Company: INV
Filing Date: 2025-04-15
Form Type: S-1
Source: 0001628280-25-017890
Chunk: 100

Company: Innventure, Inc.
Filing Date: 2025-04-15
Form: S-1
Chunk 100
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equipment directly to branded manufacturers or to their co-manufacturing partners that formulate the liquid. We

produce the flat paks via our converting machines and intend to either partner with co-manufacturers to deliver filled

and final packages to brands or sell the flat paks directly to the CPG companies to be filled on the AeroFlexx filling

equipment. R&D continues to innovate additional pak shapes and sizes along with enhancements to filling

equipment and converting machines.

Refinity will sell drop-in liquid and gas phase chemicals to petrochemical company customers, including Dow.

Other prospective customers include multinationals such as BASF, CP Chem, SABIC, LyondellBasell, and Shell. To

establish a market which does not exist at a global scale today, Refinity envisions playing a bigger role to create and

enable the end-to-end plastic waste supply chain. Refinity’s overarching strategy is (1) to build expertise and

competitive advantage in affordable plastic waste feedstock sourcing and (2) to develop and deploy robust fluidized

bed conversion technologies which can use affordable wastes without much sorting or pretreatment to assure

economical, globally scalable solutions. In addition, a market for liquid hydrocarbon products, including

hydrotreated pyrolysis oil and sustainable/circular naphtha, already exists. Petrochemical companies currently

purchase various sustainable liquid products as supplements or replacements for fossil naphtha, so Refinity’s

entrance into that market is expected to be straightforward.

Competition

AeroFlexx competes directly with different package format options that CPG companies can choose for their

specific liquid product that is sold to consumers. These package formats include, but may not be limited to, rigid,

stand cap, or pouch packaging. Some of these package formats may also incorporate some type of air chamber as an

added feature.

While many options exist for advanced recycling of plastic waste, few processes have achieved meaningful

global success in the market. Mechanical recycling is the incumbent technology that accounts for most of the 9% of

plastics recycling today. However, Refinity primarily considers players with thermal depolymerization and

pyrolysis recycling technologies as potential competitors. Firms such as Alterra, Brightmark, Plastic Energy, Mura/

Licella, Eastman Chemical, and ExxonMobil use thermochemical conversion processes to convert plastic waste to

hydrocarbon liquids.

Materials from mechanical recycling can only be used in niche applications and as such have limited market