VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

BEE2

Screened

SCREENEDEnergy certificates

Beech Ridge

Window a fewd · waitlist a short list · our cut 0%. Do the maths.

Priya Ng will not run a public sale on this pad. The listing exists because of that sentence.

Beech Ridge — 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.

Most Energy certificates applications this quarter were declined. You are looking at one that was not.

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

Redacted on the public page

Live nodes

Certificate ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/5

Sprint

Our cut

Of any proceeds

Plate Orbit · 2721

BEE2

The plate

Orbit. Edition 2721.

A unique plate for Beech Ridge. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

BEE2 · Vienna · Energy certificates

Score

Desk diligence

Pilots

None on file

Stage

upcoming

Vienna

Producers

Sells

Producer

Producer seat

Markets

Vienna

Years

Founded 2024

Surfaces

Certificate ledger

Complete

File readiness

The wedge

Producer seat

Beech Ridge shortens retirement, it does not invent a tonne.

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 2024, headquartered in Vienna. No named paying pilot on the file yet — that is the first question. Desk diligence score 58/100. A coverholder or carrier running one binder on this record. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Counsel on commodity vs software — one memo.

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.

Vienna is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Beech Ridge chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.

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. Priya Ng treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From counsel

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 pilot

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From the founder

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Vienna buyer who already has budget.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 4
Counsel hours on file: 9
Asks / week: 5
Our cut: 0% of proceeds

US came off the site in the first session. We did not argue. We are not children.
Priya Ng, Chief executive

This company

Beech Ridge

Not the incumbent brand. Beech Ridge sells the job the brand will not staff.

In the same conversation

National GO registries
Xpansiv
Not a public carbon coin

The bet

Why this company exists.

Beech Ridge shortens retirement, it does not invent a tonne.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Beech Ridge is priced as software against an invoice that already exists.

Named: Vienna. Off-limits: Public residual claims. A US person hearing an offering communication is a US problem even if the company sits in Vienna. 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
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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
36%
The remaining certifications and the second named market.
Certifications & adapters
21%
Dual-control drills, key ceremonies, and the person who owns them.
Named operators
22%
Adapter work against the incumbent register, admin, or custodian.
Second market
21%
A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
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: Producer seat
Who pays: A coverholder or carrier running one binder on this record.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: An offtaker has retired a certificate via this event.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
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.

Counsel on commodity vs software — one memo.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Architecture paper — no production customer on the public file
No token contract listed as a public sale
Pilot letters on file, identities redacted
Vienna 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.”

Product20
Customers18
Legal path62
Tech maturity28
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Vienna story becomes a fact pattern. The restricted list exists for a reason: Public residual claims.

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, Beech Ridge is a liability. Dual-record or nothing.

Facts vs theatre

A proof of a fake book is still a fake book. Beech Ridge has to attach to the real one, in Vienna.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03What happens if a founder later wants a public token?
04Which geography is actually locked, and which is a hope?
05What does renewal look like if no round ever happens?
06Who can unpublish a public sentence in 24 hours, by name?

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: Beech Ridge Ltd
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.

Viennanamed
Public residual claimsrestricted

Team

Who runs it.

Priya NgChief executive
Luca DiazChief executive

Stack

Certificate ledger
Energy certificates
Audit log

Named with them

Helix Audit

Who can decide

Priya Ng (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Beech Ridge 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
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Vienna	Named markets on the file	draft

On the record

Application APP-4512ScreenSep
Counsel questionPathSep

Operating log

01 Sep 10:00
Application scored. Beech Ridge is not a calendar slot.
11 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.

Launch your own How an RCAICO works

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.