The wedge
Producer seat
The wedge is double-counting: corporate offtakers are being asked to prove what they bought.
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
IVOQ
Screened
SCREENEDEnergy certificatesIvory Span
Pilots named (redacted). Waitlist not. a short list names. Your move.
You can open twelve thinner companies. Or this one, once, while the window is still a number.
Ivory Span — 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. Ivory Span 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
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
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 Meridian · 9047
IVOQ
The plate
Meridian. Edition 9047.
A unique plate for Ivory Span. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
IVOQ · Frankfurt · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Frankfurt
Producers
Sells
Producer
Producer seat
Markets
0
Germany
Years
0
Founded 2023
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
They did not lead with climate Twitter.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Frankfurt. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. 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.
National GO registries are slow. That slowness is the budget. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
The brief
How a serious reader should hold this.
In Frankfurt, the person who signs the monthly pack already has a vendor. Ivory Span 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.
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.
On a Tuesday in Frankfurt, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From counsel
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From the pilot
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
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 incumbent copy takes a year. The named customer is already writing into this record.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 10
- Counsel hours on file
- 9
- Asks / week
- 2
- 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.
This company
Ivory Span
Services firms hide in ‘platform’ language. Ivory Span sells a seat plus an event. Named.
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.
Named: Germany, EEA professional, United Kingdom. Off-limits: EU retail. A US person hearing an offering communication is a US problem even if the company sits in Frankfurt. Blocking an IP and taking a US Telegram admin is not a block.
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
- 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.
Counsel & perimeter
38%
The remaining certifications and the second named market.
Named operators
26%
Keeping the public story from running ahead of the claims register.
Control environment
19%
A counsel memo that can survive a later reader.
Second market
17%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- 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
- Four origination desks posting into a closed tape.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- An offtaker has retired a certificate via this event.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- Vs the comps
- National GO registries are slow. That slowness is the budget.
- 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.
Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
A round, if any, sits with their providers. This pad does not take the order.
Traction
What you can verify today.
Founded 2023, headquartered in Frankfurt. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. 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.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Frankfurt 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.”
- Product17
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- Market access90
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 Frankfurt 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, Ivory Span is a liability. Dual-record or nothing.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Ivory Span has to be cheaper or faster before that happens.
Ask these next
- 01Which incumbent can copy this in a quarter, and what would they have to migrate?
- 02Which geography is actually locked, and which is a hope?
- 03Who can unpublish a public sentence in 24 hours, by name?
- 04If RCA Pad disappeared tomorrow, could the customer still run the job?
- 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
- Ivory Span GmbH
- 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.
- Germanynamed
- EEA professionalnamed
- United Kingdomnamed
- EU retailrestricted
Team
Who runs it.
- Luca NgChief executive
- Tomás PetrovFinance
Stack
- Certificate ledger
- Energy certificates
- Takedown SLA
- Audit log
Named with them
- Helix Audit
Who can decide
Luca Ng (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.
| Statement | Evidence | Status |
|---|---|---|
| Ivory Span 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: Germany, EEA professional, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4228ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 16:00
Application scored. Ivory Span is not a calendar slot.
10 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.
Other companies
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