Let me make sure I understand. Those who know more than I do, I'm grateful for any corrections.
Just like any technical (or hogarthian recreational) rig, the basic platform of avelo is a backplate and harness. So far so good -- that's something we already understand and love. In all such systems, the backplate must have affixed to it: (1) something to provide breathable gas to the diver, and (2) something to control buoyancy and compensate for buoyancy changes. In avelo, (1) is still a tank of compressed gas, with gas delivered to the diver via a scuba regulator. Good again -- that's already something we understand and love, and most of us reading this probably have at least 6 of them. As for (2), let's agree to call any subsystem that functionally compensates for buoyancy changes a "BC".
So what has changed? Instead of a wing bladder with a compressible outer shell that is exposed to ambient pressure, now the "BC" is a wing bladder with an incompressible outer shell that also contains a user-controlled quantity of water. Avelo probably use the bottom part of the same tank as the incompressible shell, so in their equipment there's no way to separate the "BC" from the breathable gas, but in principle, one could make one of these incompressible "BC" which just attached to an existing system (like a pony bottle). Basically, it would be a small-ish aluminum tank, a bladder to hold air, with the rest of the internal volume being water, and a pump + valve to add/remove water. The buoyancy stays fixed if the quantity of water stays fixed, by Archimedes, otherwise buoyancy varies inversely with the quantity of water (but not with depth b/c no ambient pressure on the bladder).