| Press reports

Orcan Energy raises EUR 28.5 million late-stage growth round to accelerate its international traction


  • Orcan Energy’s strong growth, reflected for example in a 300 % increase in order intake in 2021, convinced leading asset management company TiLT Capital (Siparex Group) and a well-known European institutional investor as well as existing investor Air Liquide Venture Capital (ALIAD).

  • Both new funds are classified as Article 9 Funds under the Sustainable Finance Disclosure Regulation, highlighting Orcan Energy’s potential to drive a just transition to net-zero.

  • Existing investor ALIAD joined the investment round, showing their commitment to Orcan Energy and their trust in the future path of the company.

  • The proceeds from the late-stage growth round will accelerate the company’s international traction and enhance its global supply chain.

  • Orcan Energy is confident that it will almost quintuple its revenue in 2022 compared to 2021 – this additional funding will ensure that it maintains a sustainable growth rate in the coming years.



Munich, 27.09.2022 – Orcan Energy, the leading company turning waste heat into clean electricity, has raised EUR 28.5 million in a late-stage growth round. The funding comes from prominent Article 9 Funds TiLT Capital, a new asset management company dedicated to energy transition and part of the Siparex Group, one of France’s leading private equity companies, and a well-known European institutional investor, as well as existing investor Air Liquide Venture Capital (ALIAD). Based in Munich, Germany, Orcan Energy will use the proceeds of the growth round to accelerate its global traction.

Europe is the first to experience the effects of a truly global energy crisis. Responding to these challenges requires solutions that are reliable, affordable, as well as efficient – and that are well-established so they can be deployed quickly. Orcan Energy addresses this need through its proven technology that turns unused waste heat into clean electricity at the worldwide lowest possible generation costs. Orcan Energy’s units sold in 2022 alone will save about 1 million tonnes of CO2 over their lifetime. With the rapid scaling of the business, this number will increase significantly over the next years.

The global potential for Orcan Energy’s solution is massive. The company’s technology capitalizes on small to medium heat sources in the low-temperature segment, unlocking applications in a wide range of industries such as marine, cement, steel, geothermal, oil and gas, as well as power generation. Orcan Energy can implement its solutions wherever waste heat is generated: for example, on engines, in industrial processes, or on ships.  Since its founding, Orcan Energy has already caught up with the previously leading traditional Organic Rankine Cycle (ORC) providers. Given its technology’s advanced versatility, Orcan Energy is now unlocking a previously untapped EUR 300 billion global market.

The additional funding will accelerate Orcan Energy’s commercial traction in well-established markets such as Europe and the USA as well as in fast-growing emerging markets such as the Middle East, North Africa, Asia, and the Pacific, building on a 2021 order intake that grew by over 300 %. Additionally, the proceeds will enhance the company’s supply chain and remove bottlenecks, empowering it to meet strong demand faster. After an expected five-fold revenue increase in 2022 compared to 2021, Orcan Energy is confident to maintain a fast, sustainable growth in the upcoming years with this funding.

Commenting on the investment, Orcan Energy’s CEO and Co-Founder Andreas Sichert said:

“We are past the inflection point, with substantial global momentum to move towards clean, reliable, and affordable energy. Our solutions make a real impact on global emissions now and even more so in the future. To illustrate the impact: if we, for example, equip only the global cement industry with our products, we could avoid more than 0.5 giga tonnes of CO2. With a simple solution, our customers can lower their energy costs significantly, relying on stable prices in unstable times. Our business shows exceptional growth rates despite the clear global challenges. We are scaling our company significantly as we have the right products and partners, as well as a proven track record. This success has been recognized in our over-subscribed round. I am glad to welcome the two new investors on board who fully share our vision.”

Nicolas Lepareur, Managing Partner TiLT Capital, stated:

“The need to accelerate the transition to clean, reliable, and affordable energy production has never been more obvious. We need to unlock currently unused resources such as waste heat to make our system more resilient and reduce CO2 emissions. TiLT only invests in solutions and technologies such as Orcan Energy’s which are immediately available and that align with our founding belief that the fight against climate change and social cohesion go hand in hand. Through this first investment in Germany, we are proud to support such a strong management team and join the shareholder’s group of Orcan Energy.”

Christian Reitberger, Chairman of the Supervisory Board of Orcan Energy, said:

“I am glad to welcome the new investors to our circle of shareholders. It is a testament to the hard work of the team over recent years that these high-profile funds have committed to accelerating the company’s global footprint. I am looking forward to continuing to support the management team in building a very impactful cleantech business.”


About TiLT Capital

TiLT Capital was founded as an entrepreneurial private equity initiative by Nathanaël Krivine, Nicolas Lepareur, and Nicolas Piau. Now a team of 6 people, TiLT Capital focuses on energy transition investments, drawing upon the 50+ years of experience in the sectors from its three founders. Convinced that energy transition and responsible investment go hand in hand, TiLT indexes its remuneration to the ESG performance of the companies in which it invests. It has achieved a first closing for its debut fund at EUR 145 million in April 2022 and now manages EUR 165 million.

Since September 2021, TiLT Capital is the Energy Transition platform of the Siparex Group, a leading independent French private equity player with EUR 3.2 billion of assets under management as of June 2022. Building on strong organic growth and strategic acquisitions, Siparex Group supports the development and transformation of its portfolio companies. Siparex Group invests in entrepreneurial ventures through its various business lines: venture capital through XAnge, Energy Transition (TiLT), Entrepreneurs, Redeployment, Mezzanine, Midcap, and ETI (for large caps). Siparex benefits from a strong and wide regional footprint, with 6 offices in France (Paris, Lyon, Nantes, Lille, Strasbourg, and Toulouse), 4 offices in the rest of Europe (Milan, Munich, Berlin, and Brussels), and partnerships in Africa and North America.



Media contacts

For Orcan Energy:

Peter von Kageneck
Tel: +49 163 8840364


For Siparex (group of TiLT Capital):

Agathe Pierrefitte
Tel: +33 620 795389