Refinity, Innventure's Newest Company, Acquires Exclusive Rights to Novel Technology for Advanced Recycling of Mixed Plastic Waste from VTT Technical Research Centre of Finland
ORLANDO, Fla. and ESPOO, Finland, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Refinity, the newest company launched by Innventure, Inc. (NASDAQ:INV), announced today the global licensing of rights from VTT Technical Research Centre of Finland for its proprietary fluidized bed advanced plastic waste conversion technology. Refinity plans to use the licensed technology to commercialize the cost-effective conversion of mixed plastic wastes to chemical precursors, required in all petrochemical production, to replace fossil feedstock used for the precursors.
Refinity will work with VTT to optimize the technology for conversion of different plastic waste feedstocks to sustainable chemicals that will replace fossil-derived chemicals. The work will focus on increasing yield of sustainable chemicals from plastic wastes that are not suitable for conventional thermochemical conversion or mechanical recycling and that are currently landfilled or incinerated. Refinity plans to scale up and deploy the technology in future commercial plastic waste-to-value conversion facilities.
VTT's innovative technology transforms hard-to-recycle minimally sorted plastic waste directly into drop-in petrochemical raw materials, including olefins such as ethylene and propylene, and has been demonstrated at pilot scale. Compared to conventional thermochemical processes, the innovative process concept offers the conversion of mixed plastic waste into petrochemical precursors with higher yields and lower carbon dioxide emissions using easily scalable industrial process units. Refinity expects to integrate its manufacturing plants with existing petrochemical operations, unlocking economics needed to support scalability to reshape the recycling landscape.
Bill Grieco, who currently serves as Innventure's Chief Technology Officer, will take the helm of Refinity as CEO. Grieco is an entrepreneur, innovator, and business leader who has spent the last 25 years leading R&D and commercialization organizations in the chemical, pharmaceutical, clean tech, and specialty materials industries. He holds a Ph.D. and Master's degree from M.I.T., and a Bachelor's degree from Georgia Tech, all in chemical engineering.
Adam Javan will join Refinity as COO. Javan is a Serial CXO for Innventure and is a seasoned executive with over 25 years of running businesses at blue chip companies as well as startups. Prior to Innventure, Javan served as Chief Strategy Officer of a biotech startup company, leading to a successful public offering in 2021. Javan has an MBA from the University of Michigan's Ross School of Business and a Master's degree in chemical engineering from the Royal Institute of Technology, Stockholm, Sweden.
"This is an important next step in the development and deployment of a differentiated waste conversion process globally," said Bill Haskell, CEO of Innventure. "With their keen expertise and knowledge, I'm excited to see what Bill and Adam can achieve with Refinity and look forward to witnessing Refinity's ongoing collaboration with VTT and Dow."
"We are excited to collaborate with Refinity to commercialize our thermochemical conversion technology, delivering an economically viable waste-to-value solution for a sustainable future. This technology builds on decades of dedicated research and development at VTT. It is truly rewarding to see our innovations being implemented globally through this technology transfer," said Tua Huomo, Executive Vice President of VTT.
About Innventure
Innventure (NASDAQ:INV) founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive'' as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
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Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
About VTT Technical Research Centre of Finland Ltd
VTT is one of Europe's leading research institutions and is owned by the Finnish state. VTT advances the utilization and commercialization of research and technology in commerce and society. Through scientific and technological means, the company turns large global challenges into sustainable growth for businesses and society, bringing together people, business, science and technology to solve the biggest challenges of our time. https://www.vttresearch.com/en
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