Electricity, biogas, biomethane, thermal energy or another eligible energy source.
01 / 08 DIGITAL INFRASTRUCTURE FOR ENERGY ATTRIBUTES
MEASURE.
TRACE.
TRADE.
Digital infrastructure for energy attributes.
CAUDAL connects energy production with the evidence needed to substantiate its attribute and bring it to market.
OPERATING DATA · 24 SEP 2026
56currently measuring
91connected meters
41.2 GWhmeasured cumulatively
20 minbetween readings
From plant to data. From data to evidence.
From evidence to market.
02 / 08 CAPTURE · CONTROL · EVIDENCE
The process starts at the asset
CAUDAL starts
at the plant.
Using existing compatible meters, sensors or systems; where needed, the required instrumentation is added.
Automated digital capture. Current electricity connections: one reading every 20 minutes.
Anomalies, continuity, reporting periods and historical data are controlled and traceable.
Structured, substantiated information for third-party review.
CAUDAL does not start with the certificate.
It starts with the data that substantiates it.
03 / 08 DEMAND
The other side of the market
Who buys
and why?
Participants with regulatory obligations. For example: CELs in Mexico, where applicable.
Scope 2, renewable energy targets and commitments such as SBTi. Eligibility depends on each instrument.
Import regulations, customers, supply chains, exports and market access may require traceable evidence about the energy or fuel.
CAUDAL DOES NOT CREATE DEMAND.
Someone produces the attribute. Someone needs it.
CAUDAL connects both sides with traceable evidence in between.
PRODUCER→CAUDAL→BUYER
The producer monetizes its attribute. CAUDAL earns revenue from infrastructure and trading.
04 / 08 WHY NOW
Demand taking shape
Four drivers.
One shared need.
Mexico
REGULATESAn established electricity CEL market. CAUDAL already measures real assets and presented its traceability and carbon intensity approach to SENER.
Brazil
MANDATESLegislation sets decarbonization targets for covered natural gas producers and importers. Biomethane and CGOB are part of the mechanism for demonstrating compliance.
Argentina
EXPORTSThe exporter needs to produce and transmit evidence to meet the requirements of the buyer and destination market.
View Southern Energy → SEFE case ↓
Southern Energy → SEFE
2 Mtpa · 8 years · deliveries expected from late 2027 European regulation requires the importer to receive and demonstrate methane emissions information; the producer/exporter must produce and transmit the necessary evidence. This does not imply that either party has a contract with CAUDAL.
European Union
REQUIRESThe importer must gather evidence for reporting and MRV obligations on imported gas; from 2028, methane intensity also applies to covered contracts.
BRAZILRegulation → demand for biomethane / CGOB
ARGENTINA + EURegulation → demand for evidence on imported gas
THE BUYER NEEDS TO RECEIVE IT.
PRODUCER / EXPORTERGenerates and transmits evidence
CAUDALMeasures · traces · structures · transmits
BUYER / IMPORTERReceives and uses the evidence
THE THESISCERTIFICATES CHANGE.
THE NEED FOR EVIDENCE DOES NOT.
THE NEED FOR EVIDENCE DOES NOT.
CAUDAL is building a shared digital layer for multiple energy attributes.
EXISTING MARKETElectricityI-REC(E) · CEL
EXPANDINGGas · biomethaneI-TRACK(G) · CGOB
OPTIONALITYThermal · fuelsPotential attributes
CERTIFICATES ARE MULTIPLYING. STANDARDS ARE BECOMING MORE DEMANDING. EVIDENCE BECOMES INFRASTRUCTURE.
VIEW MARKET EXPANSION
issued in 2023; 227 million certificates issued between January and July 2025. An international system already operates at scale.
I-TRACK(G) launched in May 2026. Brazil is developing CGOB and its certification infrastructure. Instituto Totum operates the I-TRACK(G) registry in Brazil and participates in CGOB.
Regulation and corporate commitments drive demand for quality evidence. A significant part of the process still requires documents, reconciliations and uploads between participants.
TRADITIONAL PROCESS · Meter → Excel / documents → exchanges → verifier → registry → broker / buyerCAUDAL · Plant → digital capture → traceability → evidence → independent third parties → inventory → market
The vision presented to SENER: infrastructure for electricity CELs, potential thermal CELs and traceability for gas, biodiesel and other attributes. SENER has not approved CAUDAL or a thermal CEL scheme. The technical review with Totum does not constitute methodology or registry approval; eventual acceptance could expand interoperability.
Sources: I-TRACK, 2023 · I-TRACK, 2025 · I-TRACK(G) · ANP, CGOB · ANP, Totum.
THE CLOCK IS ALREADY TICKING
MAY 2026Operational launch of I-TRACK(G)
MEXICO · NOWNew electricity framework; review and update of Market Rules
LATE 2027First deliveries expected: Southern Energy–SEFE · 2 Mtpa of LNG for 8 years
5 AUG 2028Methane intensity reporting for covered contracts
5 AUG 2030Maximum methane intensity values for covered contracts
Sources: I-TRACK · CENACE · SEFE · EU, arts. 27–29 · Commission, September 2026 guidance · ANP, Res. 995/996. Brazil: obligation for covered natural gas producers/importers, with a volume-based exclusion; biomethane producers participate voluntarily. EU: 2028, contracts from 4 Aug 2024; 2030, contracts covered under art. 29. The Commission's recommendation on penalties does not suspend the obligations. CAUDAL is not approved by SENER or by the schemes mentioned; thermal CELs are not regulated.
05 / 08 WHY CAUDAL
Founder-market fit
Technology matters.
So do the people building it.
Pablo
Kohan
Over 20 years in waste valorization and energy. Biogas, biomethane and environmental markets; over 200,000 credits traded.
MARKET · ENERGY · VISIONGuillermina
Barrera
Technical expert for greenhouse gases at EMA. Lead verifier at ANIQ's GHG verification body. Nine years of experience in landfill and livestock-waste biogas.
METHODOLOGY · VERIFICATION · GHGVictoria
Santillán
Industrial chemical engineer and Lean Six Sigma Black Belt. Led process standardization, operational continuity and production and expansion projections.
PROCESSES · OPERATIONS · SCALEFROM PROBLEM TO BUSINESS
Real-world problem → methodology → evidence → infrastructure → CAUDAL
The methodology required reliable data. We built the infrastructure to measure it and turn it into verifiable evidence.WE MEASURE
We connect assets and turn operating data into traceable evidence.
Infrastructure / dMRV revenueWE ENABLE CERTIFICATION
We prepare evidence and manage the process. Independent verifiers and registries review, verify and issue or recognize the attribute.
CAUDAL does not verify or certifyWE TRADE
We manage the recognized attribute as inventory and connect it with buyers.
Fee / share based on product and volumeTWO REVENUE ENGINESWE EARN BY MEASURING.
WE EARN BY TRADING.
WE EARN BY TRADING.
INFRASTRUCTURE + TRANSACTION
THE AMBITIONTHE MARKETPLACE
STARTS AT THE PLANT.
STARTS AT THE PLANT.
Our goal is to make CAUDAL the infrastructure and marketplace for energy attributes.
TRADITIONAL MARKETPLACE
Certificate → buyer
CAUDAL
Plant → data → evidence → independent third party → attribute → buyer
SCALE
More plants → more energy measured → more attributes and inventory → more buyers and transactions → lower unit cost → more plants.
THE COMPETITIVE FIELDMeasuring, calculating and substantiating in a single workflow: a space few, if any, occupy today.
WHO DOES WHAT
Measure + calculate + substantiate → today, almost no one combines all three
Global review, plus a country-by-country review across Latin America, based on primary sources. October 2026.THOSE WHO MEASURE
Instrument manufacturers and methane leak detection providers. They measure with their own equipment, but do not calculate carbon intensity or prepare evidence for a registry.
They measure. They do not substantiate the attribute.THOSE WHO CALCULATE
Compliance software and regulatory calculators. They work with data the plant already has, or with default values.
They calculate. They do not create the data.THOSE WHO REGISTER
Registries, issuers and verifiers. They receive information from the plant, review it, and issue or recognize the attribute.
They receive the data. They do not produce it.WHERE CAUDAL STANDSMEASURE, CALCULATE AND SUBSTANTIATE.
WHERE ALMOST NO ONE IS TODAY.
WHERE ALMOST NO ONE IS TODAY.
PROPRIETARY DATA + PROPRIETARY METHODOLOGY + EVIDENCE FOR THIRD PARTIES
THE EVIDENCE
On I-TRACK(G), the international registry for biomethane, as of 13 Oct 2026 there is no accredited life-cycle assessment provider or platform for gas: the accredited entities are issuers and registry operators. The role exists in the rules and has not yet been filled.
THE CLOSEST. Loci Controls (US) measures with its own equipment at landfills; its methodology is expressed in tonnes of CO₂e, and its carbon intensity is set by California's regulatory model. EarnDLT (US) issues and sells its own renewable gas certificate, with no published proprietary measurement. BlockC (Brazil) issues voluntary biomethane certificates based on data audited by a third party.
COMPLIANCE PLATFORMS. Mangrove and Anew Climate, which acquired P6 Technologies in December 2025, integrate data the plant already produces and apply each program's official calculators. They do not install instruments.
LATIN AMERICA. In Brazil, the certifier role is held by agents accredited by the ANP. The rules do not require continuous measurement, and carbon intensity under the CGOB is optional and accepts equivalent methodologies. In Mexico, Argentina, Chile, Colombia, Uruguay and Peru, we did not identify platforms that measure and substantiate the biomethane attribute.
SCOPE OF THIS STATEMENT. We do not claim it does not exist; we claim we did not find it in a review based on primary sources. CAUDAL's operating fleet measures electricity today; gas measurement is built and ready to operate.
Sources: I-TRACK, platform operators ↗ · I-TRACK, issuers ↗ · ANP, Technical Report 04/CGOB ↗ · Anew Climate, P6 ↗
VIEW TECHNICAL DETAILS
PROPRIETARY CARBON INTENSITY METHODOLOGY. In development since December 2025. Know-how integrated with operating data, rules and evidence.
I-TRACK(G). Section 6.9 of the Code distinguishes the methodology owner from the accredited LCA provider that can submit it for use. The specific application of this route to CAUDAL is being confirmed; approval has not been secured.
CAUDAL measures and traces; independent third parties verify and certify. I-TRACK(G) Code, §6.9 ↗
06 / 08 MORE CAUDAL
Business model
ONE INFRASTRUCTURE.
TWO ENGINES. MORE VOLUME.
dMRV · measurement · evidence · management
a share of the value of attributes actually traded
More assetsmore energy measuredmore evidencemore attributesmore inventorymore buyersmore transactionsmore CAUDAL
MORE VOLUME
→ LOWER UNIT COST
View scale assumptions
¹ Cost scenarios from the source PDF; assumptions, not observed margins. The 16,875 MWh annual baseline differs from the 41.2 GWh measured cumulatively as of 24 Sep 2026. Cost scope and instrumentation remain subject to validation.
OUR GOAL
Our goal is not to maximize the fee per installation. It is to maximize the volume of energy and attributes flowing through CAUDAL.
Existing markets: I-TRACK: I-REC(E) purchase and retirement · CNE: obligated CEL participants.
07 / 08 THE COMPANY WE ARE BUILDING
2027–2030 · Base Case v1.0
From operating infrastructure
to economic scale.
BASE CASE · FOUR MILESTONES
Revenue, EBITDA and paying dMRV assets; projected figures, not historical results.
−US$150KEBITDA
10 paying dMRV assets
+US$50KEBITDA
25 paying dMRV assets
US$350KEBITDA · 27% MARGIN
50 paying dMRV assets
US$850KEBITDA · 35% MARGIN
100 paying dMRV assets
2027 goal: reach the first 10 paying dMRV assets and demonstrate that the commercial process is repeatable.
THE ENTRY POINTAfter building. Before scaling.
The investor enters an operating infrastructure and methodology, with specialized data and team, before repeatable monetization. Commercial risk remains.
VIEW FINANCIAL MODEL
The detailed model covering scenarios, margins, cash flow, future capital and sensitivities will be shared during due diligence. Request model access.
Base Case · pricing decreases with volume · thermal CELs and transactional I-REC revenue excluded. Projections are based on adoption and pricing assumptions currently under commercial validation. No figure for MWh under management is published until its modeling is finalized.
08 / 08 THE INVESTMENT
If CAUDAL already works, what is the capital for?
The technology already works.
Capital funds its commercial scale.
TOTAL COMMITMENTUS$450K
OF CAUDAL · FULL ROUND20%
INITIAL DISBURSEMENTUS$250K
US$1.80M PRE-MONEY + US$450K ROUND = US$2.25M POST-MONEY
20% OF CAUDAL* for the full US$450K commitment. The investment will be structured as equity in a new company dedicated exclusively to consolidating and developing CAUDAL. *Post-investment ownership, subject to future dilution and definitive documentation. Share issuance mechanics and the effects of undisbursed tranches will be legally defined.
TODAYMeasure + trace91 connections · 41.2 GWh measured cumulatively as of 24 Sep 2026 · methodology
SAFEGUARDIntegrityConnections and instrumentation where needed
VALIDATEMethodologyTotum · independent verifiers
INTEROPERATERegistriesI-TRACK · registrations · issuances
TRADEAttributesInventory · marketplace · buyers
SCALERevenueMore assets, volume, markets and team
01 · COMPLETE THE CIRCUITUS$250K
From real data to the first tradable attributes and first revenue.
02 · REPEAT · MILESTONE 1+US$100K
More assets follow the same circuit; recurring revenue emerges.
03 · SCALE · MILESTONE 2+US$100K
More volume, markets and commercial capacity.
Capital deployed in stages against milestones. Pro-rata rights in the next round: proposed, subject to documentation.
THE INVESTOR ACQUIRES EQUITY.
The primary potential return is appreciation of the investor's stake. A later round may provide a new valuation reference without automatic liquidity; a secondary sale or strategic transaction could provide it. Future distributions would depend on sufficient cash generation.
18–24 months is the milestone horizon, not a repayment or exit date. Liquidity may take longer.The investor enters before the milestones intended to reduce execution risk and increase company value.
Meet the founder and see the platform Investment FAQsPablo Kohan · Founder and CEO · pablo.k@emisionesneutras.com
CAUDAL Investor Brief · v1.0 · September 2026 · Latest version available at invest.caudaldmrv.com