Orcan Energy and Baseload Capital kick off a joint project in the U.S. oil and gas market
Orcan Energy AG and Baseload Capital are proud to announce a joint project in geothermal heat with big scaling potential.
Munich, 31.03.2022 - The Swedish investment entity Baseload Capital, which specializes in funding and deployment of clean heat power solutions worldwide, is realizing a joint project in the oil and gas industry with Munich-based company Orcan Energy, the leading waste heat solutions provider in Europe and Asia with over 500 ORC plants installed internationally. Orcan‘s ORC systems will be used to convert previously unused geothermal heat from oil and gas production into CO2-free and low-cost electricity. Together with a Baseload Capital industry partner, a reference project will be developed in the U.S. as a first step in a promising application.
“It is great to see, that our technology and products provide the key to tap another huge field of unused energy, in this case, geothermal heat in the oil and gas extraction process,” says Andreas Sichert, CEO of Orcan Energy. “This project and its follow-ups will contribute to an affordable and secure energy transition towards a net-zero future.”
Orcan’s decentralized modules have already proven themselves in the oil and gas environment, through a reference in the respective segment in Germany. In May 2021 Orcan Energy first entered the U.S. oil and gas market in a cooperation with ICE Thermal Harvesting LLC. After signing a major order with the U.S. supplier, now follows a second cooperation, further establishing Orcan’s technology in North America.
“The world cannot yet live without oil, but by taking advantage of an existing green energy source, we can reduce its CO2 footprint. If the project is as successful as we anticipate, it will be the first of many successful joint projects.” says Baseload Capital CEO Alexander Helling.
Based on the results of the project, Baseload Capital will be able to evaluate the potential of developing similar projects at sites across the U.S.
About Orcan Energy AG
Orcan Energy AG is a leading European CleanTech company that develops, manufactures and sells efficient energy solutions for the conversion of waste heat into electricity based on Organic Rankine Cycle (ORC) technology. Orcan Energy was founded in 2008 by Dr. Andreas Sichert, Dr. Andreas Schuster und Richard Aumann, with the aim of providing companies from a variety of industry sectors a simple, cost-saving and efficient energy solution that unlocks the enormous potential of unused industrial waste heat sources. So far, Orcan Energy AG has sold more than 200 modules globally, making it the largest provider in the low-temperature sector universally. Orcan Energy customers benefit from clean electricity at the lowest cost of energy worldwide. Given the enormous global waste heat potential, the company sees itself as an indispensable player in the energy world of tomorrow.
Orcan Energy has established a joint venture with VPower Group International Holdings LTD, China's leading Integrated Power Generation Company, and the financially strong CITIC Pacific Ltd to develop new markets in Asia. Orcan Energy AG employs 60 people and is headquartered in Munich.
More information on Orcan's products, services and careers can be found at www.orcan-energy.com.
About Baseload Capital
Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. Our portfolio of companies in Iceland, Japan, Taiwan and the U.S. work with local communities and power companies to permit, build and commission heat power plants.
Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. By applying innovative financing structures to help our local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance.