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Orcan Energy and Baseload Capital successfully commissioned their first waste heat project with Chevron U.S.A. Inc.

 

Munich, 29.11.2022 – Orcan Energy and Baseload Capital are pleased to announce the commissioning of a first project utilizing waste heat from existing oilfield operations at Chevron U.S.A. Inc.´s (Chevron) San Ardo oil and gas field in California, USA. Leading cleantech company Orcan Energy provides the state-of-the-art heat-to-power technology, collaborating with the project operator Baseload Capital. The project, which started operations in July 2022, demonstrates the potential of using existing oil and gas wells for reliable and cost-effective renewable power production.

Up to 90% of the fluid produced from oil and gas wells is hot water – a source of heat energy waiting to be fully tapped. When paired with next-generation Organic Rankine Cycle (ORC) equipment, it can leverage that potential heat from the water to produce clean electricity at minimal costs. Orcan Energy’s and Baseload Capital’s project with Chevron showcases the significant opportunities for the oil and gas industry to develop renewable energy and will pave the way for similar projects at other sites worldwide.

In 2021, Baseload Capital announced Chevron as a new strategic investor as part of a USD 25 million equity round. The partnership provides the potential for collaboration since ORC equipment, commonly used in the geothermal industry, opens new possibilities for the oil and gas industry. A new test site was commissioned in July 2022, demonstrating Orcan Energy’s potential as a quickly accessible and easily installed waste heat-capturing solution.

“We are proud to work together with Baseload Capital and Chevron, converting unused energy into clean and affordable electricity. A special thanks go to Baseload Capital, an expert partner in geothermal applications. This project is just the start of novel geothermal energy conversion in the oil and gas sector. There are many active oil and gas wells in the United States suitable for excess heat recovery, making it an untapped clean energy resource with significant potential that we shall quickly make use of,” says Andreas Sichert, CEO of Orcan Energy.

“This project is a great start and demonstrates the tremendous potential for similar installations and cooperation. The results will boost renewable electricity production in the future. Collaboration is definitely the way forward to transform the energy sector,” says Baseload Capital’s CEO Alexander Helling.

 

Media contacts

For Orcan Energy:
Peter von Kageneck
peter.kageneck@orcan-energy.com
+49 163 8840364

For Baseload Capital:
Alexander Helling, CEO of Baseload Capital
alexander.helling@baseloadcap.com

 

About Orcan Energy AG

Orcan Energy AG develops, produces, distributes and finances energy modules for the conversion of waste heat into clean and cheap electricity and constructs them on a turnkey basis, including the installation required for waste heat extraction. Orcan Energy's products tap into the enormous global waste heat potential and enable customers to save CO2 emissions and costs at the same time. Orcan Energy unlocks the energy potential of unused heat sources based on second-generation Organic Rankine Cycle (ORC) technology. By massively downsizing the established technology and developing a modular solution, Orcan Energy is turning small and medium-sized waste heat sources, as well as lower temperatures into economically viable options for the first time. As a result, the modules can be installed directly wherever excess heat is generated, for example in industrial processes, in engines, on ships or even in geothermal plants. Orcan Energy's solutions are already helping companies in the cement, oil and gas, power generation, and marine sectors to achieve their sustainability goals, reduce costs and comply with future regulations. Thanks to flexible financing models, companies can save cash-flow-positive electricity or fuel costs with waste heat power generation from day one. Orcan Energy has already marketed more than 600 modules with over 7 million operating hours internationally. The company has 60 employees and is headquartered in Munich, Germany.

For more information about the company, its products and applications, visit www.orcan-energy.com.

Press contact

Jan Christoph Bohnerth
Orcan Energy AG
Rupert-Mayer-Strasse 44
Building 6408, 5th floor (hallway 6)
81379 Munich

T: +49 163 8840364