Company: INV
Filing Date: 2025-05-09
Form Type: ARS
Source: 0001628280-25-024065
Chunk: 21

Company: Innventure, Inc.
Filing Date: 2025-05-09
Form: ARS
Chunk 21
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-phase DLC becoming increasingly necessary to cool increasingly high powered chips, we believe that additional potential competitors will enter this market. Due to the complexity of designing and optimizing two-phase solutions, we believe that other potential competitors may face delays in entering this market. The liquid cooling solution that Accelsius offers is well positioned compared to many other liquid cooling solutions because we believe it (i) uses the most thermally capable liquid cooling technology (two phase direct-to- chip) and (ii) is the most robust. Compared to other solutions, the Accelsius two phase direct-to-chip cooling solution is designed 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. 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 ‘