RCA Pad
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

EMBQ

Screened
SCREENEDEnergy certificates

Ember Holt

A named Taipei buyer is on the record. You are still reading the public page.

If this pad disappeared tomorrow, the customer could still run the job. That is why they are here.

Ember 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.

Closed stamp is coming. a few days is the number. There is not a second number.

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

1/5

Sprint

Our cut

0%

Of any proceeds

Plate Vault · 4034

EMBQ

The plate

Vault. Edition 4034.

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

EMBQ · Taipei · Energy certificates

Score

0

Desk diligence

Pilots

0

Named, redacted

Stage

upcoming

upcoming

HQ

Taipei

Producers

Sells

Producer

Producer seat

Markets

0

Taipei

Years

0

Founded 2024

Surfaces

0

Certificate ledger

Complete

0

File readiness

The wedge

Producer seat

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

Why the desk took it

Early — still a question.

They did not lead with climate Twitter.

Traction

One named pilot (redacted).

Founded 2024, headquartered in Taipei. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A transfer agent willing to consume a revoke in production. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Still dual-record with the registry.

Xpansiv is a market. This is the event under a registry. 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.

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.

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 dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Ember Holt. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From counsel

The legal source of truth stays with the incumbent register, admin, or custodian. Ember Holt does not attest to its own facts.

From the pilot

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

From the founder

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

Miss a few days and you are explaining to your IC why you read it after it closed.

The comment period is not a path. This company is priced as if that is already true.

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
11
Counsel hours on file
9
Asks / week
9
Our cut
0% of proceeds

US came off the site in the first session. We did not argue. We are not children.

Hannah Krüger, Chief executive

This company

Ember Holt

The protocol pitch is the thing this company has already refused.

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. Ember 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: Taipei, United Kingdom. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Taipei. Blocking an IP and taking a US Telegram admin is not a block.

How it works

  1. 01A certificate that exists in a registry is evented here
  2. 02Delivery and retirement are visible to the offtaker
  3. 03The registry remains the legal source
  4. 04No public ‘carbon token’ sale on this pad
  5. 05Delivery and retirement are visible to the offtaker; the registry remains source
  6. 06Retail and unnamed geographies are structurally off the form, not only in the footer.

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

    29%

    A counsel memo that can survive a later reader.

  • Control environment

    28%

    Hiring the operator who already does this job at a licensed firm.

  • Counsel & perimeter

    18%

    The remaining certifications and the second named market.

  • Named operators

    25%

    Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

  1. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  2. TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. 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 transfer agent willing to consume a revoke in production.
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
The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps
Xpansiv is a market. This is the event under a registry.
Why we listed it
They did not lead with climate Twitter.

Next twelve months

What has to be true.

Still dual-record with the registry.

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

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Founded 2024, headquartered in Taipei. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 69/100. A transfer agent willing to consume a revoke in production. 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
  • Taipei 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

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Taipei story becomes a fact pattern. The restricted list exists for a reason: EU retail.

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, Ember Holt is a liability. Dual-record or nothing.

Token relapse

A later round that wants a public token puts Ember Holt in a different perimeter. The file treats that as a hard stop.

Ask these next

  1. 01What happens if a founder later wants a public token?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03What does renewal look like if no round ever happens?
  4. 04Which incumbent can copy this in a quarter, and what would they have to migrate?
  5. 05Which geography is actually locked, and which is a hope?
  6. 06Has counsel written the perimeter in a memo you can file?

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
Ember Holt 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.

  • Taipeinamed
  • United Kingdomnamed
  • EU retailrestricted

Team

Who runs it.

  • Hannah KrügerChief executive
  • Mei ParkHead of product

Stack

  • Certificate ledger
  • Energy certificates
  • Audit log

Who can decide

Hannah Krüger came in named. The team is not a handle. Ember Holt Ltd exists, founded 2024, headquartered in Taipei. 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.

StatementEvidenceStatus
Ember Holt does not sell a token to the public on this padPosture locklive
The product is energy certificates sold to institutionsArchitecture + customer typedraft
Certificate ledger is the method — not a listed assetPaper onlydraft
Retail buyers are out of scopeNamed markets locklive
Any raise completes with the issuer’s counsel and providers — not on RCA PadFixed-fee termslive
Pilot identities redacted in publicNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Taipei, United KingdomNamed markets on the filedraft

On the record

  1. Application APP-4395ScreenSep
  2. Counsel questionPathSep

Operating log

  1. 04 Sep 12:00

    Application scored. Ember Holt is not a calendar slot.

  2. 10 Sep 10:12

    Counsel question sent. Name a path or lock not-offering.

Path to now

  1. Now

    Screen

    Calendar is never automatic.

  2. 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

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