Innventure (NASDAQ:INV) highlighted recent developments across its portfolio and outlined its company-building model during a discussion that touched on data center cooling, sustainable packaging, and plastics recycling. Management pointed to progress at Accelsius, AeroFlexx, and Refinity, while also describing how Innventure sources technologies from multinationals and launches new operating businesses around them.
Portfolio updates: Accelsius, AeroFlexx, and Refinity
Management said several of the company’s notable updates this year have been related to Accelsius. Separately, Innventure said its AeroFlexx flexible liquid packaging business has seen six quarters of revenue and recently announced a deal with Aveda, an Estée Lauder company. Innventure also discussed Refinity, its newest recycling company, noting it recently executed a pilot-scale validation using real-world commercial waste.
Innventure’s “operating company that launches companies” model
Management emphasized a “closed loop model” designed to mitigate risk and improve the likelihood of success. The four key elements cited were:
- Uniqueness: the technology should be unique to the multinational and not widely replicated elsewhere.
- Beyond proof-of-concept: the science is proven, patents are well developed, and Innventure often structures a technical relationship with the multinational to facilitate early knowledge transfer.
- Starting with the multinational’s work: Innventure evaluates the opportunity based on the multinational’s underlying R&D rationale, validating the science, market need, and how unique the solution is.
- Closing the loop with a partner/customer: Innventure looks for a multinational partnership where the partner is among the first customers and/or provides a channel to market, helping confirm demand before launching the company.
In response to a question about economics and cost basis, management said the company is “skipping” years of development work that might otherwise cost “$30 million–$50 million,” launching companies from what it characterized as “almost a zero basis off the balance sheet.” Innventure said it believes this approach can offer “early-stage economics” with a “much later stage risk profile,” likening the launch point to something “more akin to a B round” in an accelerated commercialization model.
Ownership, funding approach, and cash flow consolidation
Management said Innventure acts as the founder, funder, owner, and operator of the companies it launches and aims to maintain majority ownership and control throughout the life cycle. It described handling funding from seed through at least the point where a company is generating sales “off of our balance sheet,” while reserving the right to raise capital with strategics or others to enhance value and strategic positioning.
The company said that by consolidating cash flows at the top company level, Innventure can focus on value creation rather than operating under an “exit” timetable such as three to seven years.
Track record example: PureCycle
Management pointed to PureCycle as an example of the model in practice, describing it as the first company launched under the Innventure umbrella. According to the discussion, Innventure took a polypropylene recycling technology from Procter & Gamble, seeded the company with “just under $10 million” in 2015, and took it public at a “$1.2 billion post” valuation in March 2021.
Management said Innventure launched the first pilot plant in Ironton, Ohio, completed several rounds of financing, issued a public bond to commercialize the first plant, and then took the company public—describing the effort as “six years and a lot of hard work.”
Accelsius: bookings, partners, deployment plans, and exclusivity
Discussing more recent momentum, management said Innventure announced more than $50 million in bookings so far in the quarter and commented that costs are “not insignificant,” particularly as chipsets become more expensive.
On go-to-market strategy for Accelsius, management said the company has focused on working through the data center ecosystem—integrators, co-location providers, “AI as a service,” OEMs, and contract manufacturers—to reach hyperscalers and support scaling. Management said Accelsius products are designed with a “male-female configuration” to enable swapping components at data centers, with service handled through integrators for higher-level needs.
Management also discussed market activity in the cooling space and said it was encouraged by valuation signals, arguing they underscore the size of the problem and the value of thermal solutions. It added that relationships with Johnson Controls and Legrand support increased adoption and supply chain breadth.
Innventure described a new agreement in Canada with DASTOR for a 300 MW campus, which it called the largest deployment of two-phase direct-to-chip cooling. The plan discussed includes a 65 MW implementation this year, a similar implementation next year, and progression toward 300 MW. Management said it expects this to be part of 2026 orders and revenues for Accelsius.
On sales pipeline dynamics, management said the pipeline has “gotten bigger,” and while it has “gotten slower,” individual orders have become larger. It referenced a “billion-dollar pipeline” with “well over 100 prospective clients.”
Finally, responding to an audience question, management said there is no exclusivity in the Johnson Controls contract that would preclude Accelsius from partnering with others.
AeroFlexx and Refinity: sustainability packaging and mixed-plastics recycling
Innventure described AeroFlexx as a flexible liquid packaging solution it called the “world’s first and only” flexible liquid packaging solution that is curbside recyclable wherever a plastic bottle is recyclable. Management said the system can use “up to 85% less virgin plastic” than a rigid bottle and can lower total cost of ownership by shipping rolled film and “flat packs” rather than empty rigid bottles.
Management said AeroFlexx achieved a key certification—the APR certification (Association of Plastic Recyclers)—toward the end of the summer, which it described as a gating item for some larger potential customers. It also cited the recently announced Aveda relationship as the first “premium brand” client it has announced for AeroFlexx, and described a total addressable market of about $400 billion spanning categories such as specialty lubricants, pet care, food stocks, and multiple personal care segments.
On ownership, management said Innventure owns about 30% of AeroFlexx directly on its balance sheet, and a fund from an earlier life cycle owns “another third, roughly,” noting AeroFlexx was launched before Innventure moved to its current conglomerate-style approach of seeding and financing from the balance sheet.
For Refinity, management said the technology was invented by VTT, a Finnish lab, and that Innventure has brought in Dow Chemical as the partnering multinational. The company said Refinity can process more mixed plastic waste, offers a “tuning mechanism” to control reaction conditions, and has shown yields it contrasted with “typical” yields in the 20% range—saying it is seeing 70%. Management said the output is a chemical precursor that can be used for products ranging from gasoline to plastics and other monomer streams. It added that Refinity recently completed a larger-scale run using a metric ton of real-world mixed plastic, with readings consistent with prior execution. Management also said Refinity is “significantly” lower in capital intensity compared with PureCycle.
About Innventure (NASDAQ:INV)
Innventure Inc founds, funds and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure Inc, formerly known as Learn CW Investment Corporation, is based in ORLANDO, Fla.
