Company: INV
Filing Date: 2025-04-23
Form Type: 424B3
Source: 0001628280-25-019358
Chunk: 87

Company: Innventure, Inc.
Filing Date: 2025-04-23
Form: 424B3
Chunk 87
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 fluid, so no water ever comes in contact with critical, high value electronic components, and our solution is designed to be field serviceable. Accelsius’s product includes design features that allow data center technicians to swap and service components using industry standard practices. 53 Accelsius’ two phase direct-to-chip liquid cooling technology is an effective alternative to the limitations posed by other liquid cooling technologies. We summarize below some of the operational issues faced by competitive liquid cooling technologies based on that user feedback: Single-Phase Immersion: • Expensive (~$100,000 per tank) and with limited thermal headroom (< 50 KW); • Requires modification (re-layout) of server internals for liquid flow and server warranty is usually void; • Servicing requires removal of servers from sealed liquid cooling baths and is time consuming and expensive; • Forklift upgrade of existing rack infrastructure and inefficient use of real estate; and • Leading competitors include LiquidStack, Green Revolution Cooling, and TMGCore. Two-Phase Immersion: In addition to the issues outlined above, two-phase immersion is also: • Very expensive (~$175,000 per tank); • Vapor can get trapped in the servers causing localized hot spots; • Very few pilot implementations are expanded on because “no one wants tanks full of perfluoroalkyl and polyfluoroalkyl substances coolant in the data center;” and • Leading competitors include LiquidStack, TMGCore and Submer. Single-Phase Direct-to-Chip (e.g., water): • Water leaks that can cause catastrophic failure in servers and are the most significant risk. Users state that water leaks around electronic components have occurred and destroyed the servers: “Not a question of ‘if’ it will leak, but ‘when’ it will leak”; • Bio-fouling (biofilm build up) within pipes and cold plates is a concern; • Cooling higher thermal densities requires large pumps and high pressure/flow rate of water (increasing chance of leaks & electricity use); and • Leading competitors include CoolIT Systems and STULZ. Intellectual Property Accelsius has developed a comprehensive IP strategy initially built around five filed patent applications and one granted patent, with several improvements and new inventions moving through the patent application process. Accelsius is also using trade secrets to protect certain aspects of the technology solution and manufacturing process. AeroFlexx and Refinity Overview AeroFlexx manufactures what we believe to be one of the first flexible packages designed to act like a rigid bottle (the “pak”). Its proprietary integrated valve eliminates the need for discrete