Calgary’s Kanin Energy this month raised a major round of financing.
The Alberta-based cleantech upstart was founded in 2020 by chief executive officer Janice Tran alongside Dan Fipke and Jake Bainbridge with a focus on capturing waste heat for power generation, district heating, and other industrial efficiency projects.
North America’s industrial sector generates waste heat as a byproduct of operations—up to 58% of energy consumed in industrial processes is lost as waste heat. Capturing this waste heat and creating power requires produces no additional emissions.
“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,” explains Tran.
Kanin has secured US$100 million in equity financing in a round led by S2G Investments and Canada Growth Fund.
“We are proud to partner with S2G and CGF, who share [our] vision,” Tran said. “Their investments will allow more WHP and on-site power projects to get built.”
The capital aims to support Kanin’s development and operation of projects across heavy industry in Canada and the United States, according to a statement, expanding on a commercial pipeline that currently includes an operating facility and others under construction.
“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,” posits Tran.
“Rising power prices, grid congestion, and reliability constraints are pushing industrial companies to rethink how they source power,” agrees Marisa Sweeney, Principal at S2G.
“Waste heat has largely been an underused solution, but as these constraints persist, there’s a clear and growing incentive to capture it and put it to productive use,” Sweeney observes. “We view this as a category with real staying power, and believe that Kanin’s team has the experience and discipline to meet this rising demand at scale.”
Yannick Beaudoin, CEO of Canada Growth Fund Investment Management, says that Kanin Energy’s “waste heat to power solutions turn an already-wasted resource into reliable, cost-effective, clean electricity for industrial operators.”
“Investing in scalable cleantech solutions strengthens Canada’s economy and helps create new, reliable power for heavy industries,” says Beaudoin. “We’re pleased to back a Canadian company with a proven, commercially operating track record across North America.”
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