ClearVue secures $3 million R&D funding facility to accelerate certification milestones
ClearVue Technologies (ASX: CPV) has secured a $3.0 million structured financing arrangement with RiverFort Global Opportunities that protects shareholder value while funding critical commercialisation activities. The facility comprises an initial advance of $1.0 million available by 12 March 2026, with a further $2.0 million accessible by mutual agreement over a 12-month availability period.
The funding is structured as bridge financing secured against the company’s FY26 Research & Development Tax Credit, making it non-dilutive to existing shareholders at current market levels. The Board views the timing as strategically important, with CEO Douglas Hunt stating the company is materially undervalued by the market, making equity raises at present levels undesirable.
The facility carries an 8% per annum interest rate and a 4% implementation fee. Attaching options will be issued at each drawdown, calculated as 30% of the drawdown amount divided by the Reference Price (5-day VWAP prior to drawdown), with an exercise price set at 130% of the Reference Price and a 24-month expiry period.
RiverFort CEO Gytis Martinkus confirmed the London-based structured finance provider is an existing shareholder in ClearVue, with the facility reflecting confidence in the company’s product portfolio and the strengthening macro environment for decarbonisation solutions.
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How R&D tax credit funding facilities work
R&D funding facilities allow companies to access capital today against government rebates they expect to receive in future financial periods. This structure is considered non-dilutive because it does not issue new shares at current market prices, preserving shareholder ownership percentages.
The mechanism operates through three stages:
- Company conducts eligible R&D activities that qualify for government tax rebates under the Research & Development Tax Incentive programme.
- Government rebate becomes a receivable that the company will receive once it lodges its tax return for the relevant financial year.
- Facility provider advances funds against that anticipated receivable, effectively providing bridge financing secured by a government payment rather than company assets.
In ClearVue’s case, the facility is secured specifically against the FY26 R&D Tax Credit, meaning repayment will come from the rebate itself rather than operational cash flow. The attaching options component provides RiverFort with potential equity upside if the share price exceeds 130% of the Reference Price within the 24-month exercise window, compensating for the lending risk while limiting dilution to scenarios where shareholders have already gained significant value.
Funds earmarked for certification and commercial deployment
The company has identified four stated uses for the facility proceeds, each aligned with advancing its commercialisation pathway. Testing and certification programmes represent the primary focus, with product compliance and validation initiatives supporting regulatory approval pathways across target markets. Advancement of commercial deployment activities will support partner installation projects, while general working capital provides operational runway during the certification phase.
The allocation signals management’s prioritisation of completing certification milestones, which unlock commercial partner deployment and revenue generation. ClearVue’s solar-integrated glass technology requires compliance with building and safety standards across multiple jurisdictions, making certification completion a critical near-term catalyst for converting the company’s active commercial pipeline into executed contracts.
| Term | Detail |
|---|---|
| Facility Amount | $3.0 million |
| Initial Drawdown | $1.0 million (by 12 March 2026) |
| Interest Rate | 8% per annum |
| Availability Period | 12 months from last drawdown |
| Options Exercise Price | 130% of Reference Price |
Management and funding partner commentary
CEO Douglas Hunt emphasised the facility’s role in protecting shareholder value during a period the Board views as material undervaluation by the market.
Douglas Hunt, CEO & Managing Director
“This Facility provides CPV with structured capital at a time when the Board views the Company as materially undervalued by the market. Importantly, it enables us to advance critical certification milestones, while protecting existing shareholders from unnecessary dilution at current market levels. Our focus remains execution – completing compliance programs, supporting partner deployment and converting active commercial opportunities.”
RiverFort CEO Gytis Martinkus noted the firm’s existing shareholding in ClearVue and confidence in the addressable market opportunity. “As an existing shareholder this support reflects the clear addressable market growth in this sector and the macro environment clearly strengthening with the increasing global drive to decarbonisation,” Martinkus stated, adding that ClearVue’s product portfolio directly services increasing demand in the sector.
RiverFort’s participation as an informed existing shareholder provides validation from a sophisticated structured finance provider with visibility into the company’s commercialisation progress and pipeline development.
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What investors should watch next
The facility provides operational runway through the 12-month availability window, shifting investor focus to execution on stated priorities. Key milestones to monitor include:
- Completion of testing and certification programmes across target jurisdictions
- Product compliance announcements enabling commercial deployment
- Partner installation project updates and timeline confirmations
- Commercial contract conversions from the active pipeline
Shareholders can track developments through the company’s InvestorHub portal, with certification and compliance activities representing the primary near-term catalysts. The facility positions the company to reach these milestones without equity dilution at current levels, making execution delivery the critical variable for investment thesis validation in coming quarters.
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