Orcan Energy secures market entry into Asia and Africa with joint venture for energy-efficient solutions:
More than 80 orders already in the first months
Munich/Hong Kong, October 1, 2018 – Clean tech company Orcan Energy AG, the leading supplier of efficient energy solutions for turning waste heat into power, today announced significant expansions to its Asian and African business. To drive rapid expansion in both markets, Orcan Energy AG has formed a joint venture with Tamar VPower Energy Fund*, a fund that is backed by two very strong Chinese partners offering outstanding market access and major financial backing. The establishment of this Joint Venture is a milestone for the young high-tech company and drives the development of attractive markets for power generation via waste heat recovery.
Orcan Energy CEO Andreas Sichert: "The new partnership has massive potential for Orcan Energy: in the space of a few short weeks, we’ve been able to successfully place over 80 orders for our efficiency Packs. This reveals Asia’s incredible dynamics as a region, with its up-and-coming businesses. Together with our partners and these new flagship projects, we’ll also be able to achieve market penetration for our technology in other regions.” For the initial batch of orders, Orcan Energy AG will be shipping efficiency Packs to Asia that are installed in a standard container. These ready-to-use modules can be connected to existing gensets with minimal effort, and enable the generation of around 8% more power with the same level of fuel consumption. Further order inquiries have already been received.
The joint venture is licensed to manufacture, market and operate efficiency Packs in Asia and Africa. Patent ownership will be retained by Orcan Energy AG.
With its entry into the Chinese market, Orcan Energy comes one step closer to its goal of ensuring more efficient use of waste heat worldwide. China in particular is one of the world’s biggest consumers of energy, and its potential for generating electricity from waste heat is enormous and largely undeveloped to date. At the same time, China is showing every interest in making a change and transforming its energy system. This has been recognized by Orcan’s partners. Orcan plans to sell several hundred efficiency Packs before the end of the current financial year.
“Asia has extreme energy needs and is home to the lion’s share of the world’s process industries. This makes it an extremely important region for Orcan Energy. The JV offers ideal access to key industries, ensuring rapid, broad-based scaling of Orcan’s products within China and throughout the entire Asian region,” said Dr. Andreas Sichert.
Zhang Qisheng, CEO of the new joint venture, added: “We are convinced by the prospects offered by this joint venture. The ORC solutions from Orcan Energy are true all-rounders:currently the only solutions that can be used in low-temperature applications, they can be deployed anywhere where waste heat is created – such as in manufacturing, mobility, geothermal energy, shipping and civil usage. The Chinese market offers huge potential for these uses.”
About Orcan Energy AG
Orcan Energy AG is the leading European CleanTech company offering efficient energy solutions for the conversion of waste heat into electricity based on Organic Rankine Cycle (ORC) technology. Orcan Energy AG was founded in 2008 by physicists Dr. Andreas Sichert, Dr. Andreas Schuster and Richard Aumann, with the aim of providing companies from a variety of industry sectors a simple, cost-saving and efficient energy solutions that unlocks the enormous energy potential of unused industrial waste heat sources. Orcan Energy AG currently operates 70 plants in Europe, making it the largest provider in the low-temperature sector. Orcan Energy AG employs 60 people and is headquartered in Munich.
For more information, please visit the Company’s website at www.orcan-energy.com
*About the Tamar VPower Energy Fund
Jointly established and managed by CITIC Pacific and VPower Group, Tamar VPower Energy Fund I targets high growth investment opportunities in the energy sector in markets encompassed by the Belt and Road Initiative.
VPower Group is principally engaged in SI business, in which the Group designs, integrates and sells gas-fired and diesel-fired engine-based gen-sets and PGSs, utilizing proprietary system designs and integration capabilities of the Group; and IBO business, in which the Group invests in, builds and leases and operates distributed power stations to deliver electricity to the region. It is one of the world’s leading large gen-set system integration providers, and Southeast Asia’s largest private gas-fired engine-based DPG station owner and operator.
For more information, please visit the Company’s website at www.vpower.com
CITIC Pacific is a wholly-owned subsidiary of CITIC Limited (stock code: 267.HK). Its key businesses include special steel manufacturing, energy and real estate development. It is also the majority shareholder of two companies listed on the Main Board of the Stock Exchange, namely, Dah Chong Hong Holdings Limited (1828.HK) and CITIC Telecom International Holdings Limited (1883.HK). CITIC Limited is one of China’s largest conglomerates operating domestically and overseas, with businesses in financial services, resources and energy, manufacturing, engineering contracting and real estate as well as others.
For more information, please visit the company’s website at www.citic.com