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

FLIE

In diligence

IN MOTIONCarbon inventories

Flint Hold

a few days until this conversation is history.

US was taken off the public stack on day one. Adult companies do that. Then the waitlist filled anyway.

Flint Hold — 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 8). This is when the story, the customers and the legal path get written down — or the file stops.

Most Carbon inventories 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.

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

2/9

Sprint

Our cut

Of any proceeds

Plate Ledger · 6982

FLIE

The plate

Ledger. Edition 6982.

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

FLIE · Stockholm · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 8 of 14

Stockholm

Producers

Sells

Producer

Producer seat

Markets

Sweden

Years

Founded 2021

Surfaces

Inventory ledger

Complete

File readiness

The wedge

Producer seat

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2021, headquartered in Stockholm. 2 named pilots on file (identities redacted in public). 8 nodes or connected surfaces reported. Desk diligence score 75/100. Sprint day 8 of 14. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

Still dual-record with the registry.

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.

In Stockholm, the person who signs the monthly pack already has a vendor. Flint Hold is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.

The bet is narrow. A named Stockholm buyer already has budget for this invoice. Flint Hold wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A sentence went public and came down in under an hour. Mei Berg treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.

From counsel

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From the pilot

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

From ops

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

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

Read it once, properly, while the number is still green. Then decide.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 14
Counsel hours on file: 23
Asks / week: 26
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Mei Berg, Chief executive

This company

Flint Hold

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.

A national registry as counterpart is the whole company.

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. Flint Hold 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.

The live path is Not offering — locked. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

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.

Named operators
32%
A counsel memo that can survive a later reader.
Second market
25%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
18%
The remaining certifications and the second named market.
Control environment
25%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

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.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: Four origination desks posting into a closed tape.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A national registry is a counterpart, not a scrape.
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: Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Still dual-record with the registry.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

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.

Operating notes for Inventory ledger
No token contract listed as a public sale
Pilot letters on file, identities redacted
Stockholm 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.”

Product67
Customers62
Legal path62
Tech maturity60
Demand50
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Flint Hold asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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, Flint Hold is a liability. Dual-record or nothing.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Flint Hold has to be cheaper or faster before that happens.

Ask these next

01Which geography is actually locked, and which is a hope?
02Who can unpublish a public sentence in 24 hours, by name?
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: Flint Hold AB
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.

Swedennamed
EEA professionalnamed
Global publicrestricted

Team

Who runs it.

Mei BergChief executive
Noam ChoChief compliance

Stack

Inventory ledger
Carbon inventories
Takedown SLA
Approval trail

Named with them

Clearline

Who can decide

The technical founder is on the record as Chief compliance. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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
Flint Hold 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
Pilot identities redacted in public	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Sweden, EEA professional	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 9:21
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.