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
YARD
Screened
SCREENEDEnergy certificatesYarrow Book
Certification is in motion. After it lands, access is the scarce thing — not price.
The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.
Yarrow 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.
The named customer already picked. The waitlist is everyone who was late to that fact.
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
0/7
Sprint
Our cut
0%
Of any proceeds
Plate Meridian · 3053
YARD
The plate
Meridian. Edition 3053.
A unique plate for Yarrow Book. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
YARD · Dubai · Energy certificates
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Dubai
Producers
Sells
Per
Per certificate event
Markets
0
Dubai
Years
0
Founded 2026
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 2026, headquartered in Dubai. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.
Next 12 months
One retirement an offtaker will show their auditor.
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.
The decline pile in Energy certificates is not a rumour. It is how this board stays readable. Yarrow Book is what survived. That is the sell.
Yarrow Book 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.
US traffic was taken off the public surfaces in the first working session. Yarrow Book 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 the screen
US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.
From counsel
The legal source of truth stays with the incumbent register, admin, or custodian. Yarrow Book does not attest to its own facts.
The window
Miss this and you read the archive.
If the window closes you still have the pack — as history. Not as a live conversation.
a short list people did not join a waitlist for a ticker. They joined for a job.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 12
- Counsel hours on file
- 13
- Asks / week
- 2
- Our cut
- 0% of proceeds
The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
This company
Yarrow Book
The copycats will arrive after certification. That is why the window is now.
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. Yarrow Book is priced as software against an invoice that already exists.
Dubai 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
- 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.
Certifications & adapters
38%
Hiring the operator who already does this job at a licensed firm.
Named operators
27%
A counsel memo that can survive a later reader.
Claims & campaign ops
15%
The remaining certifications and the second named market.
Counsel & perimeter
20%
Keeping the public story from running ahead of the claims register.
Operating week
What “in market” actually looks like.
- 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.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
- ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
The wedge
Why this one, not the other one.
- They sell
- Per certificate event
- Who pays
- A treasurer at a bank that already settles — not a crypto-native desk.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- Dual-record: the registry still owns the legal fact.
- Switching cost
- The customer’s auditor has seen this book. Switching means a new auditor conversation.
- 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.
One retirement an offtaker will show their auditor.
No public APY, no public book, no ‘how to buy’ on any surface we could find.
Capital would fund the adapter work and a named counsel memo, not a public sale.
Traction
What you can verify today.
Founded 2026, headquartered in Dubai. No named paying pilot on the file yet — that is the first question. 2 nodes or connected surfaces reported. Desk diligence score 71/100. A treasurer at a bank that already settles — not a crypto-native desk. No public APY, no public book, no ‘how to buy’ on any surface we could find.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Dubai 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.”
- Product16
- Customers18
- Legal path62
- Tech maturity34
- Demand10
- Market access68
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Yarrow Book 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, Yarrow Book is a liability. Dual-record or nothing.
Single-customer gravity
If the first named buyer is also the only buyer, Yarrow Book is a services shop with a ledger. Ask for the second.
Ask these next
- 01Who can unpublish a public sentence in 24 hours, by name?
- 02What happens if a founder later wants a public token?
- 03If RCA Pad disappeared tomorrow, could the customer still run the job?
- 04Has counsel written the perimeter in a memo you can file?
- 05Which geography is actually locked, and which is a hope?
- 06Who is the first named paying customer — not a letter of intent?
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
- Yarrow 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.
- Dubainamed
- United Kingdomnamed
- United States retailrestricted
- United Statesrestricted
Team
Who runs it.
- Oskar ReillyChief executive
- Nia NairChief executive
Stack
- Certificate ledger
- Energy certificates
- Takedown SLA
- Disclosure templates
Named with them
- Meridian Tax
Who can decide
Oskar Reilly (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 |
|---|---|---|
| Yarrow 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 | No board minute | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Dubai, United Kingdom | Named markets on the file | draft |
On the record
- Application APP-4924ScreenSep
- Counsel questionPathSep
Operating log
03 Sep 12:00
Application scored. Yarrow Book is not a calendar slot.
11 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.