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

SEDR

In diligence
IN MOTIONCarbon inventories

Sedge Span

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

A dual-control drill is on paper. A named licensed party holds the liability. That is rarer than a waitlist.

Sedge 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.

In a 14-day diligence sprint (day 12). This is when the story, the customers and the legal path get written down — or the file stops.

Most Carbon inventories 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.

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

Inventory ledger

Counsel hours

0

Not offering — locked

Sentences killed

0

Before listing

Claims live

4/8

Sprint

Our cut

0%

Of any proceeds

Plate Horizon · 9825

SEDR

The plate

Horizon. Edition 9825.

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

SEDR · Tallinn · Carbon inventories

Score

0

Desk diligence

Pilots

0

Named, redacted

Sprint

0

Day 12 of 14

HQ

Tallinn

Producers

Sells

Producer

Producer seat

Markets

0

Tallinn

Years

0

Founded 2024

Surfaces

0

Inventory 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.

Registry cooperation is in writing, even if early.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in Tallinn. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 12 of 14. A named Tallinn administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Span.

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. Per-event pricing so a pilot can start without a transformation programme.

The brief

How a serious reader should hold this.

Someone in Tallinn already renewed a slower vendor this year. Sedge Span is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

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.

US traffic was taken off the public surfaces in the first working session. Sedge Span did not argue. Adult companies do not costume a US offering.

From ops

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

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

From the founder

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

The window

Miss this and you read the archive.

You can read twelve thinner companies. Or this one, once, while the window is open.

Budget exists on a line the board can see. That is why the window is this quarter.

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
8
Counsel hours on file
91
Asks / week
37
Our cut
0% of proceeds

If RCA Pad ever asked for a cut of a raise, we would walk. That is in the first email.

Eva Voss, Chief executive

This company

Sedge Span

Twelve Carbon inventories decks look the same. One of them has a Tallinn customer on the 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

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

Tallinn 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. 06Exceptions post back into the customer’s existing case system — no side spreadsheet.

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.

  • Counsel & perimeter

    25%

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

  • Second market

    17%

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

  • Control environment

    22%

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

Operating week

What “in market” actually looks like.

  1. MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
  2. SatDarkNo creators. No threads. Restricted geos stay dark.
  3. ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
  4. WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell
Producer seat
Who pays
A named Tallinn administrator who already signs the pack (redacted).
Unit economics
Per-event pricing so a pilot can start without a transformation programme.
Moat on file
Dual-record: the registry still owns the legal fact.
Switching cost
Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
Vs the comps
A public carbon coin is a commodity or a security. This pad will not sell it.
Why we listed it
Registry cooperation is in writing, even if early.

Next twelve months

What has to be true.

Still dual-record with the registry.

Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Span.

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 2024, headquartered in Tallinn. 2 named pilots on file (identities redacted in public). 5 nodes or connected surfaces reported. Desk diligence score 88/100. Sprint day 12 of 14. A named Tallinn administrator who already signs the pack (redacted). Architecture says keys / title / NAV liability sit with a named licensed party — not Sedge Span.

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

  • Product46
  • Customers62
  • Legal path62
  • Tech maturity51
  • Demand66
  • Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Sedge Span asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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, Sedge Span is a liability. Dual-record or nothing.

Single-customer gravity

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

Ask these next

  1. 01What does renewal look like if no round ever happens?
  2. 02Which geography is actually locked, and which is a hope?
  3. 03Who is the first named paying customer — not a letter of intent?
  4. 04Is the waitlist demand for a product, or a queue for a coin?
  5. 05Who can unpublish a public sentence in 24 hours, by name?
  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
Sedge Span 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.

  • Tallinnnamed
  • EU retailrestricted

Team

Who runs it.

  • Eva VossChief executive
  • Rafa EllisonChief executive

Stack

  • Inventory ledger
  • Carbon inventories
  • Disclosure templates
  • Audit log

Named with them

  • Northbridge Counsel
  • Clearline
  • Meridian Tax

Who can decide

Eva Voss (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
Sedge Span does not sell a token to the public on this padPosture locklive
The product is carbon inventories sold to institutionsArchitecture + customer typelive
Inventory 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: TallinnNamed markets on the filelive

On the record

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

Operating log

  1. 11 Sep 15:33

    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

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.