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

HAZT

In diligence
IN MOTIONRoyalty admin

Hazel Dock

Counsel is live. The waitlist is a short list. The public sale is not.

Renewal — not the round — is the twelve-month test. The people in this queue already know that.

Hazel Dock — 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.

They unpublish in an hour. They will not wait for your committee to finish reading.

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

0

Redacted on the public page

Live nodes

0

Rights ledger

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

2/10

Sprint

Our cut

0%

Of any proceeds

Plate Ledger · 8199

HAZT

The plate

Ledger. Edition 8199.

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

HAZT · Stockholm · Royalty admin

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 8 of 14

HQ

Stockholm

Producers

Sells

Offtaker

Offtaker portal

Markets

0

Sweden

Years

0

Founded 2024

Surfaces

0

Rights ledger

Complete

0

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 2024, headquartered in Stockholm. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 8 of 14. A named Stockholm administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

One retirement an offtaker will show their auditor.

Xpansiv is a market. This is the event under a registry. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Royalty admin is not a rumour. It is how this board stays readable. Hazel Dock is what survived. That is the sell.

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.

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

From the screen

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

From the pilot

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 counsel

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

The window

Miss this and you read the archive.

If the window closes you still have the pack — as history. Not as a live conversation.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed
10
Counsel hours on file
68
Asks / week
27
Our cut
0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.

Ibrahim Santos, Chief executive

This company

Hazel Dock

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.

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. Hazel Dock 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: Sweden, EEA professional. Off-limits: Global public. A US person hearing an offering communication is a US problem even if the company sits in Stockholm. 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. 06The legal source of truth stays with the incumbent register, admin, or custodian.

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

    31%

    Adapter work against the incumbent register, admin, or custodian.

  • Control environment

    27%

    A counsel memo that can survive a later reader.

  • Second market

    15%

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

  • Claims & campaign ops

    27%

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

Operating week

What “in market” actually looks like.

  1. SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Offtaker portal
Who pays
A named Stockholm administrator who already signs the pack (redacted).
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
Once the record is the record, the incumbent copy has to migrate history. That is the year.
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.

One retirement an offtaker will show their auditor.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

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

Traction

What you can verify today.

Founded 2024, headquartered in Stockholm. 2 named pilots on file (identities redacted in public). 6 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 8 of 14. A named Stockholm administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

  • Operating notes for Rights 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.”

  • Product52
  • Customers62
  • Legal path62
  • Tech maturity54
  • Demand50
  • 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 Stockholm story becomes a fact pattern. The restricted list exists for a reason: Global public.

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 Dock is a liability. Dual-record or nothing.

Facts vs theatre

A proof of a fake book is still a fake book. Hazel Dock has to attach to the real one, in Stockholm.

Ask these next

  1. 01Which incumbent can copy this in a quarter, and what would they have to migrate?
  2. 02Who can unpublish a public sentence in 24 hours, by name?
  3. 03Where do keys, title, or NAV liability sit — and is that person licensed?
  4. 04Has counsel written the perimeter in a memo you can file?
  5. 05What does renewal look like if no round ever happens?
  6. 06What happens if a founder later wants a public token?

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
Hazel Dock AB
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.

  • Swedennamed
  • EEA professionalnamed
  • Global publicrestricted

Team

Who runs it.

  • Ibrahim SantosChief executive
  • Hiro ColeMarkets

Stack

  • Rights ledger
  • Royalty admin
  • Audit log
  • Takedown SLA

Who can decide

Ibrahim Santos (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.

StatementEvidenceStatus
Hazel Dock does not sell a token to the public on this padPosture locklive
The product is royalty admin sold to institutionsArchitecture + customer typelive
Rights ledger is the method — not a listed assetDesk snapshotlive
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: Sweden, EEA professionalNamed markets on the filelive

On the record

  1. Day 0 lockKick-offSep
  2. Claim inventoryPackSep
  3. Audience matrix draftPackSep

Operating log

  1. 11 Sep 16:27

    Workshop. Funnel has no purchase step.

  2. 08 Sep 09:00

    Kick-off. Exclusions recorded.

  3. 09 Sep 16:20

    A claim killed for missing evidence.

Path to now

  1. D0

    Kick-off

    Geographies, owners, SLA, exclusions.

  2. 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

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