Calgary-based Kanin Energy has closed up to $100 million in new equity financing to expand its waste heat to power business across heavy industry in Canada and the United States. S2G Investments led the round with a commitment of up to $50 million, with the Canada Growth Fund contributing the same amount.

Kanin's model is built around a simple but largely untapped opportunity. Industrial facilities — oil and gas operations, cement plants, steel mills, metals and minerals producers — generate enormous amounts of waste heat as a byproduct of normal operations, most of which is vented to the atmosphere. Kanin captures that heat and converts it into baseload electricity delivered directly to the host facility or a nearby off-taker, at below-market rates, with no additional fuel and no additional emissions.

The company operates as an Energy-as-a-Service provider, financing, developing, building, and operating the power assets itself. The technology it deploys is well-established — primarily organic Rankine cycle turbines with over four decades of deployment history — with the focus on bankability and reliability rather than novel hardware.

The model is commercially proven. Kanin has an operating waste heat to power project supplying zero-emission electricity to the University of Dayton, several projects under construction including the Mewbourn project in Weld County, Colorado, and a commercial portfolio of approximately 50 MW in construction or operation.

"We are proud to partner with S2G and CGF, who share this vision," said Janice Tran, CEO of Kanin. "Their investments will allow more waste heat to power and on-site power projects to get built. At a time when power costs continue to rise, these solutions are an important tool for our industrial customers to manage their costs, operations and emissions."

The funding will support the development, construction, and operation of new projects as Kanin scales its pipeline across North America.