Green Revolution Cooling (GRC)
Provides single-phase immersion cooling complete solutions to reduce data center PUE
World's first commercial single-phase immersion cooling system, with 140+ patents and high customer stickiness
Company Overview
Green Revolution Cooling (GRC), founded in 2009 and headquartered in Austin, Texas, USA, is a pioneer and leader in the immersion liquid cooling field. The company focuses on the R&D and commercialization of single-phase immersion liquid cooling technology. In its early days, it provided high-density thermal management solutions for the military and supercomputing centers. After 2018, it entered the AI data center market, collaborating deeply with chip manufacturers such as NVIDIA and AMD. GRC is not yet publicly listed but has received strategic investments from Schneider Electric, Intel Capital, and others, with an estimated valuation of approximately $800 million to $1 billion (2024).
Company Development Milestones:
- 2009: Founded, launched the first immersion liquid cooling prototype
- 2014: ICEraQ rack-level product commercialized, deployed at U.S. national laboratories
- 2017: Established ecosystem partnership with Schneider Electric
- 2021: ICEtank containerized solution unveiled, supporting 100kW+ thermal load per rack
- 2023: Secured Microsoft Azure order, with a single project scale exceeding 50MW
- 2024: Over 500 liquid cooling nodes deployed globally, with cumulative installed power capacity reaching 300MW+
GRC generates revenue from hardware sales and operations & maintenance services, with estimated total revenue of approximately $250 million in 2024.
| Business Line | Revenue Share | Description |
|---|---|---|
| ICEraQ rack-level liquid cooling system | ~60% | Compatible with standard 19-inch racks, single-rack power capacity of 20-80kW, targeting small-to-medium data centers/edge sites |
| ICEtank container solution | ~30% | 20-foot/40-foot containers, 200-400kW per container, designed for large-scale AI clusters (1000+ GPUs) |
| Operations & technical services | ~10% | Includes coolant management, monitoring, and retrofit consulting |
ICEraQ is a single-phase immersion liquid cooling rack where servers are directly submerged in dielectric coolant (mineral oil or synthetic oil). Patented technologies include specialized fluid flow guidance, airtight quick-connect couplings, and server rail adapter brackets. Compatible with all standard servers (requires replacement of thermal modules). Typical customers: HPE (co-branded pre-installation), university supercomputing centers.
Key specifications: single-rack heat dissipation capacity of 20-80kW, PUE < 1.03, coolant lifespan of 5 years, zero water consumption.
Targeting 10,000-GPU-scale clusters, provides pre-integrated modules with built-in power distribution, monitoring, and liquid cooling pump units. A single 40-foot container can house 64 GPU servers (e.g., H100 or B200), with power consumption of 400kW and a footprint of only 28 square meters. Customers can build MW-level scalable clusters by stacking containers. Secured a Microsoft Azure data center order in 2024, with a single project scale exceeding 50MW.
Technology Moats
Moat 1: Single-Phase Immersion Core Patent Portfolio
GRC holds 140+ global patents covering coolant composition, liquid circuit design, server interface sealing, hot-swap mechanisms, and more. Competitors would find it difficult to design around its bottom liquid-intake patent, which ensures that coolant never contacts motherboard electrical connectors. This technology allows servers to be hot-swapped normally while immersed in coolant, solving the industry's biggest pain point.
Moat 2: Long-Term Verified Reliability
GRC's ICE system has been operating continuously for over 10 years across multiple supercomputing projects. Coolant performance degradation remains below 3% per year, and server failure rates are more than 50% lower than with air cooling. Customer switching costs are extremely high—once a GRC system is deployed, migrating to another liquid cooling solution would require redesigning the server layout and replacing the cooling medium, resulting in exceptionally strong customer stickiness.
Moat 3: Deep Integration with Chip Manufacturers
GRC collaborates with NVIDIA and AMD on chip-level thermal optimization. The GRC custom coolant formulation adopted by the B200 chip is exclusively licensed to GRC (as of 2024), meaning that customers using the B200 must either choose GRC or pay a substantial licensing fee.
| Dimension | Data |
|---|---|
| Global Immersion Liquid Cooling Market Share (2024) | ~25% (GRC), Submer ~15%, LiquidStack ~12%, Iceotope ~8%, Others ~40% |
| Industry Ranking | #1 (comprehensive technology maturity and customer scale) |
| Main Competitors | Submer (Spain, single-phase/two-phase), LiquidStack (USA, two-phase), Iceotope (UK, single-phase), China's Goaland / Sugon Data Energy |
| Downstream Customers | Supercomputing centers (70%), AI enterprises (25%), Telecom edge (5%) |
Immersion liquid cooling penetration rate: In 2024, global data center liquid cooling penetration is approximately 12%, of which immersion cooling accounts for about 30% of the total liquid cooling market (cold plate cooling accounts for approximately 70%). It is projected that by 2028, the immersion cooling share will rise to 50%, and GRC is expected to maintain its leading position.
Financials & Growth
| Metric | Data (2024 Estimate) |
|---|---|
| Revenue | $250M |
| Gross Margin | 62% (Hardware 60%, Services 70%) |
| Net Margin | ~18% (R&D investment accounts for 15%) |
| Core Growth Drivers | 1) AI chip power consumption surging (B200 1000W → 1200W+ in the future), air cooling becoming ineffective; 2) Data center power quotas are scarce, immersion cooling reduces cooling energy consumption by 50%; 3) New customer base expanding from HPC to commercial AI; 4) Channel partnerships with Schneider, HPE, etc., accelerating global deployment |
Revenue projected to exceed $1B by 2027, CAGR 60%.
Key Risks:
- Technology Route Risk: Two-phase immersion cooling (e.g., LiquidStack) may deliver superior thermal density; if two-phase technology matures significantly, GRC's single-phase solution could be displaced.
- Customer Concentration: The current largest customer, Microsoft Azure, accounts for over 30% of revenue; order delays from a single customer would severely impact revenue.
- Capacity Expansion: The coolant supply chain (specialty synthetic oils) relies on a few chemical industry giants (e.g., supplier replacement required after 3M's exit), with expansion lead times of up to 18 months.
- Valuation Risk: As a private company, GRC lacks liquidity and faces high financing costs; a cooling IPO market could impact R&D investment.
Core Investment Thesis / Industry Value Summary:
Immersion liquid cooling serves as the "physical foundation" for data centers in the era of explosive AI compute demand. Leveraging 12 years of technical expertise, proprietary coolant formulations, and a software-hardware ecosystem, GRC holds a first-mover advantage in the 10K-GPU cluster era and is well-positioned to become the industry standard-setter in liquid cooling. In the near term, focus on order fulfillment for Microsoft Azure and NVIDIA B200; in the long term, the structural tailwind from data centers transitioning from air cooling to liquid cooling presents significant upside.