Innventure : Investor Q&A Supplement – May 2026
INV
Published on 05/14/2026 at 04:42 pm EDT
May 14, 2026
Innventure is an operating-company creator and builder. Each operating company: AeroFlexx, Accelsius, and Refinity, starts with a foundational technology solution already at an advanced state of development, brought in through licensing or acquisition. From there, Innventure forms the operating company, recruits a C-suite of operational experts with deep industrial experience in the relevant sector, builds partnerships and a capital structure to commercialize at scale, and operates the company.
Innventure aims to retain long-term control of its operating companies; however, strategic opportunities may emerge that the Company may consider opportunistically, particularly with respect to companies in hyper-growth markets. When value-realization events at our operating companies do occur, distributions to Innventure shareholders would not require Innventure shareholders to surrender their Innventure shares, they would retain ongoing exposure to the platform. We differ structurally from traditional investment funds. Funds raise pooled capital, deploy across many positions, and operate on a defined timeline tied to fund vintage and limited-partner expectations. Innventure operates on the timeline of the underlying businesses, not on a fund clock, and its corporate structure is designed to align with operating-company economics.
This model has a delivered history. Innventure founded and scaled PureCycle, took it public through a deSPAC transaction in March 2021 at an estimated post-transaction equity value of approximately $1.2 billion, and delivered a 22.1x return for early investors¹. Approximately $467 million of value was returned directly to Innventure equity holders through the distribution of PureCycle shares, while those equity holders who retained their Innventure interests retained their direct interest in Innventure and indirect interest in Innventure's operating companies.
¹ The 22.1x return is calculated based on PureCycle's closing share price on March 17, 2026, and is illustrative of an investor who invested at inception and sold shares as they became freely tradeable.
The forward picture on capital is different from what investors could extrapolate from 2025 financings.
Capital formation from here is expected to shift toward the operating company level as our operating companies mature. Capital raised at an operating company affects Innventure's ownership stake in that operating company; it is not parent-level share-count dilution.
Accelsius is well-capitalized following its $65 million Series B led by Johnson Controls with strategic investment from Legrand, completed at an approximately $665 million post-money valuation in December 2025. Accelsius is expected to be fully funded through cash flow break-even. As AeroFlexx and Refinity mature, they are poised to advance toward independent capital formation at the operating company level, as discussed in their respective sections of this supplement.
The capital allocation framework is what shapes the forward picture: operating-company capital needs addressed at the operating-company level as these companies mature rather than driving recurring parent-level dilution.
Accelsius is expected to exit December 2026 at an annual revenue run rate of approximately
$100 million, with sufficient capital to reach cash flow positivity exiting 2026. Innventure is targeting cash flow break-even on a consolidated basis in 2028.
Two items shape the projected trajectory at the consolidated level. The first is Refinity, which is anticipated to be cash flow negative through the demonstration plant phase as it advances toward its first commercial plant, targeted for 2028.
The second is parent-level G&A, which has been reduced materially. Q1 2026 Total G&A was
$12.7 million, $7 million lower than Q1 2025, and Professional Service Fees declined 51% year-over-year to $3.0 million as Innventure transitioned from outsourced professional services to in-house personnel at lower cost. On a year-over-year Q4 basis, consolidated G&A declined 61%, from $29.7 million in Q4 2024 to $11.5 million in Q4 2025. Innventure expects parent-level G&A
to follow a similar trend through 2026 as a growing portion of operating expenses funds directly within the operating companies rather than through the parent.
On capital, Innventure ended Q1 2026 with $55.4 million in cash, having received $37.2 million in net proceeds from its January 2026 registered direct offering during the quarter.
Innventure's baseline strategy is to hold and compound the value of its operating companies. Operating companies are designed to be held through their high-growth phase, with potential strategic transactions considered opportunistically when timing, value, and strategic fit align. Innventure does not comment on hypothetical transactions, and nothing in this document should be read as an indication that any specific transaction is being contemplated. Any material transaction would be disclosed in accordance with SEC requirements at the appropriate time.
Innventure has reduced its burn rate at the parent level and continues to drive operating efficiencies across the Company. Consolidated G&A declined 61% in Q4 2025 compared to Q4 2024, reflecting sustained cost discipline since the 2024 public listing.
The capital allocation framework, which is designed to fund mature operating companies at the operating-company level and hold parent-level capital needs down, is reflected in the Company's recently reported financials.
For specific quarterly figures on parent-level operating expense, G&A, and consolidated cash position, please refer to Innventure's quarterly financial materials, including the Q1 2026 earnings release and the financial review portion of the May 14, 2026, earnings call.
Innventure was added to the Russell 2000, Russell 3000, and Russell Microcap indexes in December 2025, which expanded the Company's inclusion in index-tracking and passive investment vehicles. Innventure's institutional shareholder base has expanded meaningfully. The number of institutional holders reporting positions in Innventure common stock has grown from approximately 40 in the fourth quarter of 2025 to over 120 today, based on the Company's review of publicly available SEC filings and third-party ownership data as of May 7, 2026. The
holder mix includes index and passive fund managers, traditional active investment managers, family offices, and bank-affiliated investment programs.
The Company's January 2026 registered direct offering of common stock was placed with institutional investors through Titan Partners LLC, as disclosed in the Company's Current Report on Form 8-K filed January 14, 2026.
Each operating company is funded according to its stage and capital profile. As operating companies mature, Innventure evaluates the relative cost of capital at the Innventure level versus the operating-company level. Where operating companies can raise capital more efficiently on their own balance sheets, without Innventure losing control or consolidation, the framework is designed to shift to operating company-level capital formation. Where Innventure's valuation and cost of capital are more favorable, Innventure may choose to raise capital at the parent company level and deploy it into operating subsidiaries through intercompany convertible debt.
AeroFlexx is in commercial-scaling mode. Based on this maturity level, capital formation to support AeroFlexx's continued growth is expected to be funded primarily at the Aerolexx level rather than from Innventure's balance sheet.
Accelsius is projected to reach cash flow positive by year-end 2026. We believe that projected revenue and existing manufacturing capacity support this projected path to break-even, with contract manufacturing relationships in place to support increased order volumes without an additional capital event at the Accelsius level.
Refinity is in pre-commercial build mode. At this level of maturity, we believe that Refinity is well-positioned to raise capital directly to fund Refinity's growth.
The intent of this structure is that operating-company capital needs are addressed at the operating-company level as they mature, supporting Innventure's capital allocation framework as outlined in our April 2026 press release.
AeroFlexx manufactures sustainable liquid packaging used by consumer products companies and prestige beauty brands. Operating company CEO Andy Meyer discussed AeroFlexx in detail on the Company's April 27, 2026 call. The questions below are representative of questions frequently asked by investors about AeroFlexx.
The traction across the broader CPG and prestige landscape reflects a meaningful shift in how we believe brands are evaluating packaging. Six to twelve months ago, the conversation was about whether brands would adopt a new format at all. Today, the conversation is about scaled commercial execution.
Beyond Aveda, AeroFlexx now has four anchor customer relationships spanning large liquid packaging end markets: a multinational EU-based consumer products company with a signed multi-brand, multi-million-unit agreement across household and personal care; a U.S. manufacturer of industrial oils and lubricants supported by a multi-brand portfolio; and a large beverage relationship that opens the door to the food and beverage segment, which represents the largest portion of our addressable market.
In our experience, sales cycles in prestige beauty and large CPG are inherently longer than in industrial categories because the bar is higher across aesthetics, brand standards, regulatory compliance, and consumer experience. Industrial categories like lubricants and bar-and-chain oil tend to move faster because the performance requirements are more straightforward. We are advancing in both directions simultaneously.
Our near-term commercial sales pipeline stands at just under $30 million, with approximately one-third in final negotiations. The composition matters as much as the size: reorders, commercial-scale launch preparation, large-scale negotiations, and strategic discussions with organizations that view packaging as a way to improve economics, meet sustainability targets, and create market differentiation.
The certification stack - APR recyclability recognition, GMP Ohio for cosmetics manufacturing, ISCC PLUS for traceable recycled content, and a fifth consecutive AA grade BRC rating - offer brands confidence that AeroFlexx can support compliant, scalable packaging across every category we serve. We believe that each anchor win creates a reference customer that risk mitigates the next adoption decision.
AeroFlexx operates a hybrid manufacturing model: directly operated assets at the West Chester, Ohio facility, supported by an expanding network of regional co-manufacturing partners. The West Chester site is approximately 27,082 square feet, with all initial commercial converter lines installed and a nameplate design capacity of over 100 million units per year. The site achieved Good Manufacturing Practices (GMP) certification for cosmetic packaging in March 2026.
In May 2026, AeroFlexx announced a strategic partnership with Packaging Imolese - the largest producer of dishwashing gel in Italy and part of the DECO INDUSTRIE group - adding regional manufacturing, formulation, and commercialization capability for household and personal care across European markets. An AeroFlexx filling machine has been delivered to the Imola manufacturing facility.
AeroFlexx's operational priority is straightforward: build the ability to serve commercial demand reliably and at the highest level of quality. That means three things in parallel - increasing throughput and efficiency at installed assets, expanding regional filling capability so AeroFlexx can serve customers closer to where they ship from, and continuing to add co-manufacturing capacity in geographies where anchor customers operate.
The reason AeroFlexx is approaching capacity expansion this way rather than committing to a single mega-facility is that AeroFlexx is a platform business, not a single-product manufacturer. Adding capacity in the right geographies, with the right co-manufacturing partners, is more capital-efficient than centralizing production and shipping packaging globally. Capacity expansion happens incrementally and ahead of customer demand.
Aveda is a global commercial launch, not a pilot program. Aveda became the first prestige beauty brand to globally commercialize AeroFlexx's premium refill packaging, with select best-selling products expected to debut in 2027.
Brand rollouts in prestige beauty typically follow a predictable pattern: brands start with a defined initial entry point, work through consumer experience and supply chain performance at scale, and then consider broader applications across additional brands and lines within the
same enterprise over time. Aveda sits within Estée Lauder, a multi-brand enterprise with approximately 57,000 employees and FY2025 net sales of approximately $14.3 billion.
The 2027 launch timeline reflects the demanding qualification cycle in prestige beauty. The category requires unique shapes, specific labeling, and aesthetic standards that meet brand requirements, and AeroFlexx has been working with Aveda to tailor the format accordingly. That work takes time and is appropriate investment in a category-defining first reference customer.
Activities related to and leading up to the 2027 launch are progressing in the normal course of plan execution, consistent with what was announced in February.
The sales pipeline beyond Aveda is broader and more diversified than at any point in AeroFlexx's history. AeroFlexx has anchor customer relationships across four end markets today, with the three beyond Aveda each anchoring a different end market.
AeroFlexx is not in a position to name all four publicly at this time, as those announcements must be coordinated with the brands themselves. What can be described is the category footprint: a multinational EU-based consumer products company with a signed multi-brand, multi-million-unit agreement spanning household and personal care; a U.S. manufacturer of industrial oils and lubricants supported by a multi-brand engagement with established multinational customer relationships, where commercialization is advancing through both equipment and packaging sales; and a large beverage and food service relationship that opens entry into food and beverage, the largest portion of AeroFlexx's addressable market.
Beyond these four anchors, the near-term commercial sales pipeline stands at just under $30 million, with approximately one-third in final negotiations. The mix today includes active reorders, commercial-launch preparations, late-stage negotiations, and advanced commercial discussions. One customer win can expand from a single SKU into multiple brands, categories, and geographies - the architecture of the anchor customer agreements is designed for exactly that kind of growth.
AeroFlexx has moved beyond market validation and into commercial execution. The next expected phase is anchor customers progressing into full commercialization, with relationships widening through line extensions, additional categories, and geographic expansion.
The conversations AeroFlexx is having with brands today are different in kind from what they were a year ago. A year ago, the focus was on whether the format would meet brand performance expectations. Today, the focus is on commercial-scale execution, regional rollout planning, and how the format integrates into longer-term packaging strategies.
The CPG packaging procurement cycle is structured. Brands move through brand testing, pilot production, regional rollout, and then global scale. That sequence does not change for any new format - including AeroFlexx - because brands need to confirm consumer experience, supply chain performance, and category-specific regulatory compliance at each stage before broader adoption. What has changed is the stage AeroFlexx is in with anchor customers. AeroFlexx has moved through the brand testing and pilot production phase with several anchor customers and is now in commercial discussions across late-stage qualification, launch preparation, and ongoing brand adoption.
Contract structure typically tracks deal stage. Early-stage pilot work is generally single-SKU evaluation. Commercial-scale activity generally involves multi-year, multi-million-unit framework agreements that allow brands to expand line by line as they confirm format performance in each category. This structure provides flexibility for both AeroFlexx and the brand to scale together as performance data accumulates.
The AeroFlexx procurement cycle parallels the rigid bottle procurement cycle in its overall structure. What is different is reference-customer maturity. We believe each anchor customer that completes qualification reduces the time and effort required for the next brand in the same category to evaluate AeroFlexx, because category-specific performance has been demonstrated in commercial conditions. The certification stack - APR recyclability recognition, GMP Ohio for cosmetics manufacturing, ISCC PLUS for traceable recycled content, and BRCGS - supports brands' compliance reviews across multiple categories.
Accelsius designs and manufactures NeuCool, a two-phase direct-to-chip cooling system for high-density AI data centers. Operating company CEO Josh Claman discussed Accelsius in detail on the Company's April 27, 2026 call. The questions below are representative of questions frequently asked by investors about Accelsius.
NeuCool is designed for high-density AI deployments where traditional cooling approaches begin to hit architectural limits. Independent analysis from Jacobs Engineering shows NeuCool could deliver 35% to 44% annual OpEx savings and 8% to 17% five-year total cost of ownership savings compared with single-phase direct-to-chip systems.
Two-phase systems eliminate water inside the rack, reduce mechanical complexity at high densities, and support warm-water facility operation. The NeuCool MR250 supports up to 250kW+ of cooling capacity per rack, and the NeuCool IR150 - the industry's first fully integrated rack-level cooling solution that combines a two-phase Coolant Distribution Unit, 42U of IT rack space, and built-in liquid and vapor manifolds in a single 800mm-wide enclosure - offers up to 150kW of capacity.
These characteristics align with industry-documented trends: as rack densities rise, operators increasingly shift from air and single-phase liquid cooling toward architectures that reduce water risk, simplify serviceability, and support higher thermal loads. We do not publish customer-specific ROI or uptime metrics, but customers evaluate performance against their internal benchmarks as deployments progress.
We don't publish a universal capex-per-MW or annual-savings figure. The economics of moving from air to liquid cooling depend heavily on site-specific variables such as facility design, density targets, climate, and local energy conditions. Industry research from ASHRAE, the Uptime Institute, and hyperscale engineering teams consistently shows that once rack densities exceed roughly 50 to 75 kW, operators transition to liquid cooling because air systems become increasingly inefficient and space-constrained.
Operators typically work through individualized analyses during planning, which yield materially more accurate results than any generalized benchmark.
We don't disclose customer-specific evaluation feedback, as doing so could reveal customer identity or evaluation status. However, industry-wide patterns are well-documented in public sources such as ASHRAE, TC 9.9, Uptime Institute surveys, and hyperscale engineering blogs.
Across the industry, operators evaluating any new cooling architecture tend to focus on:
These themes reflect general industry behavior rather than customer-specific concerns. Accelsius launched the NeuCool HyperStart program in April 2026 specifically to support hyperscale operators, neocloud providers, and key partners in working through these qualification dimensions in a structured way.
We don't identify hyperscale customers or disclose deal-specific details, as these discussions are governed by confidentiality terms. What we can share is directional.
Across the industry, hyperscale evaluations typically progress through structured qualification phases focused on readiness, supply chain, deployment timelines, and alignment with facility standards. Public statements from hyperscalers and industry analysts indicate that next-generation AI campuses are increasingly being designed around liquid cooling from the outset, driven by rising rack densities and warm-water architectural preferences.
Several hyperscale AI cloud providers have engaged with Accelsius under the NeuCool HyperStart program as they build out cooling roadmaps for next-generation AI infrastructure. Opportunity types under discussion across the industry tend to center on greenfield AI campuses rather than retrofits of general-purpose data center capacity. The agreement with DarkNX to deploy NeuCool across a 300 MW AI data center campus in Ontario - expected to be the largest two-phase, direct-to-chip deployment to date - is illustrative of the type of greenfield AI infrastructure where two-phase architectures are being specified from the outset.
We don't publish adoption forecasts by chip type. Public industry analysis shows that adoption of liquid cooling correlates most strongly with rack density, not processor architecture. Whether the workload runs on GPUs or ASICs, operators typically transition to liquid cooling once densities exceed the thermal and spatial limits of air-based systems.
We don't disclose PO-level detail or project-specific revenue timing. Industry-wide, backlog conversion for AI infrastructure is influenced by factors such as:
Power availability and utility timelines.
Transformer and switchgear lead times.
Server and component supply-chain variability.
Customer-managed sequencing dependencies - for example, server selection happening before cooling is finalized.
These factors affect all large-scale AI deployments, not just cooling systems. Q1 2026 bookings exceeded $50 million in production-volume orders to operating data centers, with revenue recognition to followi customer acceptance schedules.
We don't quantify the financial impact of component pricing or customer timing decisions. Public reporting from OEMs, hyperscalers, and semiconductor analysts shows that memory pricing cycles and server lead times can influence deployment schedules across the industry.
Operators adjust their build timelines accordingly.
We don't provide customer-specific conversion timelines. Deployment timing depends on customer-managed prerequisites such as land readiness, power delivery, server availability, and internal procurement sequencing. The diagnostic question is not which quarter a specific POC converts, it is whether the company is positioned to capture the adoption cycle when it accelerates.
We don't disclose financial details of individual deployments unless they have been publicly announced. Accelsius has publicly disclosed that DarkNX, a global digital infrastructure company, has entered into an agreement to deploy Accelsius' NeuCool technology across a
300MW AI data center campus in Ontario, Canada. This is expected to be the largest two-phase, direct-to-chip deployment to date and an example of industry movement toward high-density, liquid-cooled infrastructure.
Refinity converts difficult-to-recycle plastic waste into the chemical building blocks the petrochemical industry already uses. Operating company CEO Bill Grieco discussed Refinity in detail on the Company's April 27, 2026 call. The questions below are representative of questions frequently asked by investors about Refinity.
The current target is a 10 kta commercial demonstration plant, with detailed engineering planned to be complete by end of Q3 2026 and startup targeted for mid-2028. Fourteen months of pilot work with VTT Technical Research Institute of Finland and Dow has answered the foundational technical questions: the Refinity system performs with real-world mixed plastic waste, at the yields and product quality required, with the operational flexibility the chemistry demands.
What remains before construction is the move from short-duration pilot runs to extended operational runs that mirror commercial operating rhythms. The shift itself is the point. Pilot runs to date have been hours to a few days at a time. Moving to weeks-long and months-long runs is the work that converts a pilot demonstration into a system that can be operated continuously and integrated commercially. VTT's pilot facility is not equipped for extended commercial-rhythm operation, which is why the next phase is planned at a U.S. partner facility where Refinity can position its own team on site.
to start by mid-year. The purpose is not to re-confirm the chemistry - that work is done. It is to build the operating playbook: running continuously, managing feed variability, tuning control parameters, and developing the operational rhythms the team and customers will need at 10 kta scale. Extended-duration testing is expected to run at approximately 1 kta, with the same plastic wastes anticipated at the commercial demonstration plant.
In parallel, site selection continues. The plant is designed to be co-located at a petrochemical steam cracker site, with offtake to the site owner. Final selection is underway alongside the engineering work, with more expected to be shared in the coming months.
The diagnostic question is whether the company is doing the things now that position it to capture the adoption cycle when it engages. For Refinity this quarter, the answer is three concrete advances - engineering partner contracted, U.S. extended-duration partner engaged, additional pilot trials completed at VTT.
Refinity is intentionally measured about putting specific capex numbers on the commercial demonstration plant and the full commercial-scale plant publicly. The actual figures depend on site-specific variables - greenfield versus brownfield, the degree of integration with an existing petrochemical site, regional construction cost factors, the particular product slate intended, and whether key utilities and infrastructure are already in place. As specific projects are announced at specific sites, project-level capital detail is expected to follow.
Expected revenue is more straightforward. The 10 kta commercial demonstration plant is expected to generate approximately $10 million per year in revenue at full operation. A full commercial-scale plant of approximately 150 kta capacity is expected to generate approximately $150 million per year per plant.
Two structural choices shape capital intensity. The first is modular fabrication. The 10 kta plant is expected to be built in a factory by the engineering and equipment partners, then transported to the co-location site for final installation and startup. That is a deliberate capital-efficiency choice, it shortens construction timelines, reduces site labor exposure, and creates a replicable build that informs the commercial-scale plants that follow.
The second is expected to be co-location with steam crackers. The system integrates with existing petrochemical infrastructure, eliminating transportation cost for gaseous output, feeding directly into existing customer infrastructure, and reducing capital intensity on both sides of the integration. That is a fundamentally different cost profile from a greenfield chemical plant.
Specific project economics are expected to follow as detailed engineering completes, which is anticipated by end of Q3 2026, and site selection finalizes in the coming months.
The 91% of plastic waste that traditional mechanical recycling cannot handle - roughly 260 million tons per year landfilled or incinerated globally, represents a feedstock pool the petrochemical industry is not currently using at all. That is the gap Refinity aims to close.
Two design choices shape the commercial logic.
$300 billion today based on third-party estimates for global ethylene and propylene demand. Looking ahead, published forecasts indicate that these two olefins together are on track to approach a combined value of around half a trillion dollars by the early-to-mid 2030s. The industry continues to produce the same molecules and the same end products; Refinity simply uses a more diverse feedstock to get there. The output is a drop-in substitute for what petrochemical companies are already buying today, integrating into existing supply chains and downstream products without requiring infrastructure changes at the customer.
There is a longer arc worth naming. The way the waste industry collects, aggregates, and ships material today reflects the absence of a meaningful industrial outlet for most of what gets collected. For that to change - and the timeline is uncertain, whether five years or fifty - there has to be a destination that makes change worth making. Working alongside multinational chemical companies like Dow and major waste management operators, Refinity intends to be a catalyst that gives the industry a reason to evolve.
For plastic waste to function the way ethane or naphtha functions in the petrochemical supply chain, three things have to be true: the conversion technology has to work at industrial scale with consistent yields, the output has to be specification-grade for petrochemical customers, and the supply chain has to be repeatable across geographies and feedstock variability. Refinity has addressed yield and product quality at pilot scale. The 10 kta commercial demonstration plant is designed to address all of these items with full steam cracker integration at industrial scale.
Optionality for petrochemical customers is meaningful. They get a feedstock that supports their circularity commitments, exposure to circular materials that command meaningful premiums in downstream markets, and a hedge against fossil feedstock price volatility. Sustainability and economics are aligned, not in tension. For petrochemical customers that adopt or partner with Refinity, the value proposition centers on three things: a feedstock that supports their circularity commitments, exposure to circular materials that command meaningful premiums in downstream markets, and a hedge against fossil feedstock price volatility. Sustainability and economics are aligned, not in tension.
This response focuses on what has to be demonstrated at each stage for plastic waste to function as a commoditized feedstock, and the measurable milestones that mark Refinity's progress.
Three conditions have to be met. None are theoretical. Each is a measurable milestone.
the exclusive global license from VTT, and additional licensed technology solutions for feedstock handling and SAF catalysis - is in place.
A clarification on the term itself first. The planned 10 kta plant is a commercial demonstration plant. Commercial because it is expected to be revenue-generating from the start, with offtake to the site owner. Demonstration because it is expected to be the first of its kind at this scale. That distinction matters - it is genuinely uncommon in waste-to-value, where most demonstration plants are pure cost centers built to confirm a chemistry. The 10 kta plant itself is designed to be at minimum break-even on an operating-cost basis at the demonstration scale. Better-than-break-even may be possible depending on offtake terms; the conservative baseline is operating-cost coverage at the plant level.
What plant break-even would not cover is the carrying cost of Refinity as a company - engineering, technical, and commercial teams not directly attached to plant operations, plus debt service and ongoing company funding. Through the demonstration plant phase, Refinity is expected to be cash flow negative at the company level. The bridge has two components.
Refinity intends to partner with strategic investors who can also serve as commercial partners. The goal is to fund Refinity's growth at the operating company level rather than from Innventure's balance sheet, the same approach executed with Accelsius, which is now self-funded. Innventure may also continue to support Refinity as needed during the build phase, consistent with how the operating company model is designed to function.
The path to cash flow accretion is expected to run through three milestones: operation of the 10 kta plant, the start of licensing revenue, and full commercial-scale plant operation.
A note on pace. Refinity has moved from company formation to first metric ton of circular product in 14 months. Milestones that, for a technology of this complexity, typically take much larger companies years. That pace is the result of starting from technology already at an advanced state of development - Refinity's exclusive global license from VTT - combined with a team of C-suite executives and engineers who have moved quickly to build partnerships across VTT, Dow, the engineering and equipment partners on the commercial demonstration plant, and the U.S. university and U.S. national research institute whose licenses round out the IP position. Refinity is earlier in the progression from capital-consuming to self-funding than Accelsius, but the work to date has tracked ahead of schedule.
Many of these milestones were detailed on the April 27, 2026 operating company CEO call published at ir.innventure.com, and that recording is the fullest reference for the milestone walk. We expect to make future announcements across four areas:
Operational milestones at the U.S. extended-duration test facility. Operations are expected to begin by mid-year. As operational data accumulates, progress will be shared at appropriate intervals.
Engineering and site selection for the commercial demonstration plant. Detailed engineering is targeted for completion by the end of Q3 2026. Final site selection is in progress, with more expected to be shared on both the site and the co-location partner in the coming months.
Capital formation. - Refinity has reached a stage of development where it is well-positioned to move into independent capital formation.
Technical and commercial partnership progression. Work with Dow continues, alongside additional engineering and equipment partner relationships supporting the commercial demonstration plant build. Updates on additional technology partnerships are also anticipated as those announcements become appropriate to share publicly.
The cadence reflects the build phase Refinity is in. A series of meaningful, milestone-driven announcements rather than continuous incremental disclosure is expected. Each milestone is designed to give investors clear waypoints in the progression from pilot demonstration to commercial operation.
The Dow collaboration was announced as a collaboration agreement at the time of Refinity's company formation, and the work has continued through pilot demonstration and into commercial demonstration plant engineering. The structure of the agreement is detailed in those original announcements.
In practice, Refinity and Dow are working together to define light olefin gas purity requirements and integration approaches - looking for the best ways for a co-located Refinity plant to integrate with petrochemical steam cracker infrastructure. That technical work shapes how Refinity defines product specifications and the integration points the commercial demonstration
plant is being designed against. Dow is also working with Refinity to identify preferred site locations for future commercial plant operations. Co-location with petrochemical infrastructure is core to the strategy; it eliminates transportation cost for gaseous output, feeds directly into existing customer infrastructure, and reduces capital intensity on both sides of the integration.
Both organizations continue to invest time in the collaboration, and the work is advancing as the project moves from pilot through detailed engineering. Consistent with their public messaging, Dow continues to evaluate technology pathways across their broader sustainability and circularity work. Refinity's focus is on executing the work in front of the team, and the collaboration has been a meaningful contributor to the pace at which the work has moved.
The pace is real, and it is deliberate. Three things are true at the same time, and that combination is what has driven the work: pilot tests have evidenced that the technology works, the team has deep industrial chemistry experience, and the partnerships are strong. Refinity is a team of action-oriented operators working with pragmatic, outcome-driven motivation.
Everything is oriented toward meeting critical-path milestones for the business.
fluidized bed assets for extended-duration operation. A U.S. university and a U.S. national research institute whose licenses round out the IP position Each partnership advances the work - and each one came together quickly because the right people on each side recognized the opportunity.
There is a lower-risk engineering position embedded in all of this. Refinity has moved across two scale nodes already and is heading to the third - the 10 kta commercial demonstration plant, then the 100 to 150 kta full commercial plant. The core fluidized bed technology has been operated by others at 100 to 1,000 times the scale of Refinity's largest planned plant, in petroleum refining applications. Refinity's partners are world-scale developers and equipment providers in that adjacent industrial space - fluid catalytic cracking for the transportation fuel industry - not first-time partners moving to industrial scale. What is new is applying well-understood industrial engineering to a problem that has not been solved at scale: converting the mixed plastic waste that traditional mechanical recycling cannot handle into the chemical building blocks the petrochemical industry already buys. That is a fundamentally different engineering risk profile than first-of-its-kind technology development.
The trajectory from here is execution-focused, with the following actions expected: extended-duration runs at the U.S. partner facility starting this year, detailed engineering for the 10 kta plant complete in fall 2026, site selection and co-location partner finalization in the coming months and construction thereafter, with startup targeted for mid-2028. From there, the projected path runs to full commercial-scale plants of 100 to 150 kta capacity expected to generate approximately $150 million in revenue per plant, plus licensing opportunities to petrochemical and refining customers. The combined ethylene and propylene market alone is roughly $300 billion today, growing toward half a trillion by the middle of the next decade, with additional optionality in SAF and SAF precursor markets through the catalyst license.
Certain statements in this document are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1S33, as amended, and Section 21E of the Securities Exchange Act of 1S34, as amended. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "will," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this document. There can be no assurance that future developments will be those that have been
Disclaimer
Innventure Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:40 UTC.