Orcan Energy raises 28.5 million euros

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

Orcan Energy has raised €28.5 million in a recent financing round. Among others, Tilt Capital and the existing investor Air Liquide Venture Capital (ALIAD) have invested. The money will now flow into 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 so far help to save around one million tons of CO2. According to the start-up, the plants are used in shipping, in the steel industry and also in geothermal energy.

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