Germany-based, Orcan Energy “harvests waste heat from small to medium sources & turns it into energy”. To do so, the startup sells plug & play efficiency “PACK”(s), that can easily be integrated on existing flue gas, steam & thermal oil circuits as well as liquid heat (i.e. hot water) sources; these include furnaces in cement, zinc, metal & glass industry, as well as thermal afterburners in automotive, construction & wood processing and refineries. The startup’s innovation is an “Organic Ranking Cycle” (ORC) inside the PACKs, which works as follows: an “evaporator” transfers the heat source into the PACK; that heat pressurizes a working fluid, which is then routed/ vaporized to drive an expansion machine/ generator to produce electricity; afterwards, the working fluid is condensed (in a condenser), using the residual heat to high-pressure bump itself back into the system (to close the loop). The firm’s 2nd generation PACKs have a power range 50-200kW & also suit low(er) heat sources. Founded in 2008 by Andreas Sichert (CEO) & Richard Aumann (Key Account Mgr), the firm’s revenue is rumored €20m in 2022 (5x YoY) & upwards of €35m this year (flirting with profitability). <500 PACKs are in use in Europe & US – for its market entry there, the firm partnered with the likes of Baseload Capital & ICE Thermal Harvesting. Following a €28.5m Growth round which closed at the end of 2022, the new “top up” (amount undisclosed) from Otium (at a “higher valuation”) shows the continued interest of investors in Orcan Energy; now focused on “internationalization (incl. foraying into MENA & ASIA broadly defined) as well expanding global supply chains” <Source: tech.eu, munich-startup.de, thinkgeoenergy.com>
