Can Coolers are sleeves of fabric most often made from foam or neoprene that are used to insulate your drink to keep it cold longer. Can Coolers can be referred to as huggies, coolies, koozies and more. There are two types of can coolers; 1. Collapsible which you will be able to keep in your pocket or throw in a small bag. 2. Solid foam, which are more structured and have a thicker foam.