Orcan Energy and FutEra Power Corp sign LOI to enhance the energy efficiency of oil and gas assets and geothermal projects

Munich, Germany and Calgary, Canada, 05.12.2024 – Orcan Energy (“Orcan”) has signed a Letter of Intent (LOI) with FutEra Power Corp (“FutEra”) to collaborate on projects across Canada. The partnership comprises two focus areas with a phased approach: first, FutEra and Orcan will collaborate to add waste heat recovery to existing oil and gas assets such as compressor stations. In the next step, the partners will focus on using the excess heat from geothermal projects, particularly in Western and Northern Canada, to include the repurposing of subeconomic oil and gas wells and facilities.

Through this collaboration, Orcan will gain access to both large oil and gas refineries and a diverse pipeline of geothermal projects across Canada, tapping into FutEra’s local expertise and experience. For the oil and gas sector, adding waste heat recovery to existing assets will generate emission-free electricity from waste heat and significantly improve their overall efficiency. For the geothermal scope, the focus will be on maximizing the energy efficiency of smaller and mid-sized geothermal projects. Orcan’s know-how in modular waste heat recovery solutions fits well with FutEra’s mission of developing geothermal and waste heat projects..

Orcan’s waste heat recovery technology turns heat into clean electricity. Applying this modular technology will not only improve the operational efficiency of oil and gas assets and geothermal projects but also significantly reduce CO₂ emissions, helping Canada’s energy sector transition towards a more sustainable and diverse energy industry. Orcan has already proven the reliability and efficiency of their modules with implementations at compressor stations and geothermal projects, among others.

Andreas Sichert, CEO of Orcan, commented: “This collaboration marks an important step for us in entering the Canadian market. With FutEra’s local expertise and our innovative technology, we are excited to contribute to the decarbonization of the energy sector by leveraging a wide array of projects.”

“We are thrilled to partner with Orcan to bring scalable and modular solutions that work well in the oil, gas and geothermal sectors. Together, we can even tap into the sunk value of subeconomic oil and gas assets to maximize the efficiency of geothermal projects. For us, a strong business case, short implementation timelines, and a modular, scalable approach were essential. Orcan meets those requirements” said Lisa Mueller, President and CEO of FutEra.

Contact

Saskia Burzynski
E-Mail: press@orcan-energy.com

About FutEra Power Corp

FutEra is a pioneer in the development of economic geothermal energy in Canada and an aspiring leader in transitioning the energy complex to cleaner power generation and sustainable infrastructure. FutEra will continue to leverage Alberta’s resource industry innovations and experience to create transitional power and sustainable infrastructure solutions for commercial markets and communities; - both in Canada and globally – to meet society’s desire for reliable, affordable, lower carbon emissions future. Building on its leadership in creating Canada’s first geothermal power facility, FutEra’s approach of utilizing existing oil and gas infrastructures to convert and repurpose sub-economic and end-of-life oil and gas assets to productive power and heat resources is the most sensible approach to the energy transition; leveraging the sunk cost of existing assets for green energy outcomes. Now, FutEra is taking the next steps to advance next generation geothermal power development that includes geothermal ‘at the well head’. For more information visit www.futerapower.com