Innventure (INV) Status Update summary

Strategic Collaboration and Company Launch

• Announced a deep collaboration with Dow to launch Refinity, focused on advanced plastic recycling and waste-to-value solutions.

• Dow aims to integrate Refinity's technology into its circular economy and decarbonization initiatives, supporting its Path 2Zero journey.

• The partnership with Dow validates Innventure's business model and expands its network of multinational collaborations.

• Refinity is Innventure's fourth operating company, leveraging differentiated technology sourced from a European research institute.

• The collaboration is built on longstanding relationships and aims to accelerate commercialization and early adoption.

Technology and Market Opportunity

• Refinity targets over 240 million tons of mixed plastic waste landfilled or incinerated annually, aiming to convert it into sustainable drop-in chemicals.

• Uses proprietary, patented fluidized bed technology licensed from VTT Finland, enabling high-yield conversion (60-70%) of low-cost, hard-to-recycle plastics at moderate temperatures.

• The process offers significant economic advantages over mechanical and pyrolysis recycling, with higher yields and the ability to process minimally sorted, mixed plastic waste.

• Access to VTT's pilot plant and expertise reduces technical risk and accelerates commercialization.

• Rising consumer demand, regulatory pressure, and improved technologies create a favorable environment for advanced recycling.

Commercialization Strategy and Scalability

• Plans to build and operate plants with petrochemical companies as off-takers, with flexibility to site plants near waste sources or petrochemical facilities.

• Licensing is considered a future option to expand capital footprint and scale globally.

• Co-location with existing plants is expected to lower capital needs compared to standalone facilities.

• Standard processing equipment and collaboration with Dow reduce scale-up and commercialization risks.

• Focus on securing control points for low-cost, abundant feedstock to ensure economic advantage.