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

KLNS

In market

IN MARKETEnergy certificates

Kiln

Budget exists on a board line. This is this quarter, not ‘when the rule opens’.

Oslo is not a backdrop. It is the city where the customer can be called on a recorded line.

Kiln — 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.

Live campaign. 4,412 on the product waitlist — that is demand, not an allocation.

Most Energy certificates 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.

Waitlist

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Certificate ledger

Counsel hours

Norway · counsel-named

Sentences killed

Before listing

Claims live

7/8

Growth

Our cut

Of any proceeds

Plate Orbit · 9349

KLNS

The plate

Orbit. Edition 9349.

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

KLNS · Oslo · Energy certificates

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Oslo

Producers

Sells

Per

Per certificate event

Markets

Norway

Years

Founded 2023

Surfaces

Certificate ledger

Complete

File readiness

The wedge

Per certificate event

A national registry as counterpart is the whole company.

Why the desk took it

A real job, not a ticker.

They did not lead with climate Twitter.

Traction

3 named pilots (redacted).

Founded 2023, headquartered in Oslo. 3 named pilots on file (identities redacted in public). 4,412 on the waitlist, gated — product demand, not a book built. 18 nodes or connected surfaces reported. Desk diligence score 90/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Counsel on commodity vs software — one memo.

National GO registries are slow. That slowness is the budget. 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 first sentence Claire Ibrahim would not let us publish was the exciting one. What remains is slower — and scarcer: Kiln AS selling Energy certificates as software, from Oslo, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

Kiln 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.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Kiln. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the screen

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

From the founder

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

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.

The incumbent will still be slow in a year. The window will not.

Counsel hours on file: enough that a later reader can tell this was not improvised.

The scarce thing is not the company. It is the next 29 days of a live conversation.

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 13
Counsel hours on file: 64
Asks / week: 552
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.
Claire Ibrahim, Chief executive

This company

Kiln

Open-source looks free until the auditor asks who attests. Kiln has an answer.

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. Kiln is priced as software against an invoice that already exists.

The live path is Norway · counsel-named. 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
06A named counterparty verifies; Kiln does not attest to its own facts.

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.

Control environment
39%
Hiring the operator who already does this job at a licensed firm.
Second market
26%
A counsel memo that can survive a later reader.
Named operators
22%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
13%
Keeping the public story from running ahead of the claims register.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.

The wedge

Why this one, not the other one.

They sell: Per certificate event
Who pays: A qualified custodian reconciling against this book.
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: 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.

Counsel on commodity vs software — one memo.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

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

Traction

What you can verify today.

Operating notes for Certificate ledger
No token contract listed as a public sale
Named founder; customer still a conversation
Oslo 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.”

Product75
Customers96
Legal path84
Tech maturity94
Demand62
Market access90

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of 4,412.

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, Kiln is a liability. Dual-record or nothing.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Kiln 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?
02If RCA Pad disappeared tomorrow, could the customer still run the job?
03What happens if a founder later wants a public token?
04Which geography is actually locked, and which is a hope?
05Has counsel written the perimeter in a memo you can file?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Kiln AS
Path on file: Norway · counsel-named
Posture: Private only
Pack: Growth

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.

Norwaynamed
EEA professionalnamed
United Kingdomnamed
EU retailrestricted
United Statesrestricted

Team

Who runs it.

Claire IbrahimChief executive

Stack

Certificate ledger
Energy certificates
Disclosure templates

Named with them

Northbridge Counsel

Who can decide

Claire Ibrahim came in named. The team is not a handle. Kiln AS exists, founded 2023, headquartered in Oslo. Anonymity would have been an automatic decline.

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Kiln 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	live
Certificate 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
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: Norway, EEA professional, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:11
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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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