Prepared by Inflection Venture Partners · Embedded Growth Capital Advisory
Non-Dilutive Funding + SR&ED
📋 July Recap
CompletedSR&ED FY2025 completed — final ITC refunds total $289,323. Full package delivered to Richard on Jul 29 for your accountant to file as an amendment to the most recent return.
PrairiesCan RAII resolved for this fiscal. We chased the June 1 EOI directly (ref. PC0014841); PrairiesCan confirmed on Jul 28 that RAII funding is now overallocated, and invited a fresh EOI when more funding is anticipated in the fall. The $1,925,000 ask carries forward rather than being lost.
NewTexas NTIG scoped and opened — deadline Sept 9. The TCEQ New Technology Implementation Grant reimburses up to 50% of eligible project costs, with prior awards ranging roughly $500K to $8M USD. Geothermal qualifies as renewable, so Fervo is the natural lead applicant — Inflection holds the pen on writing and coordination, with PrePad as subcontractor/partner.
IRAP Project 1034269 — the June claim drew down the remainder of the current 2026/27 tranche. We deliberately did not flag it as the final claim, keeping the project open for follow-on funding rather than forcing a new proposal.
Two funding scans delivered (Jul 2 and Jul 16). The Jul 16 scan confirmed Alberta Innovates paused all intakes on May 29, and flagged the Alberta IEG (up to 20%, max $800K) as a no-application stack on top of SR&ED.
🔭 August Outlook
NTIG drafting toward the Sept 9 deadline — scope and timeline overview to Joe and Kris to support the Fervo negotiation.
Confirm the SR&ED amendment lands with CRA. The $289,323 is an expected refund; the filing sits with your accountant.
Chase two decisions now overdue: ERA Industrial Transformation Challenge ($1,697,500) and Alberta Innovates International Technology Partnership Program ($250,000), both at "funder notification expected."
Reconnect with Wayne on IRAP follow-on — the AI-enabled insight generation project on top of the simulation engine, plus whether LVC is worth a fall look.
Prepare the PrairiesCan RAII re-EOI for the fall window.
CanExport SMEs closes Aug 31, 12:00 PM ET — viable only against a non-US target market, so worth a quick go/no-go.
Calls Aug 10 and Aug 24; funding scans Aug 6 and Aug 20.