The wedge
Per certificate event
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
THID
Screened
SCREENEDEnergy certificatesThistle Book
Skip it and you read a PDF. Counterparties who matter will have already called.
A named Austin customer is already on the record. The public still thinks this is a deck.
Thistle Book — 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.
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.
Stage
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Certificate ledger
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
0/4
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 4731
THID
The plate
Orbit. Edition 4731.
A unique plate for Thistle Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
THID · Austin · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Austin
Producers
Sells
Per
Per certificate event
Markets
0
Austin
Years
0
Founded 2023
Surfaces
0
Certificate ledger
Complete
0
File readiness
Why the desk took it
Early — still a question.
No public token representing a tonne. We searched.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Austin. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
Next 12 months
One retirement an offtaker will show their auditor.
National GO registries are slow. That slowness is the budget. They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
The brief
How a serious reader should hold this.
Austin is not a backdrop. It is the jurisdiction where a named customer can be sued, called, and asked a question on a recorded line. Thistle Book chose it for that reason. Counterparties who still think this is a ‘global’ story are already late.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Thistle Book is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Siobhán Berg treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From the pilot
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 screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
The window
Miss this and you read the archive.
The next Energy certificates company on this board will not have this waitlist, this HQ, or this counsel posture.
Certification is in motion. After it lands, the price of the seat is not the question — access is.
The scarce thing is not the company. It is the next a few days of a live conversation.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 10
- Counsel hours on file
- 5
- Asks / week
- 5
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Thistle Book
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.
Named: Austin. Off-limits: United States retail. A US person hearing an offering communication is a US problem even if the company sits in Austin. 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
- 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.
Control environment
40%
Adapter work against the incumbent register, admin, or custodian.
Named operators
19%
Dual-control drills, key ceremonies, and the person who owns them.
Certifications & adapters
15%
A counsel memo that can survive a later reader.
Counsel & perimeter
26%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
- WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
The wedge
Why this one, not the other one.
- They sell
- Per certificate event
- Who pays
- A transfer agent willing to consume a revoke in production.
- Unit economics
- They sell a fee the customer already pays a slower vendor for. TAM is that invoice, not a token float.
- Moat on file
- A national registry is a counterpart, not a scrape.
- Switching cost
- Permissioned connectivity is the moat. Public endpoints would erase it.
- Vs the comps
- National GO registries are slow. That slowness is the budget.
- Why we listed it
- No public token representing a tonne. We searched.
Next twelve months
What has to be true.
One retirement an offtaker will show their auditor.
A redacted engagement letter landed in week one. That is why the desk took the meeting.
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 Austin. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 68/100. A transfer agent willing to consume a revoke in production. A redacted engagement letter landed in week one. That is why the desk took the meeting.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Austin 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.”
- Product20
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- Market access44
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, Thistle Book is a liability. Dual-record or nothing.
Incumbent feature
The administrator, CCP, scheme or custodian can ship this as a checkbox. Thistle Book has to be cheaper or faster before that happens.
Ask these next
- 01What does renewal look like if no round ever happens?
- 02Who can unpublish a public sentence in 24 hours, by name?
- 03Who is the first named paying customer — not a letter of intent?
- 04Which geography is actually locked, and which is a hope?
- 05Is the waitlist demand for a product, or a queue for a coin?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
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
- Thistle Book Ltd
- 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.
- Austinnamed
- United States retailrestricted
Team
Who runs it.
- Siobhán BergChief executive
- Aisha IbrahimHead of product
Stack
- Certificate ledger
- Energy certificates
- Approval trail
- Audit log
Named with them
- Helix Audit
Who can decide
Siobhán Berg (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 |
|---|---|---|
| Thistle Book 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: Austin | Named markets on the file | draft |
On the record
- Application APP-4503ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 12:00
Application scored. Thistle Book 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
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.