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

HEAU

In diligence
IN MOTIONRoyalty admin

Heath Mark

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

Inbound this week: 27. That is demand for a job someone already pays for — not a book.

Heath Mark — 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.

If you needed a reason to open diligence tonight: a short list other people already did.

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

3/9

Sprint

Our cut

0%

Of any proceeds

Plate Ledger · 2079

HEAU

The plate

Ledger. Edition 2079.

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

HEAU · Dublin · Royalty admin

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 8 of 14

HQ

Dublin

Producers

Sells

Producer

Producer seat

Markets

0

Ireland

Years

0

Founded 2023

Surfaces

0

Rights 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

A real job, not a ticker.

No public token representing a tonne. We searched.

Traction

2 named pilots (redacted).

Founded 2023, headquartered in Dublin. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 8 of 14. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.

Next 12 months

Counsel on commodity vs software — one memo.

A public carbon coin is a commodity or a security. This pad will not sell it. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

In Dublin, the person who signs the monthly pack already has a vendor. Heath Mark 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.

Heath Mark exists because the incumbent brand will not staff the unglamorous middle of Royalty admin. 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

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

From the founder

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

From the pilot

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

The window

Miss this and you read the archive.

Waiting for a proposed US rule is how you miss a Dublin buyer who already has budget.

Restricted markets stay dark. Named markets are live. That discipline is the scarce thing.

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
13
Counsel hours on file
61
Asks / week
27
Our cut
0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.

Ibrahim Reilly, Chief executive

This company

Heath Mark

A generalist vendor copies the slide. They cannot copy the named record.

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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Dublin 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

  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. 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.

  • Named operators

    35%

    Keeping the public story from running ahead of the claims register.

  • Second market

    20%

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

  • Control environment

    22%

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

  • Counsel & perimeter

    23%

    A counsel memo that can survive a later reader.

Operating week

What “in market” actually looks like.

  1. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
  2. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  3. FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
  4. SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell
Producer seat
Who pays
A treasurer at a bank that already settles — not a crypto-native desk.
Unit economics
Seat plus event. If they ever attach a token as the unit of account, the file stops.
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
A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it
No public token representing a tonne. We searched.

Next twelve months

What has to be true.

Counsel on commodity vs software — one memo.

No public APY, no public book, no ‘how to buy’ on any surface we could find.

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.

Founded 2023, headquartered in Dublin. 2 named pilots on file (identities redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 82/100. Sprint day 8 of 14. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.

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

  • Product63
  • Customers62
  • Legal path62
  • Tech maturity57
  • Demand50
  • Market access90

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, Heath Mark is a liability. Dual-record or nothing.

Single-customer gravity

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

Ask these next

  1. 01Has counsel written the perimeter in a memo you can file?
  2. 02If RCA Pad disappeared tomorrow, could the customer still run the job?
  3. 03Which geography is actually locked, and which is a hope?
  4. 04What happens if a founder later wants a public token?
  5. 05Is the waitlist demand for a product, or a queue for a coin?
  6. 06Which incumbent can copy this in a quarter, and what would they have to migrate?

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
Heath Mark DAC
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.

  • Irelandnamed
  • EEA professionalnamed
  • United Kingdomnamed
  • Public residual claimsrestricted
  • United Statesrestricted

Team

Who runs it.

  • Ibrahim ReillyChief executive
  • Siobhán OkoyeMarkets

Stack

  • Rights ledger
  • Royalty admin
  • Approval trail

Named with them

  • Helix Audit

Who can decide

Ibrahim Reilly (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
Heath Mark 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
Production date for the chain layer is not committedNo board minutedraft
No public token is sold on this padEngagement terms + posture locklive
Customers contemplated: Ireland, EEA professional, United KingdomNamed markets on the filelive

On the record

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

Operating log

  1. 11 Sep 9:15

    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

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