Innventure is a holding company that licenses underutilized technologies from large multinationals and research organizations, builds standalone companies around them, and operates those companies with the goal of long-term ownership. Rather than developing technology from scratch, Innventure sources already-validated technologies from corporate R&D, reducing early-stage technical risk. Innventure currently operates three subsidiaries: Accelsius, AeroFlexx, and Refinity. Accelsius makes two-phase, direct-to-chip liquid cooling systems for data centers, circulating dielectric coolant directly to CPUs and GPUs as an alternative to traditional air cooling. AeroFlexx makes a flexible liquid packaging format that ships flat and uses less plastic than rigid bottles, selling to CPG companies. Refinity, still in development, aims to convert mixed plastic waste into olefin gases and hydrocarbon liquids for sale to petrochemical companies. None of the three subsidiaries are currently profitable, and Innventure is funding their development. Alongside technology sourcing, Innventure seeks partnerships with large corporations that can serve as early customers or distribution channels. Innventure also provides shared services — accounting, finance, legal, HR, and IT — across its subsidiaries centrally. Innventure also manages the Innventus ESG Fund, a venture fund that co-invests in Innventure subsidiaries, generating a small management fee. Innventure's earlier subsidiary, PureCycle Technologies, went public in 2021, after which Innventure divested its stake.