The wedge
Per certificate event
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
ASPQ
Screened
SCREENEDEnergy certificatesAspen Holt
They killed 10 sentences to get listed. That is the product you are about to miss.
Closed files are history. Live files have a clock. Aspen Holt has a few days.
Aspen 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.
5 live counterparties in the thread. The public page is the overflow.
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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Certificate ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/5
Sprint
Our cut
0%
Of any proceeds
Plate Signal · 3293
ASPQ
The plate
Signal. Edition 3293.
A unique plate for Aspen Holt. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
ASPQ · Chicago · Energy certificates
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Chicago
Producers
Sells
Per
Per certificate event
Markets
0
United States professional
Years
0
Founded 2021
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
They did not lead with climate Twitter.
Traction
One named pilot (redacted).
Founded 2021, headquartered in Chicago. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
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. Bps on a job that already has a budget line. A public coin would not make the invoice larger.
The brief
How a serious reader should hold this.
Most Energy certificates decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.
What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.
A sentence went public and came down in under an hour. Ibrahim Moreau treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Aspen Holt does not attest to its own facts.
From ops
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
The window
Miss this and you read the archive.
Founders who want a pack this tight apply. Readers who wait get a closed stamp.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
Open the diligence or watch it close. There is not a third option that still counts as early.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 10
- Counsel hours on file
- 7
- Asks / week
- 9
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Aspen Holt
The copycats will arrive after certification. That is why the window is now.
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
A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.
Named: United States professional, United Kingdom. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Chicago. 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
- 06A named counterparty verifies; Aspen Holt does not attest to its own facts.
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.
Second market
33%
Keeping the public story from running ahead of the claims register.
Control environment
28%
Adapter work against the incumbent register, admin, or custodian.
Counsel & perimeter
16%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
23%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
The wedge
Why this one, not the other one.
- They sell
- Per certificate event
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Bps on a job that already has a budget line. A public coin would not make the invoice larger.
- Moat on file
- An offtaker has retired a certificate via this event.
- Switching cost
- Once the record is the record, the incumbent copy has to migrate history. That is the year.
- Vs the comps
- A public carbon coin is a commodity or a security. This pad will not sell it.
- Why we listed it
- They did not lead with climate Twitter.
Next twelve months
What has to be true.
One retirement an offtaker will show their auditor.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2021, headquartered in Chicago. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 68/100. A warehouse or port that has written a live event. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Chicago 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.”
- Product25
- Customers40
- Legal path62
- Tech maturity34
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The named customer is a letter of intent
Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.
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, Aspen Holt is a liability. Dual-record or nothing.
Single-customer gravity
If the first named buyer is also the only buyer, Aspen Holt is a services shop with a ledger. Ask for the second.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02What happens if a founder later wants a public token?
- 03Is the waitlist demand for a product, or a queue for a coin?
- 04Who can unpublish a public sentence in 24 hours, by name?
- 05Has counsel written the perimeter in a memo you can file?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Aspen Holt LLC
- Path on file
- Not offering — locked
- 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.
- United States professionalnamed
- United Kingdomnamed
- Global publicrestricted
Team
Who runs it.
- Ibrahim MoreauChief executive
- Devon VogelChief technology
Stack
- Certificate ledger
- Energy certificates
- Approval trail
Named with them
- Helix Audit
Who can decide
Ibrahim Moreau came in named. The team is not a handle. Aspen Holt LLC exists, founded 2021, headquartered in Chicago. 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 |
|---|---|---|
| Aspen 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 | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: United States professional, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4819ScreenSep
- Counsel questionPathSep
Operating log
05 Sep 12:00
Application scored. Aspen 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
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.