Orcan Energy underlines growth course and repays WSF state aid ahead of schedule
Munich, 27.10.2022 – Orcan Energy, a leading cleantech company, is progressing its strong growth course. The company has fully repaid the Economic Stabilization Fund (WSF) loan approved during the COVID-19 crisis ahead of schedule. Together with the recently closed financing round with two leading sustainability funds (Article 9) and the expected fivefold increase in sales, 2022 already marks a significant year in the company's history.
The WSF was launched in 2020 by the previous German government to cushion the consequences of the global COVID-19 pandemic. This state aid aimed to stabilize the real economy, for example by bridging liquidity bottlenecks or strengthening the capital base. Orcan Energy received a loan of around EUR 4.5 million during this phase. The company used the funds to ensure its successful continuation during a period of travel restrictions and resulting delays in installing waste heat modules.
Orcan Energy has now repaid the federal funds ahead of schedule. The WSF loan played an important part in enabling the company to continue to operate on a stable financial basis in 2021. As a key technology provider for the energy transition, Orcan Energy saw growth in order intake of more than 300% last year. This positive development is also reflected in the confidence of the profiled investors and the growth in sales this year.
Commenting on the fundraising, Orcan Energy's Chief Financial Officer Marcus Jentsch said:
“Orcan Energy is on a strong growth path. With the early repayment of the loan to WSF, we are now leaving the economic effects of the COVID-19 crisis fully behind us. Thanks to our recent successfully completed financing round, we have significantly strengthened our equity base and created conditions for profitable growth. Together with our customers, we are now continuing to focus on reducing global CO2 emissions and producing clean, reliable and cost-effective electricity from waste heat. We want to thank WSF for its rapid and unbureaucratic support.”