This Research Note examines the acquisition of Alloy Enterprises by Johnson Controls, announced on 18th February 2026.  The startup has developed technology for direct liquid cooled (DLC) components in data centers which enables a reduction in energy consumption. We highlight the innovative manufacturing process, the strategic rationale of the acquisition and our view of this deal in the context of the overall data center landscape of suppliers. Alloy Enterprises Founded in 2020 and based in Burlington, Massachusetts, Alloy Enterprises started 3D printing EV parts and other components. In June 2025, the company entered the data center market, manufacturing direct liquid cooled (DLC) copper components that handle extreme heat loads in AI and high-performance computing. Alloy’s approach uses additive manufacturing (building objects layer by layer) to produce cold plates that are capable of withstanding the high pressures that liquid cooling can demand.  But the startup does not use 3D printing for this application. Rather, it takes […]