MUNICH, GERMANY, Leader in waste heat recovery technology, concluded its second round of financing in early 2013 with the addition of E.ON as a new industry partner and investor.
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Orcan Energy GmbH (Orcan), the leader in waste heat recovery technology, concluded its second round of financing in early 2013 with the addition of E.ON as a new industry partner and investor.
E.ON broadens Orcan's already prominent list of investors, worldwide leading venture capital firms Kleiner Perkins Caufield & Byers and Wellington Partners, both of whom were part of the original funding round in 2011 and continued to show their support by participating in this subsequent round. The new partner- ship is considered an important stepping stone on the path to fulfill Orcan's vision: "To play a vital role in securing an ecological and affordable energy supply by tapping the energy source of waste heat". Orcan offers E.ON the opportunity to extend its range of integrated solutions for its industrial clients through Orcan's Organic Rankine Cycle (ORC)-products, the so-called ePacks.
Dr. Urban Keussen, E.ON Senior Vice President Technology & Innovation: "E.ON is constantly seeking out new technology solutions that meet the requirements of our clients and their demand to benefit in a sustainable way, i.e. ecologically and eco- nomically. Orcan's product, the ePack, offers our clients the opportunity to quickly ac- cess the enormous untapped energy potential of their own easily available waste heat. Additionally, E.ON believes that this new energy solution will be of great interest to potential new clients."
Dr. Andreas Sichert, CEO of Orcan Energy GmbH: "We believe our ability to win the commitment of such visionary Partners, even in the current difficult climate for start-up financing in the clean energy sector, is strong en- dorsement of our vision and our commitment to realizing it. Our investors sustained support has already allowed us to offer strategically important partners and clients in the industrial and energy sectors attractive solutions to their energy problems. Our ePacks will enable us to radically contribute to the alternative energy revolution, through the development of a cost-effective and sustainable energy supply."
Orcan Energy GmbH was founded in 2008, as a spin-out from the Technical University of Munich ("TUM"). Orcan's ePack offers a compact, service-reduced and cost- efficient "plug-and-play" waste heat power generator based on ORC-Technology. Specific patented innovations enable Orcan to popularize the technology on the mass market. At the beginning of 2013, Orcan gained sponsorships from the Exist-Research- Transfer-Aid of the Federal Government of Germany and additional grants from the "Wissensfabrik" and various resources from the TUM.
Invigorated by the second round of financing, Orcan will continue to perfect the ePack and will now be able to supply a number of key accounts and sales partners with its products within the year. Additionally, the cash infusion will allow Orcan to refine its delivery chain and upgrade safety and quality standards during assembly in order to facilitate the expected increase in sales.
Waste heat represents one of the largest, untapped energy markets. Worldwide more than 1000 Giga Watt of waste heat are being produced by fixed appliances alone. Until recently, and as a result of deficits in the ORC-Technology, this enormous source of reusable energy, equivalent to the energy volume of 100 million liters of diesel burnt per hour each day, has remained unexploited. Orcan's ePack and its ORC-Technology finally make this vast supply of energy usable. Many of our clients already produce their own power from "energy waste", utilizing the technology developed by Orcan, which transfers a sizeable share of waste heat into cost efficient, CO2-free energy. While industrial clients are focused on a sustainable, independent, stable and cheap in- digenous power production, energy suppliers' primary aim is to sell the auxiliary power. Our technology enables even small biogas stations to easily create additional income generated by their waste heat, leading to a higher return on their investment.
About Orcan Energy
Orcan Energy GmbH is located in Munich, Germany, and is a worldwide leader in the field of Organic Rankine Cycle (ORC)-Technology in small power ranges. The ePack-Technology of Orcan Energy allows waste heat to be exploited in an intelligent way in the process of power generation, and to enhance the energy efficiency of many industrial and energy producing facilities.
E.ON is one of the leading energy companies, acting in the fields of power generation, gas gathering and acquisition, trade, power grid and sales. One third of E.ON's approximately 69 Giga Watt total power generation portfolio comprised low-CO2 output facilities, such as on- and off-shore wind parks. E.ON enterprises include some of the world's leading enterprises for renewable energies. In addition to energy production, E.ON operates power and gas distribution centers, supplying around 26 million customers with their energy needs. With more than 70,000 employees working in locations throughout Europe, Russia and North America, E.ON posted sales of EURO113 billion in 2011. E.ON's goal is to offer its customers innovative solutions while simultaneously adding value for its investors and protecting the environment.