According to the article from 3M, SGI and Intel Showcase Advanced Cooling Technology for the "Data Center of the Future"
In this proof-of-concept, SGI® ICE™ X, the fifth generation of the world's fastest distributed memory supercomputer and the Intel® Xeon® processor E5-2600 hardware are placed directly into 3M™ Novec™ Engineered Fluid. The 3M Novec fluid is an efficient dielectric that keeps the hardware cooled with minimum additional energy, maximum performance and better reliability. 3M's two-phase immersion cooling technology can reduce cooling energy costs by 95 percent and reduces water consumption by eliminating municipal water usage for evaporative cooling. Heat can also be harvested from the system and reused for heating and other process technologies such as desalination of sea water.
Do take a look at the video 3M, SGI and Intel Showcase Advanced Cooling Technology for the "Data Center of the Future"