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

HAZD

Screened

SCREENEDEnergy certificates

Hazel Book

Window 20d · waitlist a short list · our cut 0%. Do the maths.

Closed files are history. Live files have a clock. Hazel Book has 20 days.

Hazel Book — 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.

Archive is free. Live access is timed. Hazel Book is timed.

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

0days

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 Horizon · 1064

HAZD

The plate

Horizon. Edition 1064.

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

HAZD · Lagos · Energy certificates

Score

Desk diligence

Pilots

Named, redacted

Stage

upcoming

Lagos

Producers

Sells

Producer

Producer seat

Markets

Lagos

Years

Founded 2025

Surfaces

Certificate ledger

Complete

File readiness

The wedge

Producer seat

A national registry as counterpart is the whole company.

Why the desk took it

Early — still a question.

They did not lead with climate Twitter.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Lagos. One named pilot on file (redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 79/100. An AIFM whose auditor has seen the dual-record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

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. 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.

Hazel Book exists because the incumbent brand will not staff the unglamorous middle of Energy certificates. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From counsel

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

From the screen

The legal source of truth stays with the incumbent register, admin, or custodian. Hazel Book 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.

Miss 20 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 remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 16
Counsel hours on file: 9
Asks / week: 12
Our cut: 0% of proceeds

The decline pile is a compliment. It means the screen still means something.
Hiro Okafor, Chief executive

This company

Hazel Book

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

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

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

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
06Kill of a public sentence is an hour, not a committee.

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.

Claims & campaign ops
36%
A counsel memo that can survive a later reader.
Second market
28%
Keeping the public story from running ahead of the claims register.
Counsel & perimeter
18%
Hiring the operator who already does this job at a licensed firm.
Control environment
18%
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.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.

The wedge

Why this one, not the other one.

They sell: Producer seat
Who pays: An AIFM whose auditor has seen the dual-record.
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: 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.

Still dual-record with the registry.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

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
Lagos 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.”

Product29
Customers40
Legal path62
Tech maturity40
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 Lagos 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, Hazel Book is a liability. Dual-record or nothing.

Token relapse

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

Ask these next

01Which incumbent can copy this in a quarter, and what would they have to migrate?
02Where do keys, title, or NAV liability sit — and is that person licensed?
03Which geography is actually locked, and which is a hope?
04Has counsel written the perimeter in a memo you can file?
05Who is the first named paying customer — not a letter of intent?
06What does renewal look like if no round ever happens?

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: Hazel Book 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.

Lagosnamed
United Kingdomnamed
EU retailrestricted

Team

Who runs it.

Hiro OkaforChief executive

Stack

Certificate ledger
Energy certificates
Approval trail
Audit log

Named with them

Helix Audit

Who can decide

Hiro Okafor came in named. The team is not a handle. Hazel Book Ltd exists, founded 2025, headquartered in Lagos. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Hazel Book is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Hazel Book 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	Desk file	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Lagos, United Kingdom	Named markets on the file	draft

On the record

Application APP-4252ScreenSep
Counsel questionPathSep

Operating log

06 Sep 12:00
Application scored. Hazel Book 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.