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

WILR

In diligence

IN MOTIONCarbon inventories

Willow Span

A named Cardiff buyer is on the record. You are still reading the public page.

Heat 42. Window a fewd. If you are going to read one Carbon inventories company, this is the one.

Willow 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 5). This is when the story, the customers and the legal path get written down — or the file stops.

5 live counterparties in the thread. The public page is the overflow.

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

Redacted on the public page

Live nodes

Inventory ledger

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

1/7

Sprint

Our cut

Of any proceeds

Plate Lattice · 1336

WILR

The plate

Lattice. Edition 1336.

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

WILR · Cardiff · Carbon inventories

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

Cardiff

Producers

Sells

Per

Per certificate event

Markets

Cardiff

Years

Founded 2025

Surfaces

Inventory 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.

Registry cooperation is in writing, even if early.

Traction

One named pilot (redacted).

Founded 2025, headquartered in Cardiff. One named pilot on file (redacted in public). 7 nodes or connected surfaces reported. Desk diligence score 84/100. Sprint day 5 of 14. A national registry counterpart, not a scrape. A redacted engagement letter landed in week one. That is why the desk took the meeting.

Next 12 months

Still dual-record with the registry.

Xpansiv is a market. This is the event under a registry. 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.

The first sentence Devon Park would not let us publish was the exciting one. What remains is slower — and scarcer: Willow Span Ltd selling Carbon inventories as software, from Cardiff, to a buyer who already pays someone else to do this badly. That buyer is named. You are not, yet.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Willow Span is the version that survives counsel. It is on a clock.

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

From the pilot

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 the founder

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

When the heat drops, the named customer is still named — they just stop taking new calls.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 13
Counsel hours on file: 70
Asks / week: 20
Our cut: 0% of proceeds

The waitlist is people who want the product. If they wanted a coin they would be on a different pad.
Devon Park, Chief executive

This company

Willow Span

The protocol pitch is the thing this company has already refused.

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

The incumbent brand sells the relationship. Willow Span sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Cardiff 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

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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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
29%
A counsel memo that can survive a later reader.
Second market
21%
Adapter work against the incumbent register, admin, or custodian.
Named operators
17%
Hiring the operator who already does this job at a licensed firm.
Certifications & adapters
33%
The remaining certifications and the second named market.

Operating week

What “in market” actually looks like.

TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Per certificate event
Who pays: A national registry counterpart, not a scrape.
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: Dual-record: the registry still owns the legal fact.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Xpansiv is a market. This is the event under a registry.
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.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

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

Product64
Customers40
Legal path62
Tech maturity57
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Willow 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, Willow Span is a liability. Dual-record or nothing.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Willow Span has to be cheaper or faster before that happens.

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02What does renewal look like if no round ever happens?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04Which geography is actually locked, and which is a hope?
05What happens if a founder later wants a public token?
06Who is the first named paying customer — not a letter of intent?

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: Willow 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.

Cardiffnamed
Global publicrestricted

Team

Who runs it.

Devon ParkChief executive
Jonah BergChief executive

Stack

Inventory ledger
Carbon inventories
Takedown SLA

Named with them

Helix Audit
Meridian Tax

Who can decide

The technical founder is on the record as Chief executive. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

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
Willow Span does not sell a token to the public on this pad	Posture lock	live
The product is carbon inventories sold to institutions	Architecture + customer type	live
Inventory 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	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Cardiff	Named markets on the file	live

On the record

Day 0 lockKick-offSep
Claim inventoryPackSep
Audience matrix draftPackSep

Operating log

11 Sep 11:43
Workshop. Funnel has no purchase step.
08 Sep 09:00
Kick-off. Exclusions recorded.
09 Sep 16:20
A claim killed for missing evidence.

Path to now

D0
Kick-off
Geographies, owners, SLA, exclusions.
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

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