Orcan Energy, the company turning waste heat into clean electricity, has raised EUR 28.5 million in a late-stage growth round.
The funding comes from prominent Article 9 Funds TiLT Capital, a new asset management company dedicated to energy transition and part of the Siparex Group, one of France’s leading private equity companies, and a well-known European institutional investor, as well as existing investor Air Liquide Venture Capital (ALIAD). Based in Munich, Germany, Orcan Energy will use the proceeds of the growth round to accelerate its global traction.
Addressing energy crisis
Europe is the first to experience the effects of a truly global energy crisis. Responding to these challenges requires solutions that are reliable, affordable, as well as efficient, and that are well-established so they can be deployed quickly.
Orcan Energy’s units sold in 2022 alone will save about 1 million tons of CO2 over their lifetime
Orcan Energy addresses this need through its proven technology that turns unused waste heat into clean electricity at the worldwide lowest possible generation costs. Orcan Energy’s units sold in 2022 alone will save about 1 million tons of CO2 over their lifetime. With the rapid scaling of the business, this number will increase significantly over the next years.
global potential
The global potential for Orcan Energy’s solution is massive. The company’s technology capitalizes on small to medium heat sources in the low-temperature segment, unlocking applications in a wide range of industries such as marine, cement, steel, geothermal, oil, and gas, as well as power generation.
Orcan Energy can implement its solutions wherever waste heat is generated: for example, on engines, in industrial processes, or on ships.
advanced versatility
Since its founding, Orcan Energy has already caught up with the previously leading traditional Organic Rankine Cycle (ORC) providers. Given its technology’s advanced versatility, Orcan Energy is unlocking a previously untapped EUR 300 billion global markets.
The additional funding will accelerate Orcan Energy’s commercial traction in well-established markets such as Europe and the USA as well as in fast-growing emerging markets such as the Middle East, North Africa, Asia, and the Pacific, building on a 2021 order intake that grew by over 300 %.
fast, sustainable growth
Orcan Energy is confident it to maintain fast, sustainable growth in the upcoming years with this funding
Additionally, the proceeds will enhance the company’s supply chain and remove bottlenecks, empowering it to meet strong demand faster.
After an expected five-fold revenue increase in 2022 compared to 2021, Orcan Energy is confident to maintain fast, sustainable growth in the upcoming years with this funding.
clean, reliable, and affordable energy
Commenting on the investment, Orcan Energy’s CEO and Co-Founder - Andreas Sichert said, “We are past the inflection point, with substantial global momentum to move towards clean, reliable, and affordable energy. Our solutions make a real impact on global emissions now and even more so in the future. To illustrate the impact: if we, for example, equip only the global cement industry with our products, we could avoid more than 0.5 Giga tonnes of CO2. With a simple solution, our customers can lower their energy costs significantly, relying on stable prices in unstable times."
Growth rate
Andreas Sichert adds, "Our business shows exceptional growth rates despite the clear global challenges. We are scaling our company significantly as we have the right products and partners, as well as a proven track record. This success has been recognized in our over-subscribed round. I am glad to welcome the two new investors on board who fully share our vision.”
reducing CO2 emissions
The need to accelerate the transition to clean, reliable, and affordable energy production has never been more obvious"
Nicolas Lepareur, Managing Partner TiLT Capital, stated, “The need to accelerate the transition to clean, reliable, and affordable energy production has never been more obvious."
He adds, "We need to unlock currently unused resources such as waste heat to make our system more resilient and reduce CO2 emissions."
Addressing climate change
Nicolas Lepareur continues, "TiLT only invests in solutions and technologies such as Orcan Energy’s which are immediately available and that align with our founding belief that the fight against climate change and social cohesion go hand in hand. Through this first investment in Germany, we are proud to support such a strong management team and join the shareholder’s group of Orcan Energy.”
Accelerating global footprint
Christian Reitberger, Chairman of the Supervisory Board of Orcan Energy, said, “I am glad to welcome the new investors to our circle of shareholders."
Christian Reitberger adds, "It is a testament to the hard work of the team over recent years that these high-profile funds have committed to accelerating the company’s global footprint. I am looking forward to continuing to support the management team in building a very impactful cleantech business.”
