Refinity Validates Breakthrough Waste Conversion Technology, Advancing Toward Commercial Demonstration

Rhea-AI Summary

Refinity (NASDAQ:INV) validated its waste-to-chemicals conversion at pilot scale, producing a metric ton from real-world plastic waste with yields typically 60–70% and minimal char byproducts. The company filed two patent applications for its DuoZone™ reactor and hard-to-recycle feedstock conversion, and secured technology licenses to broaden feedstock and product capability. Refinity plans a mid-scale 2.5 kilotonne demo in 2026, a 10 kilotonne commercial demonstration later, and targets ~150 kilotonnes/year at full commercial scale.

Positive

• Pilot production of 1 metric ton from real-world plastic waste
• Yields 60–70% with virtually no char byproducts
• Filed two patent applications covering DuoZone™ reactor and hard-to-recycle conversion
• Secured technology licenses for feedstock feeding and catalyst conversion to high-value chemicals
• Roadmap to 2.5 kt demo in 2026 and 10 kt commercial demonstration

Negative

• Commercial scale (~150 kt/year) remains unbuilt and dependent on future construction
• Scale-up risk — validation was pilot-scale; larger-scale performance not yet demonstrated

News Market Reaction – INV

+3.31%

12 alerts

+3.31% News Effect

+14.3% Peak in 25 hr 41 min

+$9M Valuation Impact

$289M Market Cap

0.1x Rel. Volume

On the day this news was published, INV gained 3.31%, reflecting a moderate positive market reaction. Argus tracked a peak move of +14.3% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $9M to the company's valuation, bringing the market cap to $289M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Operational period: 14 months Unrecycled plastic share: 91% Mid-scale demo capacity: 2.5 kilotonnes per year +5 more

8 metrics

Operational period 14 months Progress since Refinity began operations

Unrecycled plastic share 91% Portion of plastic waste remaining outside traditional recycling

Mid-scale demo capacity 2.5 kilotonnes per year Planned partner-site demonstration in 2026

Commercial demo capacity 10 kilotonnes per year Planned commercial demonstration scale in coming years

Full commercial scale 150 kilotonnes per year Design target for full commercial systems

Pilot run duration one week Continuous pilot-scale production with real-world waste

Pilot output 1 metric ton Product produced from real-world waste during pilot run

Conversion yield 60–70% Typical yields from real-world waste with minimal char

Market Reality Check

Price: $3.40 Vol: Volume 850,685 is below t...

low vol

$3.40 Last Close

Volume Volume 850,685 is below the 1,709,505 share 20-day average, suggesting a moderate reaction so far. low

Technical Shares at $3.02 are trading below the $4.58 200-day MA and well under the $11.34 52-week high.

Peers on Argus

INV is up 2.37% while key peers like JOF (+1.99%) and TWN (+1.15%) show modest g...

INV is up 2.37% while key peers like JOF (+1.99%) and TWN (+1.15%) show modest gains without momentum scanner flags, pointing to a company-specific move.

Historical Context

5 past events · Latest: Jan 14 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Equity offering close	Negative	-2.0%	Completion of $40M registered direct offering and related use of proceeds.
Jan 12	Equity offering pricing	Negative	+3.8%	Pricing of $40M registered direct offering to institutional investors.
Jan 12	Subsidiary funding	Positive	+3.8%	Accelsius closes $65M Series B led by strategic investors for AI cooling.
Dec 11	Index inclusion	Positive	+8.3%	Addition to Russell 2000, 3000, and Microcap indexes for one-year term.
Dec 03	Investor conferences	Neutral	+0.2%	Participation in two virtual investor conferences with webcasted presentations.

Pattern Detected

Recent news has more often aligned with price moves, with only one notable divergence on an offering announcement.

Recent Company History

Over the past few months, Innventure has combined financing and strategic milestones. January 2026 featured a $40 million registered direct offering, with pricing news on Jan 12 followed by closing on Jan 14, and mixed price reactions around these dilution events. Subsidiary Accelsius secured a $65 million Series B funding, which coincided with a positive share move of 3.83%. In December 2025, index inclusion in the Russell 2000/3000/Microcap and investor conference participation also supported generally constructive trading.

Market Pulse Summary

This announcement details Refinity’s validation of its plastic waste conversion technology, includin...

Analysis

This announcement details Refinity’s validation of its plastic waste conversion technology, including a pilot run producing 1 metric ton of product with 60–70% yields, and outlines a roadmap to 2.5, 10, and 150 kilotonne scales. In context of recent equity financings and subsidiary funding, investors may watch for concrete construction starts on the planned commercial demonstration system, further IP expansion, and additional agreements with collaborators like Dow and equipment providers to gauge execution progress.

Key Terms

fluidized bed technology, catalyst technology, sustainable aviation fuel, pilot scale, +3 more

7 terms

fluidized bed technology technical

"the core fluidized bed technology originally licensed from VTT"

A manufacturing method where a stream of gas or liquid is passed upward through a bed of solid particles so the solids behave and flow like a liquid, allowing thorough mixing, uniform heating, or coating. For investors, it matters because this approach can lower operating costs, boost production speed and product consistency, and reduce emissions or waste compared with older methods, which affects capital spending, margins and regulatory risk.

catalyst technology technical

"a license from a U.S. national lab for catalyst technology enabling, conversion of gas"

Catalyst technology is a physical or chemical method that speeds up or enables a chemical reaction without being consumed, often used to make industrial processes, fuels, or drugs more efficient and cost-effective. For investors, it matters because such technology can lower production costs, improve yields, shorten development time, or unlock new products—similar to upgrading from a hand tool to a power tool, which can change a company’s competitiveness and profit potential.

sustainable aviation fuel technical

"into high-value chemicals including sustainable aviation fuel and its precursors"

Sustainable aviation fuel is a low‑carbon replacement for conventional jet fuel made from renewable sources (like plant residues, waste oils, or captured carbon) but refined to meet the same safety and performance rules as regular jet fuel. Investors care because SAF can lower airlines’ carbon footprints and exposure to tightening regulations, create new supply and cost dynamics in the fuel market, and drive long‑term demand shifts — like using cleaner fuel in the same airplane.

pilot scale technical

"Refinity operated at pilot scale for one week of continuous production"

Pilot scale is a small, controlled version of a production process used to test whether a product and its manufacturing method work reliably before investing in full-scale facilities. Think of it as a test kitchen or a mini factory where engineers check yields, costs, and unexpected problems; successful pilot runs reduce technical and financial risk and give investors a clearer sense of timelines, likely production costs, and remaining obstacles to commercial sales.

patent application regulatory

"Refinity filed one patent application protecting its proprietary Refinity DuoZone"

A patent application is a formal request filed with a government office asking for legal rights to an invention or process; it describes the idea in detail and asks for exclusive control over its commercial use. For investors, a pending application is like a company staking a claim on a potentially valuable product—it can signal future market protection and revenue but offers no guaranteed monopoly until the patent is actually granted.

reactor design technical

"protecting its proprietary Refinity DuoZone reactor design, which affords flexibility"

The blueprint and engineering choices that determine how a reactor—whether for generating power or processing chemicals—is built, operated and kept safe. Like choosing a car’s engine, chassis and safety features, reactor design influences cost, efficiency, flexibility, regulatory approval and risk of accidents or shutdowns, so it directly affects construction budgets, operating profits and the likelihood investors will see expected returns.

commercial demonstration technical

"begin construction on a commercial demonstration system with nominal throughput"

A commercial demonstration is a real-world trial showing that a product or service can be sold, delivered and used at scale outside the lab or prototype stage. Like a test drive or a pop-up shop that proves customers will pay and operations work, it helps investors judge whether a technology can generate steady sales, survive supply or regulatory challenges, and justify further funding or a larger rollout.

AI-generated analysis. Not financial advice.

Innventure company produces metric ton of product from real-world plastic waste, files patent applications, and secures technology licenses to expand capabilities

ORLANDO, Fla., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Refinity, an Innventure (NASDAQ:INV) company focused on transforming plastic waste into valuable chemical intermediates, today announced significant technology validation results and strategic progress in its first 14 months of operations. The company has confirmed its conversion technology performs with real-world waste materials, filed patent applications protecting proprietary reactor designs, and secured technology licenses that expand its capabilities.

"In just 14 months, we've achieved milestones that typically take much larger companies years to reach," said Bill Grieco, CEO of Refinity. "The market opportunity here is substantial — 91% of plastic waste remains outside traditional recycling. Our goal is to transform that waste into the commodity raw material it should have always been, and we've built the foundation to do exactly that."

These results build on the commercialization roadmap Refinity outlined during Innventure's Q3 2025 earnings call. That roadmap includes a mid-scale demonstration at approximately 2.5 kilotonnes per year at a partner location in 2026, followed by a 10 kilotonne commercial demonstration in coming years and subsequently a full commercial scale designed for approximately 150 kilotonnes per year. The completed pilot-scale validation supports Refinity’s progress toward these targets.

Technology Validation with Real-World Waste

When Refinity was formed, the underlying technology had only been demonstrated with controlled, synthetic feedstocks. Over the past 14 months, the company has completed dozens of optimization runs using real-world plastic waste purchased from commercial markets — and confirmed the technology performs at the same level.

Working with VTT Technical Research Institute of Finland, who originally developed the technology, Refinity operated at pilot scale for one week of continuous production, producing a metric ton of product from real-world waste materials with yields typically exceeding 60 to 70 percent and virtually no char byproducts.

This validation confirms the technology performs at levels consistent with earlier results using controlled feedstocks — a critical milestone that increases confidence in Refinity’s scale-up plan.

Intellectual Property and Technology Licenses

Refinity filed one patent application protecting its proprietary Refinity DuoZone™ reactor design, which affords flexibility in how Refinity processes solid plastic waste feedstock and precise control of reaction conditions. The intellectual property covers both reactor design and specific control conditions that differentiate Refinity's approach.

The company filed a second patent application protecting its ability to convert certain difficult-to-recycle plastic wastes that conventional technology solutions cannot effectively address.

Refinity also secured technology licenses that expand its capabilities across the value chain:

• A license from a U.S. university for technology that provides more efficient and flexible methods for feeding plastic waste into conversion systems.
  
  
• A license from a U.S. national lab for catalyst technology enabling, conversion of gas products into high-value chemicals including sustainable aviation fuel and its precursors.
  

Together, these licenses complement Refinity's DuoZone™ reactor technology and the core fluidized bed technology originally licensed from VTT, by improving feedstock flexibility at the front end and expanding high value product options at the back end of the conversion system.

Refinity continues to deepen its commercialization collaboration with Dow. Dow has provided technical expertise to help determine product specifications, supporting Refinity's path toward connecting its conversion systems with petrochemical infrastructure.

In 2026, Refinity plans to repeat its validation work at a larger scale. With key partners, including two engineering firms and two global fluidized bed equipment providers, the company is on path to complete final engineering and begin construction on a commercial demonstration system with nominal throughput of 10 kilotonnes per year.

Refinity's technology platform is designed to operate across multiple scales and can be sited near customers or near plastic waste feedstock sources, providing flexibility in deployment and market approach.

Refinity is an Innventure company developing advanced technology solutions for converting plastic waste into high value, circular chemical products. Working with a strong team of collaborators, including Dow, VTT, several engineering firms, and two global fluidized bed equipment providers, Refinity is advancing a proprietary reactor platform designed to address the 91% of plastic waste that is not recycled through traditional methods. For more information, visit refinity.com.

About Innventure

Innventure (NASDAQ: INV), an industrial growth conglomerate, focuses on building companies with billion-dollar valuations by commercializing breakthrough technology solutions. By systematically creating and operating industrial enterprises from the ground up, Innventure participates in early-stage economics and provides industrial operating expertise designed for global scale. Innventure’s approach seeks to uniquely bridge the ”Valley of Death" between corporate innovation and commercialization through its distinctive combination of value-driven multinational partnerships, operational experience, and capital-intensive scale-up expertise.

Media Contacts:
Laurie Steinberg, Solebury Strategic Communications
press@innventure.com

FAQ

What did Refinity (INV) achieve in its February 17, 2026 technology validation?

Refinity produced one metric ton from real-world plastic waste at pilot scale with 60–70% yields. According to the company, the week-long run showed minimal char byproducts and performance consistent with prior controlled-feedstock results.

What patents and IP did Refinity (INV) file on February 17, 2026?

Refinity filed two patent applications protecting its DuoZone™ reactor design and conversion of difficult-to-recycle plastics. According to the company, these filings cover reactor design, control conditions, and specialized feedstock conversion methods.

What technology licenses did Refinity (INV) secure and why do they matter?

Refinity licensed feedstock feeding tech from a U.S. university and catalyst tech from a U.S. national lab for converting gases to high-value chemicals. According to the company, these licenses broaden feedstock flexibility and end-product options, including sustainable aviation fuel precursors.

What is Refinity's scale-up roadmap and timeline for INV shareholders?

Refinity plans a mid-scale demonstration of ~2.5 kilotonnes/year in 2026, then a 10 kilotonne commercial demonstration, targeting full commercial design ~150 kilotonnes/year. According to the company, final engineering and demo construction are underway with partners.

How did Refinity validate performance on real-world plastic waste for INV?

Refinity ran dozens of optimization runs and a continuous pilot week with VTT, producing consistent conversion performance on commercial feedstock. According to the company, results matched earlier controlled-feedstock metrics, boosting confidence in scale-up plans.

What are the main investor risks highlighted by Refinity's February 17, 2026 update for INV?

Key risks include that full commercial capacity (~150 kt/year) is not yet built and larger-scale performance remains unproven beyond pilot runs. According to the company, further validation at larger scale is planned in 2026 with engineering partners.