Source: Energy & Management Powernews, September 29, 2022
Orcan Energy has recorded a significant increase in orders in the past year. For further growth, the Munich-based waste heat specialist has now collected more than 28 million euros.
Waste heat solutions are apparently in demand as never before: Orcan Energy was able to increase its order intake by 300% last year. This year, the company was also able to increase its sales almost fivefold compared to the previous year. In order to continue financing its significant growth, Orcan Energy has now raised €28.5 million, the company announced on September 28.
The financing comes from TiLT Capital, an asset management company specializing in the energy transition and part of the French Siparex Group, a well-known European institutional investor, and existing investor Air Liquide Venture Capital (ALIAD). Munich-based Orcan Energy plans to use the money to accelerate its international expansion.
Because of the advanced versatility of its technology, a previously untapped global market of 300 billion euros is opening up for Orcan Energy, the company further announced. The additional financing is now expected to accelerate Orcan Energy's commercial development in established markets such as Europe and the U.S., as well as in fast-growing emerging markets such as the Middle East, North Africa, Asia and the Pacific.
In addition, the proceeds are expected to improve supply chains and eliminate bottlenecks so that strong demand can be met more quickly. After "an expected five-fold increase in revenue in 2022 compared to 2021, Orcan Energy is confident that this financing will continue to deliver rapid, sustainable growth in subsequent years," the statement said.
"Our business is showing exceptional growth rates despite clear global challenges. We are scaling our business significantly because we have the right products and partners and a proven track record. This success has been reflected in our oversubscribed funding round. I am pleased to welcome on board the two new investors who fully share our vision," said Orcan Energy CEO and co-founder Andreas Sichert.
Energy group Eon had increased its stake in Orcan Energy in 2020 through its Eon Business Solutions division. This makes Eon the largest shareholder.
Orcan Energy's ORC technology
The company's technology uses small to medium low-temperature heat sources, opening up applications in a wide range of industries including marine, cement, steel, geothermal, oil and gas, and power generation. Orcan Energy says its solutions can be used wherever waste heat is generated: for example, on engines, in industrial processes or on ships.
Orcan Energy's ORC (organic rankine cycle) technology works like a steam power plant. The technology is a liquid-steam cycle in which a special fluid is pumped in a circuit and heated under pressure increase until it evaporates. The hot steam is passed over a turbine, which removes the pressure and temperature from it and generates electricity. In this way, waste heat at a relatively low temperature level can be used to generate electricity.
Author: Heidi Roider
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