Munich-based Orcan Energy has raised €28.5 million “late-stage” growth round to further accelerate the company’s international recognition and services uptake. The newest injection of capital was provided by TiLT Capital, an undisclosed French private equity investment house, a “well-known” European institutional investor, and existing investor Air Liquide Venture Capital (ALIAD). No mention was made of the company’s previous backers E.ON, Kleiner Perkins, or Wellington Partners.
Founded in 2008, Orcan Energy started life as a spin-out from the famed Technical University of Munich and taps into the second law of thermodynamics, which, “establishes the concept of entropy as a physical property of a thermodynamic system”.
Simply put, Orcan Energy is harvesting waste heat, that which is, “produced by a machine, or other processes that use energy, as a byproduct of doing work” and pushing this energy back to the system. According to Orcan Energy, their technology does so, “at the worldwide lowest possible generation cost.”
Focusing on small to medium heat sources in the low-temperature segment (think engines of any flavour, not nuclear reactors), Orcan Energy has caught the eye of industry segments including marine, cement, steel, geothermal, oil and gas, and of course, power generation. In so much, the company is predicting a 5x revenue increase in 2022 year-over-year.
“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,” Orcan Energy’s CEO and co-founder Andreas Sichert said in a statement. “We are scaling our company significantly as we have the right products and partners, as well as a proven track record.”