Orcan Energy raises 28.5 million euros

The start-up was able to convince Tilt Capital, among others, of its idea of converting waste heat into electricity.

Orcan Energy has raised 28.5 million euros in a recent financing round. The investors include Tilt Capital and existing investor Air Liquide Venture Capital (ALIAD). The money will now be used for the greentech's global expansion.

The Munich-based start-up was originally founded by Andreas Sichert, Andreas Schuster and Richard Aumann in 2008. Since then, the company has specialized in generating electricity from unused waste heat and is convinced that the 500 or so systems sold to date will help to save around one million tons of CO2. According to the start-up, the systems are used in shipping, the steel industry and geothermal energy.

Orcan Energy now wants to use the additional money to expand in Europe, the USA and the Middle East, among other places, and get its supply chains back in order. This should help to cope with the comparatively high order intake, which is expected to increase fivefold in 2022 compared to the previous year. CEO and co-founder of Orcan Energy, Andreas Sichert, commented on the investment: "Our business is showing exceptional growth rates despite the clear global challenges. We are scaling our business significantly as we have the right products and partners and a proven track record. This success has been reflected in our oversubscribed financing round."