NILO
Supporting Clean Tech Innovation at NILO Through the R&D Tax Incentive
Client
Services
Sector
Year
NILO
R&D Tax Incentive
Advanced Manufacturing — Clean Tech
2025
Overview
NILO is a New Zealand clean technology company developing advanced adhesive technologies that reduce environmental impact. The team focuses on creating high-performance adhesives that avoid harmful chemicals, improve efficiency, and support more sustainable manufacturing processes. Their work combines science and engineering with a clear focus on bringing new technology into real-world use.
As NILO moved into a scale-up phase, the focus shifted toward commercialisation. Progress relied on continued investment in R&D, while managing the realities of cashflow.
NILO was introduced to Swell through K1W1, Sir Stephen Tindall’s investment company, which had previously worked with Swell. At that point, NILO had not claimed the R&D Tax Incentive (RDTI), despite carrying out significant eligible R&D activity.
Working together, Swell identified eligible activity, structured the claim, and managed the process end-to-end. Over two claim cycles, NILO received more than $2 million in R&D tax credits. This provided meaningful non-dilutive funding, supporting ongoing development while allowing the team to stay focused on progressing their technology toward commercialisation.
About
Challenges
Commercialisation hinges on cashflow
For NILO, progressing from innovation to commercialisation depends heavily on available cashflow. Ongoing R&D investment is required to advance their technology, but this must be balanced against the financial realities of scaling a business.
Limited internal resourcing
As a growing company, NILO’s internal team is focused on product development, partnerships, and market expansion. Allocating time and resource to navigate the RDTI process internally was not feasible without impacting business momentum.
Lack of systems for capturing R&D costs
Like many innovative businesses, NILO did not have established systems in place to clearly identify and apportion costs to eligible R&D activity. This created a barrier to confidently preparing a claim and ensuring compliance with programme requirements.
Why Swell
NILO engaged Swell as an advisor to help them access the R&D Tax Incentive in a structured and efficient way. They knew they were doing a significant amount of R&D, but needed support to ensure it was properly captured and translated into a robust claim.
Swell worked closely with NILO to map their technical work to RDTI criteria, ensuring all eligible activity was identified and appropriately documented. The focus was on capturing the full extent of their R&D in a way that accurately reflected the work being done.
To minimise internal effort, Swell managed the process end-to-end. NILO provided key technical and financial inputs, while Swell led eligibility alignment, documentation, and submission.
Alongside this, Swell helped establish practical approaches for tracking and apportioning R&D expenditure. This created a clearer link between NILO’s technical work and financial reporting, supporting both the current claim and future cycles.
Impact & Value
Improved cashflow to support commercialisation
Through accessing the RDTI, NILO received more than $2 million in tax credits across two claim cycles. This funding has been reinvested directly into ongoing R&D, strengthening cashflow and supporting the progression of their technology toward commercialisation.
A low-burden process for a scaling team
Swell removed the complexity of the RDTI process, allowing NILO’s team to remain focused on core business priorities. With minimal internal resource required, the claim was delivered efficiently without disrupting day-to-day operations.
Clear systems for capturing R&D going forward
By putting in place structured processes for identifying and apportioning R&D costs, NILO now has a clear approach to future claims. This reduces uncertainty and ensures ongoing eligibility can be captured with confidence.
Conclusion
NILO is a high-growth, R&D-led business, exactly the type of company the R&D Tax Incentive is designed to support. Significant innovation was already underway, with ongoing investment required to bring new adhesive technologies through to commercialisation.
However, accessing the RDTI in practice can be time and resource intensive, particularly for teams focused on scaling and product development.
By working with Swell, NILO was able to access the incentive in a structured and efficient way, without diverting focus from the business. What was previously unclaimed is now a meaningful source of funding, helping to support continued innovation and accelerate their path to market.
On Swell's Expertise
“Swell brought a deep understanding of the RDTI and guided us through the process with ease. They quickly got across our technology and made what could have been complex feel straightforward.” — Mike Maunsell, CEO, NILO
On The benefits