• AeroFlexx generates revenue for five consecutive quarters
• Accelsius sale not contemplated

Innventure is shifting its focus from fundraising to converting commercial pipeline into revenue at its operating companies, chief growth officer Roland Austrup said.

The shift follows a USD 40m registered direct offering completed in late 2025, which Austrup said allows the Nasdaq-listed technology commercialization platform to remain out of the equity markets for several quarters while prioritizing delivery rather than launching new platforms. In an interview last year, CEO Bill Haskell said the company would continue to raise capital as needed until growth could be funded from operating cash flow.

Orlando, Florida-based Innventure, which went public in 2024, builds and operates businesses based on industrial technologies licensed from multinational corporations (MNCs). The group acquires full commercial rights to technologies that have already been developed and technically validated inside large corporates, then establishes standalone operating companies supported by centralized capital and shared services.

Innventure’s portfolio includes Accelsius, AeroFlexx, Refinity, and PureCycle, though the businesses are now at materially different stages of development, he said.

The USD 40m parent-level raise was meant for several uses. Around USD 6m was used to retire outstanding convertible debentures. Roughly USD 8m of intercompany loans were converted into additional equity in company Accelsius, which provides two-phase, direct-to-chip liquid cooling solutions for AI and high-performance computing, at the same valuation as its recent Series B. The remaining proceeds funded parent-level operating costs and shared services.

Accelsius, formed in 2022 using technology sourced from Nokia, has emerged as the group’s primary operating focus. The business focuses on two-phase liquid cooling systems deployed directly at the chip level in data centers and edge computing environments.

In late 2025, Accelsius closed a USD 65m Series B financing led by strategic investors Johnson Controls and Legrand, which Austrup said provides sufficient capital to execute its strategy without further reliance on Innventure funding.

Accelsius enters 2026 with disclosed gross pipeline coverage of more than USD 1bn, Austrup said, with customer engagement shifting from proof-of-concept trials toward production-level quotes. In earlier discussions, Innventure emphasized platform creation and technology sourcing; Austrup said the primary KPI for 2026 is converting existing pipeline into purchase orders and demonstrating a visible revenue ramp. The company has not issued revenue guidance.

Previously, Innventure CEO Bill Haskell said the company would not be surprised if Accelsius attracted takeover interest within 12 to 24 months.

Austrup said Innventure is not pursuing a sale of the business and is focused on scaling operations and executing against pipeline. Accelsius relies on contract manufacturing rather than owned facilities, which he said allows output to scale within months if larger orders materialize.

AeroFlexx, launched in 2018 using technology sourced from Procter & Gamble, has generated revenue for five consecutive quarters, Austrup said. The flexible liquid packaging business operates its first manufacturing facility and is focused on customer acquisition rather than capacity expansion. Scaling beyond current volumes would require additional specialized equipment, making AeroFlexx’s growth trajectory more capital-intensive than Accelsius’, he said.

Refinity, formed in 2024 through a collaboration with Dow, remains pre-revenue, Austrup said. The business is focused on advancing milestones related to siting and developing its first plant to commercialize advanced recycling technologies that convert plastic waste into drop-in chemicals used in petrochemical production. Austrup said Refinity is not expected to generate a revenue ramp in 2026.

PureCycle, founded in 2015 using Procter & Gamble technology and taken public in 2021, now serves as a legacy validation of Innventure’s model. Innventure owns less than 2% of the company and no longer considers it a material contributor to group value, Austrup said.

Innventure continues to source new technologies through its internal DownSelect process and ongoing dialogue with multinational partners. The company has previously said it aimed to license or acquire a new technology every 12 to 18 months, as reported.

Founded in 2015, Innventure employs roughly 160 people, including contractors, and operates a centralized shared-services model covering finance, legal, HR and IT across its portfolio.