Orcan Energy raises EUR 28.5m to produce clean energy from waste heat
Orcan Energy’s efficiency PACKs. Source: Orcan Energy AG
September 28 (Renewables Now) - German cleantech Orcan Energy AG has secured EUR 28.5 million (USD 27.48m) in a late-stage growth round to finance its commercial traction and enhance its global supply chain.
The capital is provided by TiLT Capital, the energy transition platform of French private equity firm Siparex Group, a well-known European institutional investor as well as by existing investor Air Liquide Venture Capital (ALIAD), Orcan Energy said on Tuesday.
Established as a spin-off from the Technical University of Munich in 2008, Orcan Energy offers products, components and solutions to convert waste heat into carbon-free energy for the industry, marine, automotive, power generation and the biogas market.
The proceeds from the funding round will be used to accelerate the company's commercial traction in Europe and the US as well as in fast-growing emerging markets such as the Middle East, North Africa, Asia, and the Pacific. The fresh capital will also be invested in Orcan Energy's supply chain to remove bottlenecks and enable the company to meet strong demand faster. In 2021, the business saw its order intake surge by more than 300%.
“The need to accelerate the transition to clean, reliable, and affordable energy production has never been more obvious. We need to unlock currently unused resources such as waste heat to make our system more resilient and reduce CO2 emissions," TiLT Capital's managing partner Nicolas Lepareur said commenting on the reason behind the company's participation in the financing round.
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