Company: INV
Filing Date: 2025-10-23
Form Type: S-1
Source: 0001140361-25-039085
Chunk: 96

Company: Innventure, Inc.
Filing Date: 2025-10-23
Form: S-1
Chunk 96
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. Accelsius leases properties in Austin, Texas that are used for office, manufacturing, and warehouse services. We believe these facilities have sufficient production utilization and are adequate for our current needs and that suitable additional space will be available as needed. 55

TABLE OF CONTENTS

Accelsius Overview Accelsius provides a direct-to-chip liquid cooling solution for servers (and other computing devices) in data centers and edge computing locations. Accelsius aims to exploit three powerful industry trends that it believes are converging:

| • | an exponential predicted increase in the thermal footprint, or thermal design power (“TDP”), of server and GPU chipsets which 
 are now beginning to exceed the capability of the incumbent refrigerated-air cooling systems;                                 |

| • | increased and unpredictable global energy costs; and |

| • | an increased level of commitment to environmental sustainability, including from C-suites and corporate management teams. |

Reducing data center power usage is a significant opportunity to meet public ESG commitments, but the predicted increase in TDP of future servers will make this extremely challenging. Accelsius has developed NeuCool, a direct-to-chip liquid cooling solution using a scalable closed loop two-phase system with a dielectric coolant. Liquid coolant enters an evaporator plate that is installed directly on a CPU or GPU. Heat generated by the operation of the CPU or GPU causes the liquid coolant to boil, extracting energy and generating vapor that flows away from the evaporator plate through tubing to a separate condenser, where energy is extracted and coolant vapor returns to a liquid state. The liquid coolant is pumped back through common tubing, returning to the evaporator plate and starting the process again. Market Opportunity Approximately 3% of the world’s power is consumed by data centers, of which 40% is used for cooling. The global data center cooling market was $15.7 billion in 2022 and is expected to grow at a 17.1% compound annual rate growth (“CAGR”) to over $56 billion in 2030. Of this, the data center liquid cooling market is projected to grow at a 24.4% CAGR from $2.6 billion in 2023 to $7.8 billion in 2028. However, it is not just data center servers that would benefit from new cooling technologies. Other markets include edge computing and power electronics across a number of industry verticals, such as construction, healthcare and hospitals, manufacturing, media and entertainment, retail and wholesale and transportation and logistics. Edge computing is being driven by