions | Architecture + customer type | draft |
| Certificate ledger is the method — not a listed asset | Paper only | draft |
| Retail buyers are out of scope | Named markets lock | live |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | live |
| Pilot identities redacted in public | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Helsinki | Named markets on the file | draft |
On the record
- Application APP-4979ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 10:00
Application scored. Alder Holt is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
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