Monthly Client Update

Elastic Energy

Prepared by Inflection Venture Partners · Embedded Growth Capital Advisory

Grants & SR&ED

📋 Recap

The NGIF scope change request is filed. The trial sample size moves from up to 150 homes to approximately 30 homes, with the budget workbook adjusted to match — a scope that can actually be matched without a cash call mid-raise.
NGIF came back wanting the full contribution agreement package in one go rather than approving the scope change first, so the complete package went in on October 5.
Three further corrections were worked through and the revised documents circulated on October 8: the funding letters re-addressed to NGIF Accelerator, the financial-statement clause clarified, and Appendix A rebuilt in the current format. The updated budget and financing workbook, the letter of intent, the UVic support letter and the contribution agreement with tracked changes all went across together.
On the MCE Virtual Power Plant Developer RFQ — we pulled the prime-applicant eligibility gates inside a day. They require three years operating in DER development, three completed California projects delivered directly to customers, full customer lifecycle ownership, prevailing-wage compliance and performance-based pay over five to seven years. Elastic does not clear those today, and we would rather say so than spend weeks finding out.
The NRC IRAP Energy Storage and Smart Grid Mission to Japan expression of interest is built out, with the Japanese contact set documented — Schulman Advisory Associates, PwC Japan and Sanshu Wireless Harness, alongside the trade commissioner contacts from the Tokyo embassy.
The October 9 funding scan is delivered. New in it: the NorthX Climate Tech expression of interest date is now confirmed at October 30, the California Energy Commission Proposition 4 DEBA program (roughly US$46,100,000) is added as a watch item with a solicitation expected this fall, and NYSERDA PON 5848 is flagged with conflicting open and closed status that we are resolving by phone rather than from the website.
The FY2025 SR&ED claim is prepared and in Isabelle's hands to go to CRA with the balance of the tax filings. We are in contact with her directly on the deadline.

🔭 Outlook

October 13 — the NRC IRAP Energy Storage and Smart Grid Mission to Japan expression of interest. Registration is in; the outstanding item is the advisor sign-off from your ITA, and the update note to him is ready to go once you add the fundraise and commercial pilot detail.
This week — a go or no-go on the Innovate BC Integrated Marketplace Early-Stage Demonstration Call, worth up to $500,000 at 40% of eligible costs. The gating item is a named BC demonstration partner in a qualifying sector. If we cannot land one in the next few days we will close it out rather than carry it.
October 19 — our target to have the NGIF contribution agreement package fully shored up with the funder. The last open question on their side is Appendix C and when the financial statements will be available.
October 30 — Innovate BC closes, and the NorthX Climate Tech 2026 Call for Innovation expression of interest with BC Hydro is due. We are confirming eligibility with NorthX before building.
October 31 — the statutory FY2025 SR&ED filing deadline. This one cannot be extended, and written CRA confirmation is what we are driving to. One item to close on your side first: the accountant's invoice needs to be settled so the filing can go in with the tax return.
November 16–25 — the Energy Storage and Grid Tech Roadshow in Arizona and Mexico. The application is in and we are awaiting the outcome.
Late November — the engagement term completes. We will bring a full reconciliation of funding secured, fees billed and fees paid against the agreement.
The BC ICE Fund decision on the $650,000 proposal remains pending with the review panel.

📝 Notes

Two access items are slowing the NGIF file: we are currently locked out of the grants inbox, and Appendix C — the financial statements — is the one open question the funder is still waiting on. Resolving both would clear the path to signature.