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

CLOQ

In diligence

IN MOTIONCarbon inventories

Clove Span

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Melbourne is not a backdrop. It is the city where the customer can be called on a recorded line.

Clove Span — 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.

In a 14-day diligence sprint (day 9). This is when the story, the customers and the legal path get written down — or the file stops.

12 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.

Sprint day

0/14

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

5/9

Sprint

Our cut

Of any proceeds

Plate Vault · 8785

CLOQ

The plate

Vault. Edition 8785.

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

CLOQ · Melbourne · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 9 of 14

Melbourne

Producers

Sells

Offtaker

Offtaker portal

Markets

Melbourne

Years

Founded 2026

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Offtaker portal

The wedge is double-counting: corporate offtakers are being asked to prove what they bought.

Why the desk took it

A real job, not a ticker.

They did not lead with climate Twitter.

Traction

2 named pilots (redacted).

Founded 2026, headquartered in Melbourne. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 74/100. Sprint day 9 of 14. A named Melbourne administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Clove Span.

Next 12 months

Counsel on commodity vs software — one memo.

National GO registries are slow. That slowness is the budget. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.

The brief

How a serious reader should hold this.

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

Read this as an operating company, not a round. Counsel has a posture: Not offering — locked. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

On a Tuesday in Melbourne, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From the screen

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 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.

From ops

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

The window

Miss this and you read the archive.

The incumbent will still be slow in a year. The window will not.

The incumbent copy takes a year. The named customer is already writing into this record.

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: 12
Counsel hours on file: 22
Asks / week: 29
Our cut: 0% of proceeds

We would rather be archive-clean than live-loud. The waitlist showed up anyway.
Anja Moreau, Chief executive

This company

Clove Span

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.

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. Clove Span is priced as software against an invoice that already exists.

Melbourne being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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; Clove Span 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.

Named operators
39%
The remaining certifications and the second named market.
Control environment
26%
A counsel memo that can survive a later reader.
Certifications & adapters
21%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
14%
Adapter work against the incumbent register, admin, or custodian.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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: Offtaker portal
Who pays: A named Melbourne administrator who already signs the pack (redacted).
Unit economics: They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
Moat on file: A national registry is a counterpart, not a scrape.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: National GO registries are slow. That slowness is the budget.
Why we listed it: They did not lead with climate Twitter.

Next twelve months

What has to be true.

Counsel on commodity vs software — one memo.

Architecture says keys / title / NAV liability sit with a named licensed party — not Clove Span.

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

Traction

What you can verify today.

Operating notes for Inventory ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Melbourne 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.”

Product58
Customers62
Legal path62
Tech maturity54
Demand54
Market access68

Risks

What can kill it.

The one that actually kills it

Counsel is a slide

Unnamed counsel is how companies die in diligence. Not offering — locked has to be a memo you can file, not a slogan on the hero.

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, Clove Span is a liability. Dual-record or nothing.

Single-customer gravity

If the first named buyer is also the only buyer, Clove Span is a services shop with a ledger. Ask for the second.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02What happens if a founder later wants a public token?
03Has counsel written the perimeter in a memo you can file?
04If RCA Pad disappeared tomorrow, could the customer still run the job?
05Is the waitlist demand for a product, or a queue for a coin?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Clove Span Ltd
Path on file: Not offering — locked
Posture: Private only
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.

Melbournenamed
United Kingdomnamed
United States retailrestricted

Team

Who runs it.

Anja MoreauChief executive
Zara MoreauHead of product

Stack

Inventory ledger
Carbon inventories
Audit log
Disclosure templates

Named with them

Clearline
Meridian Tax

Who can decide

Anja Moreau (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
Clove Span does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory ledger is the method — not a listed asset	Desk snapshot	live
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: Melbourne, United Kingdom	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 12:28
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
D14
Read-out
Accept the pack or stop.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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.