Refinity

What Refinity does

Refinity is an environmental technology company founded in 2024 as a wholly-owned subsidiary of Innventure, Inc. (NASDAQ: INV) that develops fluidized bed thermochemical conversion technology for transforming mixed plastic waste into drop-in chemical feedstocks such as naphtha, light olefins, waxes, and sustainable aviation fuel (SAF) precursors. Its platform centers on the proprietary DuoZone™ reactor (patents pending) combined with globally licensed fluidized bed process technology from VTT Technical Research Centre of Finland and catalytic oligomerization technology from Pacific Northwest National Laboratory (PNNL), enabling conversion of minimally sorted mixed plastic waste at 60-70% yields—substantially outperforming slow pyrolysis processes and using lower-cost, widely available feedstock streams.

The company's revenue model combines the direct sale of chemical intermediates as drop-in replacements for fossil-derived petrochemical and fuel feedstocks with technology licensing and royalty income from partners deploying the platform at their own sites. Refinity operates a B2B industrial go-to-market with direct enterprise sales to petrochemical companies (naphtha and light olefins), sustainable fuel producers (SAF, renewable diesel, lubricants), and plastic resin manufacturers, anchored by a flagship strategic collaboration with Dow that provides engineering resources, offtake of sustainable chemical feedstocks, and site selection support for future commercial plants. Distribution is planned to occur directly to customer facilities or at co-located operations, integrating with established petrochemical infrastructure.

Refinity is currently at pilot validation stage, having produced its first metric ton of circular hydrocarbon product from mixed plastic waste in early 2026. A 10,000-tonne-per-year commercial demonstration facility is targeted for construction in 2026, with a long-term 150,000-tonne-per-year megaproject scaling goal. The company is headquartered in Orlando, Florida (Delaware legal domicile), reports 1-10 employees, and is supported by Innventure for capital formation and operational scale-up.

Name

Refinity

Legal name

Refinity, LLC

Website

https://refinity.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Refinity is an environmental technology subsidiary of Innventure (NASDAQ: INV) that uses proprietary fluidized bed thermochemical conversion to turn mixed plastic waste into drop-in petrochemical feedstocks—naphtha, light olefins, and SAF precursors—for petrochemical, sustainable fuel, and resin manufacturers, anchored by a strategic collaboration with Dow.

Ownership category

akta.pro rank

Product category

Sustainable Petrochemicals / Chemical Recycling

NAICS

Petrochemical Manufacturing (32511), Other Basic Organic Chemical Manufacturing (32519), Petroleum Refineries (32411), Chemical Manufacturing (325)

SIC

Industrial Organic Chemicals (2860), Petroleum Refining (2911)

akta.pro primary industry

Plastic-to-Fuel/Oil & Feedstock Upgrading (Naphtha/Cracker Feed) (EUAIAKAL)

Keywords

• Plastic waste conversion
• Chemical recycling technology
• Sustainable aviation fuel
• Petrochemical feedstock production
• Circular economy chemicals

Headquarters

HQ city

Delaware

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Chemical Intermediates Sales: Revenue from selling converted chemical products (naphtha, light olefins, sustainable aviation fuel precursors) to petrochemical companies and fuel producers as direct replacements for fossil-derived feedstocks.
2. Technology Licensing: The company licenses its proprietary technology for deployment at partner facilities, generating licensing and royalty revenue streams.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Refinity converts mixed plastic waste into drop-in chemical feedstocks using a proprietary fluidized bed thermochemical conversion platform, operating at moderate temperatures with very short residence times. The platform produces naphtha, light olefins, and sustainable aviation fuel precursors that integrate with existing petrochemical infrastructure, achieving 60-70% conversion yields on real-world waste streams. The company sells the resulting chemical intermediates to petrochemical and fuel industry customers and licenses its proprietary technology for partner deployment.

Product overview

Refinity offers a technology platform centered on its patented Fluidized Bed Process Technology for converting mixed plastic waste into drop-in chemical feedstocks. The core technology is complemented by the proprietary DuoZone Reactor design for enhanced reaction control. Additional capabilities include catalytic oligomerization technology (licensed from PNNL) for producing sustainable aviation fuel precursors, and plastic waste feeding technology (licensed from a U.S. university). Together, these technologies enable conversion of mixed plastic waste into various products including naphtha, light olefins, waxes, sustainable aviation fuel, renewable diesel, and lubricants.

Differentiator

Problem solved

Functional benefit

Products and services

• Fluidized Bed Process Technology Proprietary fluidized bed technology that converts mixed plastic waste into hydrocarbon liquids and gases at moderate temperatures with very short residence times. Operates on minimally sorted, minimally processed mixed plastic waste and produces drop-in chemical products (naphtha, light olefins, waxes). Proven at bench and pilot scales with real-world waste materials.
• DuoZone™ Reactor Proprietary reactor design providing flexibility in processing solid plastic waste feedstock and precise control of reaction conditions. Protected by patent applications covering both reactor design and specific control conditions. Differentiates Refinity's approach from conventional solutions with its novel method architecture.
• Catalytic Oligomerization Technology Two-step catalytic oligomerization process licensed from PNNL that converts waste plastic-derived light olefins into medium distillate-range products suitable for sustainable aviation fuel (SAF), renewable diesel, and lubricants. Combines with Refinity's fluidized bed conversion technology to enable plastic-waste-to-jet/diesel production.
• Plastic Waste Feeding Technology Technology licensed from a U.S. university providing more efficient and flexible methods for feeding plastic waste into conversion systems. Improves feedstock flexibility at the front end of Refinity's conversion platform, enabling processing of varied mixed plastic waste streams.
• Sustainable Chemical Intermediates Drop-in chemical intermediates sold to petrochemical and sustainable fuel producers, including sustainable naphtha, light olefins, and sustainable aviation fuel precursors. Produced from mixed plastic waste and designed to directly replace fossil-derived feedstocks in existing petrochemical infrastructure.

Quantifiable outcome

• 60-70% conversion yield from mixed plastic waste to circular chemical products
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, flagship and supporting.

• Pacific Northwest National Laboratory (PNNL)coreTechnology or Integration · 22 June 2026Exclusive license for catalyst technology that converts waste plastic-derived light olefins into distillate-range products for sustainable aviation fuel (SAF), renewable diesel, and lubricants. Uses two-step catalytic oligomerization process to produce medium distillate-range olefins suitable for jet and diesel fuel production, which Refinity combines with its fluidized bed conversion technology.
• VTT Technical Research Centre of FinlandcoreTechnology or Integration · 8 January 2025Global licensing of rights from VTT for proprietary fluidized bed advanced plastic waste conversion technology. Refinity works with VTT to optimize technology for conversion of different plastic waste feedstocks to sustainable chemicals. VTT's technology transforms hard-to-recycle minimally sorted plastic waste directly into drop-in petrochemical raw materials including olefins, demonstrated at pilot scale with higher yields and lower CO2 emissions than conventional processes.
• DowflagshipStrategic or Co-development Partner · 18 December 2024Collaboration to develop and commercialize waste-to-value technologies. Dow provides technical resources to support engineering development and deployment, works with Refinity to identify preferred sites for future commercial plants, and will purchase sustainable chemicals produced. This collaboration aligns with Dow's 'Transform the Waste' goal of commercializing 3 million metric tons of circular solutions by 2030.
• U.S. University (Feedstock Technology)supportingTechnology or IntegrationLicense from a U.S. university for technology providing more efficient and flexible methods for feeding plastic waste into conversion systems, improving feedstock flexibility at the front end of the conversion process.
• U.S. National Laboratory (Catalyst Technology)coreTechnology or IntegrationLicense 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, expanding high-value product options at the back end of the conversion system.
• Engineering Firms (Two Global Partners)supportingImplementation/ SI/ Consulting PartnerPartnership with two engineering firms supporting final engineering and construction of commercial demonstration system with 10 kilotonne per year throughput capacity planned for 2026.
• Global Fluidized Bed Equipment Providers (Two Partners)supportingTechnology or IntegrationPartnership with two global fluidized bed equipment providers for deployment of commercial-scale conversion systems, leveraging equipment that is regularly deployed at global scale across refining and petrochemical industries.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• BASF: BASF has run its ChemCycling initiative to incorporate pyrolysis oil from mixed plastic waste into its production as a drop-in feedstock for chemical products. As a global petrochemical incumbent, BASF is a competitor for petrochemical circular feedstock supply and a potential customer/licensing counterparty similar to Refinity's Dow relationship.
• Eastman Chemical: Eastman is a large specialty chemical company operating its 'Renew' molecular recycling technology that depolymerizes mixed plastic waste into monomers for new plastics. It is a broad incumbent using chemical recycling to produce drop-in petrochemical feedstocks, comparable in customer-facing value proposition to Refinity but with vastly greater scale and existing market reach.
• ExxonMobil: ExxonMobil has invested heavily in advanced recycling of plastic waste, including its Agilyx partnership, with plans for large-scale chemical recycling facilities. As a global petrochemical major, it is both a potential competitor and counterparty in the plastic-to-feedstock market Refinity targets.
• Shell: Shell has invested in plastic-to-feedstock chemical recycling projects, including pyrolysis-based technologies at commercial scale, and produces SAF from waste-derived feedstocks. It competes with Refinity in the drop-in circular feedstock and SAF precursor end markets.
• LyondellBasell: LyondellBasell operates MoReTec molecular recycling technology for converting plastic waste back into feedstock for new plastics, and has announced multiple commercial recycling projects. It is a broad incumbent competing for circular petrochemical feedstock supply.

Others

• VTT Technical Research Centre of Finland: VTT is Refinity's core technology licensor for the fluidized bed plastic waste conversion process and is the developer of the underlying technology Refinity commercializes. While not a commercial competitor, VTT is the closest adjacent enabling partner and a comparable technology developer in advanced plastic recycling research.

Direct peers

• Mura Technology: Mura Technology uses Cat-HTR™ hydrothermal plastic recycling to convert mixed plastic waste into crude-like feedstocks for petrochemicals and fuels, with a first commercial-scale plant under development in the UK and partnerships with petrochemical majors. Refinity and Mura compete for the same petrochemical customer base with alternative thermochemical conversion routes.
• Agilyx: Agilyx has developed a proprietary thermal depolymerization process that converts mixed plastic waste back into crude oil and chemical feedstocks, and is now backed by ExxonMobil with multi-plant commercial plans. It is a direct competitor to Refinity in plastic-to-feedstock technology and petrochemical offtake.
• Brightmark: Brightmark operates plastics renewal facilities using pyrolysis to convert mixed plastic waste into fuels and feedstocks at commercial scale. It competes head-to-head with Refinity in the plastic-to-hydrocarbon conversion space and shares the same petrochemical and fuel producer customer base.
• Plastic Energy: Plastic Energy operates commercial-scale pyrolysis plants that convert mixed plastic waste into hydrocarbon oils (TACOIL) that can be used as drop-in feedstock for petrochemical crackers and naphtha. It is the closest direct competitor to Refinity in plastic-to-feedstock chemical recycling via thermochemical conversion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/refinityglobal
• LinkedInlinkedin.com/company/refinityglobal

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Refinity