Kanin Energy raised $100 million in new equity financing to expand waste heat-to-power projects across North America. S2G Investments contributed $50 million while Canada Growth Fund provided the remaining $50 million. The financing enables Kanin to develop, build and operate projects for industrial facilities seeking to recover energy currently lost to atmosphere.
Industrial processes generate massive energy waste. Kanin estimates as much as 58% of energy consumed by industrial operations escapes as waste heat. Capturing even a fraction of that byproduct converts unavoidable energy loss into usable electricity. The company’s organic Rankine cycle turbines vaporize organic working fluids using process heat, driving turbines connected to generators. The technology has been deployed for over 40 years, representing proven, mature engineering rather than experimental approaches.
“Kanin was built on the belief that industrial facilities already hold the solution to their own energy challenges, they just need the right partner to execute,” said Janice Tran, CEO of Kanin.
Kanin already operates waste heat recovery systems supplying electricity to the University of Dayton. The company’s commercial portfolio includes approximately 50 megawatts either operating or under construction. The Mewbourn WHP Power Project in Weld County, Colorado represents another significant development. These projects demonstrate scalability across diverse industrial settings.
The funding targets oil and gas, cement, steel and metals sectors where thermal processes generate continuous waste heat. Industrial facilities face rising electricity costs and grid connection constraints, making on-site generation increasingly attractive. Kanin’s Energy-as-a-Service model eliminates the need for individual industrial customers to independently finance and develop projects. The company handles development, construction and operations, allowing facilities to access generated electricity without capital investment.
Janice Tran, Kanin CEO, stated the company was built on the principle that industrial facilities already possess solutions to their energy challenges. The financing accelerates expansion of Kanin’s pipeline while strengthening its financial capacity to scale operations independently rather than relying on third-party project finance.
Marisa Sweeney, principal at S2G Investments, emphasized that waste heat has remained underutilized despite growing economic and regulatory incentives to capture it. Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, noted that investing in scalable cleantech solutions strengthens Canadian economic growth and provides reliable power for heavy industries while reducing emissions.
Industrial heat recovery addresses multiple imperatives simultaneously. Manufacturing facilities reduce grid electricity demand, lowering operational costs. On-site generation provides baseload power supplied directly to facilities or local power purchasers. Carbon emissions decline as facilities offset grid electricity reliance with recovered thermal energy. The approach requires no additional fuel sources beyond existing industrial heat already produced.
