Company: INV
Filing Date: 2025-04-15
Form Type: S-1
Source: 0001628280-25-017890
Chunk: 93

Company: Innventure, Inc.
Filing Date: 2025-04-15
Form: S-1
Chunk 93
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 to provide high heat transfer capabilities in an easy-to-install form configured to work equally

well with greenfield data center deployments and retrofits of servers in existing data centers. The Accelsius NeuCool

solution does not use water as the working 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.

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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