Company: INV
Filing Date: 2025-04-15
Form Type: S-1
Source: 0001628280-25-017890
Chunk: 92

Company: Innventure, Inc.
Filing Date: 2025-04-15
Form: S-1
Chunk 92
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 original equipment manufacturers (“OEMs”), value-added

resellers, and data center operators, all of which Accelsius believes represent key customers across the data center

and telecom industries. Accelsius engages with potential customers in a collaborative evaluation of project needs

and technical fit, taking into consideration system requirements, existing/planned infrastructure, and both present

and future customer objectives. Accelsius’ agreements typically outline an implementation process consisting of

four phases: assessment, initial deployment, scaled deployment, and ongoing service.

Current manufacturing assets and supply chain infrastructure are anticipated to support market demand through

mid- to late-2025, and additional capacity expansions and/or collaboration with selected contract manufacturers will

be staged to meet customer needs as demand is expected to grow in 2025.

Customer Landscape and Growth Strategy

Accelsius’ go-to-market strategy is through partnerships. Accelsius has signed binding revenue-generating

agreements, as well as non-binding memoranda of understanding, with third parties with whom it will deploy

NeuCool thermal management systems to data centers. These third parties include hardware equipment OEMs,

value-added resellers, and data center operators, all of whom Accelsius believes represent key customers across the

data center and telecom industries. Accelsius will deliver kitted NeuCool cooling systems for inclusion in ecosystem

partner server deployments. Specific components of the NeuCool systems are designed to work with standard CPUs

and GPUs and will be common across all kits; other components will be customized to match specific server designs

for each partner.

Competition

The potential size and high growth of the liquid cooling market has attracted several startup competitors across

different liquid cooling technologies. This market has seen an influx of single-phase water cooling DLC

competitors; however, we believe Accelsius and Zutacore are currently the only two companies that have sold two-

phase refrigerant-based solutions in the market. With two-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